According to FMI, the Global Fire Pump Market will be worth US$ 528.7 million in 2022 and will increase at a 3.8% CAGR between 2022 and 2032.
The Global Fire Pump Market is anticipated to be valued US$ 767.7 million in 2032. Rising demand for Fire Pumps is being driven by increased demand for industrial, residential, and commercial applications, as well as increased awareness of risk-related safety concerns.
Fire dangers at industrial sites have increased in proportion to the expansion of the manufacturing industries. Fire outbreaks are extremely dangerous in the chemical production, petroleum extraction, and oil and gas industries. According to International Association of Fire and Rescue Services estimates, there were more than 1.3 million fires registered in the United States and nearly 3 million instances in France.
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Furthermore, as of 2016, fire hazards resulted in direct economic losses totaling US$ 23 billion. As a result of these trends, demand for fire pumps in these sectors is expected to be at its peak over the next half-decade.
Governments are imposing severe fire safety standards throughout factories and mandating that all industrial units have sufficient fire escape and firefighting facilities. Countries such as the United States are allocating resources to install fire pumps in the industrial and domestic sectors, respectively.
Electric Fire Pumps to Tower over Others due to Cost & Operational Benefits
In terms of operating power, electric fire pumps will gain the higher ground in comparison to other pumps such diesel pumps. A key differentiator between electric and diesel pumps is the cost factor, with the former proving comparatively more inexpensive than the latter. While electrical pumps require dedicated servicing and may have high electrical costs, diesel pumps require constant inspection of its batteries, oil intake, cooling system, engine and hose maintenance, in addition to a weekly run test.
This puts electric pumps at a higher pedestal, leading to heightened demand across the upcoming forecast period. Recently, however, usage of dual fire pumps has experienced an upward thrust. While electric pumps do result in major cost savings, several difficulties may arise while using it. The most important barrier to using electric pumps is the constant electricity supply it requires.
In case of power failure, electric pumps cannot be used. In this scenario, a combination pump which runs on both electricity and diesel is highly desirable. Whenever there is a power outage, users can simply switch over to the diesel mode, rendering it in working condition should an emergency arise.
Oil & Gas Spearheads Global Fire Pumps Market due to Increased Fire Hazard Vulnerabilities
When it comes to fire hazards, there is probably no industry which is as vulnerable as the oil & gas industry. While undertaking exploration and drilling activities, workers are constantly at the risk of severe injuries from fires induced by explosions due to ignition of flammable vapors or gases.
Volatile gases such as hydrogen sulfide are released from trucks, wells, production and surface equipment. When in close proximity to ignition sources such as cigarettes, lightning, static electricity, matchsticks, lighters, frictional heat and cutting and welding tools, these can easily vaporize and catch fire.
To prevent such hazards, oil and gas companies have made fire safety a top priority, thereby augmenting spending on the installation of fire pumps at various exploration facilities.
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Regional Insights
The North American fire pumps market is predicted to be the hegemon during the projection period, out of all the regions analysed in this study. Fire accidents in the industrial and residential sectors have contributed significantly to growth.
According to the National Fire Protection Association, fire departments in the United States responded to roughly 1.3 billion fire incidents in 2018, resulting in over 3,500 civilian deaths and over 15,000 injuries. Property losses totaled US$ 25.6 billion, the majority of which were caused by California wildfires. As a result, government agencies have increased their investment on fire protection measures.
The Asia-Pacific area offers significant growth prospects, with South Asia having the highest number of industrial and residential fire dangers. The majority of these instances take place in India and Bangladesh.
This is mostly attributed to hazardous working conditions in factories that lack fire safety measures. Most factories lack even basic fire extinguishers and exits, resulting in massive fatalities on a yearly basis. A major fire at Tampaco Foils, a food and cigarette packaging industry located north of Dhaka, killed at least 34 people and injured dozens more in September 2016. There have been far worse tragedies than this one.
Fortunately, the government has been taking major steps to improve working conditions and ensure safety of its workers, thus increasing spending on fire pumps.
The COVID-19 pandemic has adversely affected the industrial automation & equipment industry, which also incorporates the fire pumps market within its ambit. Several fire pump manufacturers have recorded a slump in their sales and production due to ceasing business activities induced by mandatory social distancing protocols. Employees are being encouraged to remain indoors, leading to limited production on-site.
Logistical impediments are rendering it difficult for factory workers to travel to their workplace, inducing further downturns in the market. Governments have realized the importance of firefighting and have been taking measures to ensure that the market functions without hindrances. After all, firefighting is categorized as an essential service, putting it on an equal pedestal as healthcare & pharmaceuticals, food & agriculture, information & communications technology and power generation.
All firefighting personnel are being provided with personal protective equipment and being asked to maintain strict social distancing on-premises, keeping the industry afloat. Hence, the fire pumps market sales will rebound in the long-term forecast.
Competitive Landscape
Some prominent market players in the fire pump market include Xylem Inc., Grundfos Pumps Corporation, Pentair Ltd, CET Fire Pumps Mfg Inc, Eaton, Waterous, NAFFCO, Armstrong Fluid Technology and Canariis Corporation. Acquisition of certifications, product launches and research and development are the key expansion strategies resorted to by the vendors.
For instance, CET Fire Pumps Mfg Ltd., manufactures the PFP-9HPNHND-EM High-Volume Portable Fire Pump, the PFP-9HPHND-M and PFP-9HP-DSL pumps. Likewise, Waterous manufactures the PB18 and E500 portable fire pumps.
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Key Segments Profiled in the Fire Pump Market Report Fire Pump Market
By product Type:
- horizontal split case
- vertical split case
- vertical in line
- vertical turbine
- end suction
By Power for Operating:
- electric fire pumps
- diesel fire pumps
- steam turbine
- dual fire pumps
By Application:
- irrigation
- sludge handling
- wastewater
- boiler feed
- stormwater handling
- others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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