Dublin, July 26, 2024 (GLOBE NEWSWIRE) -- The "North America Fire Pump Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast to 2031 by Product, Technology, Grade, Application, End-user, and Region" report has been added to ResearchAndMarkets.com's offering.
The North American fire pump market is projected to experience substantial growth, with a market size of $568.881 million in 2024, expected to reach $743.5 million by 2031, growing at a CAGR of 3.9%. This growth is fueled by increasing urbanization and stricter building codes.
Sales Analysis of Fire Pumps: Past Trends vs. Future Projections
Historically, the fire pump market in North America faced challenges due to economic slowdowns and the COVID-19 pandemic. However, the market is now on a recovery path, with a positive year-on-year growth outlook. The essential nature of fire pumps in compliance with building codes, along with increased safety awareness, is expected to drive market growth.
Fire pumps are specialized motor-driven applications, integral to building safety systems. They are required to be installed by U.S. (NSPA 20) and Canadian (National Building code, Section 32) building regulations. During a fire, these pumps maintain the necessary water pressure in sprinklers and standpipes. The increasing stringency of building codes, coupled with urbanization and infrastructure development, is driving the consumption of fire pumps in North America.
Market Drivers and Trends
Key macro-economic factors, such as a strengthening U.S. dollar and record-high home sales in North America, have positively impacted fire pump sales. The rise in global warehouse inventory across industries has spurred the construction of new warehouse facilities, thereby increasing the demand for fire safety equipment, including fire pumps.
The fire pump market in North America benefits from economic drivers such as consumption, e-Commerce, supply chain modernization, and urbanization. These factors are expected to boost the consumption of fire pump engines in the region.
Digitalization and the Internet of Things (IoT) are set to transform industrial automation. IoT-enabled fire pumps and cloud-based fire monitoring solutions are becoming more prevalent. Leading firms, such as Peerless, have implemented cloud-based fire pump monitoring solutions, allowing businesses to monitor and receive fault notices for their fire pumps' operational characteristics and service requirements from anywhere over the Internet.
Challenges Faced by Fire Pump End Users
Despite the positive growth outlook, high maintenance costs of fire pumps pose a significant challenge. No-flow/churn testing, required by NFPA 25, is a recurring expense. The cost of maintenance, particularly for diesel fire pump systems, is a constant issue for users, negatively impacting demand in the region.
Country-wise Insights
The United States holds a dominant share in the North American fire pump market. The country has seen a significant number of fire incidents and substantial property loss, prompting the government to prioritize human safety. The National Fire Protection Association (NFPA) standards and building codes for fire pump usage have driven the market in the U.S.
The strengthening U.S. dollar has reduced the price of imports, though it has also impacted exports, challenging U.S. products' market share globally.
In Canada, the fire pump market is expected to grow at a higher rate compared to the regional average. Structural fires are the most prevalent type of fire in Canada, with commercial and residential fires being the most common. The growth in manufacturing, metals and mining, and real estate sectors, driven by a growing population and rising disposable income, is expected to create lucrative opportunities for fire pump suppliers in the country.
Category-wise Insights
Horizontal split case fire pumps are expected to dominate the market through the forecast period. These pumps are widely used in both industrial and real estate applications due to their high efficiency, low maintenance, and long operational life.
The commercial sector remains the top consumer of fire pumps in North America. Educational institutions, corporate offices, lodging, multiplexes, amusement parks, airports, rail, and metro stations are prominent locations for fire pump installations. The commercial segment is anticipated to remain dominant throughout the forecast period.
Impact of COVID-19 Crisis
The COVID-19 pandemic significantly impacted the fire pump market supply chain in North America. The intensity, magnitude, and length of the pandemic, along with its economic repercussions, have had unknown and difficult-to-predict impacts on the fire pump market. Companies engaged in restructuring actions throughout their businesses during the pandemic, adapting to changes in business and economic conditions. While the market witnessed a slight recovery in recent quarters, uncertainty regarding supply chain and market growth persists, impacting overall market progress.
Competitive Analysis
The North America fire pump industry is gaining momentum with the presence of several big, medium, and small-scale system developers, manufacturers, and service providers. Prominent fire pump manufacturers are collaborating and partnering with service providers and regional dealers for better market opportunities.
Key Companies Profiled
- Xylem Inc.
- Pentair Ltd.
- Cummins Fire Power
- Armstrong Fluid Company
- Peerless Pump Company
- W.S. Darley & Co.
- Wilo SE
- Ruhrpumpen Group
- SPP Pumps
Segmentation of the North American Fire Pump Market
By Type:
- Horizontal Split Case
- Vertical Split Case
- Vertical In-Line
- Vertical Turbine
- End-Suction
By Rating:
- Up to 500 gpm
- 500 to 1,000 gpm
- 1000 to 1,500 gpm
- Above 1,500 gpm
By Power Source:
- Fuel Powered Fire Pumps
- Electric Powered Fire Pumps
By Product Type:
- Portable Fire Pumps
- Fixed Fire Pumps
- Skid Fire Pumps
By End Use:
- Manufacturing (including automotive and transportation, chemicals, pulp and paper, electrical and electronics, pharmaceuticals, and others)
- Petroleum Refining
- Metals and Mining
- Commercial (including educational institutions, corporate offices, lodging, multiplex and amusement parks, airports, rail, and metro stations, and others)
- Residential
By Country:
- U.S.
- Canada
A selection of companies mentioned in this report includes, but is not limited to:
- Armstrong Fluid Company
- Canariis Corporation
- Cummins Fire Power
- Hale Products, Inc.
- Peerless Pump Company
- Xylem Inc.
- Pentair Ltd.
- Ruhrpumpen Group
- Shanghai Guomei Pump Co. Ltd.
- SPP Pumps
- Talco Fire Systems
- Wilo SE
- W.S. Darley & Co.
For more information about this report visit https://www.researchandmarkets.com/r/fex921
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