PORTLAND, Ore., Oct. 7, 2020
Increase in the number of commercial and industrial buildings, stringent implications regarding installation of fire protection systems, and rising incidents of fire breakouts fuel the growth of the global fire hydrant market.
PORTLAND, Ore., Oct. 7, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Fire Hydrant Market by Product Type (Dry Barrel and Wet Barrel), Operating Type (Conventional and Smart), Construction (Underground and Above Ground), and End User (Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global fire hydrant industry was estimated at $1.18 billion in 2019, and is anticipated to hit $1.57 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in the number of commercial and industrial buildings, stringent implications regarding installation of fire protection systems, and rising incidents of fire breakouts fuel the growth of the global fire hydrant market. On the other hand, high installation and maintenance costs curb the growth to some extent. Nevertheless, surge in demand for smart fire hydrants is projected to create multiple opportunities in the industry.
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The dry barrel segment to dominate by 2027-
Based on product type, the dry barrel segment held the major share in 2019, generating more than half of the global fire hydrant market. Rise in urbanization and industrialization propels the segment growth. The wet barrel segment, on the other hand, would manifest the fastest CAGR of 5.4% throughout the forecast period. Increase in spending on construction projects, coupled with government initiatives to minimize property damage are expected to boost the segment growth.
The conventional segment to maintain the dominant share-
Based on operating type, the conventional segment contributed to 99% of the global fire hydrant market share in 2019 and is expected to lead the trail till 2027. Rise in fire incidents across Europe and North America propels the growth of the segment. Simultaneously, the smart segment would portray the fastest CAGR of 9.6% during the study period, due to the fact that smart fire hydrants are armed with several smart sensors and nodes which help in knocking out fires much effectively.
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North America garnered the major share in 2019 –
Based on geography, North America accounted for nearly half of the global fire hydrant market revenue in 2019 and is anticipated to rule the roost by the end of 2027. Increase in the construction related activities and strict norms related to fire and building safety measures in the North America fuel the growth. At the same time, the Asia-Pacific region would portray the fastest CAGR of 5.6% from 2020 to 2027. Increasing consumer awareness for safety measures fuels the market growth in this province.
Key players in the industry-
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