The new report by Expert Market Research titled, ‘Global Fire Hydrant Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Fire Hydrant Market, assessing the market based on its segments like type, product type, operating type, construction, end user, and region.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
• Historical Market Size (2022): USD 1,178.9 Million
• Forecast CAGR (2023-2028): 4.9%
• Forecast Market Size (2028): USD 1,575.3 Million
Market Overview (2018-2028)
North America is expected to account for a sizable portion of the global fire hydrant industry. This is due to the tight controls implemented by the government and other regulatory bodies in the region. According to a World Bank research, flames kill more than 180,000 people worldwide each year, which is three times the yearly average of natural disasters, and fire-related expenses amount to 1-2 percent of GDP in the United States alone. As a result, tight fire restrictions are becoming more common to limit the risk of fires. These factors are projected to have a positive impact on the growth of the fire hydrant market during the forecast period.
Industry Definition and Major Segments
Fire hydrants are water outlets that are necessary for active fire protection. Fire hydrants are present in most urban and suburban locations, where the water is connected to the municipal water network and may be easily used by the fire rescue crew to draw out a significant volume of water in fighting a fire. These can be found both below and above ground. They are bright red and yellow to promote visibility and have varying coloured tips to show the volume of water a fire hydrant can supply in gallons per minute (GPM), with blue having the highest GPM and red having the lowest. Furthermore, these hydrants are used in water transport and irrigation activities.
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On the basis of product type, the market is segmented into:
• Dry Barrel
• Wet Barrel
On the basis of operating type, the market is divided into:
• Conventional
• Smart
On the basis of construction, the market is categorized as:
• Underground
• Aboveground
On the basis of end user, the market is bifurcated as:
• Commercial
• Industrial
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia
• Latin America
• Middle East and Africa
Market Trends
According to World Bank research dated October 2020, fast rising urbanisation is a primary cause of fires worldwide, and by 2050, cities will house two-thirds of the world’s population. This, in turn, is causing a slew of problems, including fire concerns. Furthermore, increased industrialisation is contributing to the informal construction of commercial and residential buildings that do not satisfy statutory norms of fire safety and safeguards and offer a substantial urban fire danger. Governments are progressively investing in infrastructure planning and building, including the use of fire-resistant materials and the installation of fire hydrant systems.
Key Market Players
The major players in the market are American Cast Iron Pipe Company, AVK Holding A/S, EJ Group Inc., Kupferle Foundry Company, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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