Global Fire Hydrants Market Extends at a Healthy CAGR of 4.9% by 2031

Introduction

A fire hydrant is a piece of equipment installed outside or inside a building, industrial area, or parking lot connected to a private or municipal water service network. They are designed to provide firefighters with the water they need to extinguish a fire. The global market for fire hydrants is expanding due to an increase in service demands from commercial and industrial customers. Governments in several nations have implemented stringent fire safety regulations, resulting in an ever-increasing demand for fire hydrants. In addition, the increasing number of startups and new commercial spaces necessitates installing fire protection systems, which stimulates market expansion. Fire hydrant market growth is hindered, however, by the need for certifications and testing and the initial installation and maintenance costs.

Market Dynamics

The Rise in Commercial and Industrial Buildings Drives the Market Growth

A rise in the number of commercial and industrial buildings has resulted in a rise in fire hydrant sales, acting as a driver for the industry. There is an increasing demand for more industries, hospitals, and commercial complexes with population growth. This requires additional fire hydrant systems. In addition, oil & gas and several manufacturing industries utilize flammable materials such as crude oil, petroleum, and flammable gases; therefore, cutting-edge fire protection systems are required to prevent fire accidents. Additionally, the expansion of the global industrial sector is anticipated to contribute to the expansion of the market.

Smart Fire Hydrants Create Opportunities

With technologically advanced and high-quality products, players in the fire hydrant industry have an excellent opportunity to expand their market share. Several cities in the United States and Europe are retrofitting their old fire hydrants with sensor devices to make them smart and technologically advanced. Numerous businesses, including Sigfox, have introduced the internet of things (IoT) to fire hydrants. Talis Group, a provider of water flow equipment, tapped into Sigfox's rapidly expanding IoT network to bring their fire hydrant monitoring technology, COPERNIC, to connected cities. COPERNIC enables utility companies and other city officials to analyze and track the status of smart fire hydrants to ensure that they are functioning properly and preventing other problems, such as water theft. Therefore, the increasing demand for intelligent fire hydrants creates lucrative opportunities for market participants.

Regional Analysis

North America dominates the market and is growing with a CAGR of 2.7%. In North America, stringent fire safety regulations governing the installation of fire hydrant systems are anticipated to drive the growth of the fire hydrant market. In addition, an increase in commercial construction buildings is anticipated to contribute to the expansion of the market. The growth of the fire hydrants market is anticipated to be fueled by a rise in fire safety and security concerns, as well as the mandated installation of fire hydrants in public spaces and commercial complexes.

Europe is the second-largest fire hydrant market and is expected to grow with a CAGR of 5.1% throughout the forecast period. Increasing construction spending on commercial and industrial buildings is anticipated to stimulate market expansion. In addition, rising concerns about fire safety and the mandated installation of fire hydrants in public places are anticipated to stimulate market growth. Every day, over 5,000 fires break out in Europe, and fire safety in buildings is a major societal concern. In Germany and the United Kingdom, stringent fire safety and security regulations are anticipated to drive market growth for fire hydrants. These factors are anticipated to boost the market for fire hydrants in the region.

Asia Pacific is the fastest-growing market, registering a CAGR of 5.6%. Rapid industrialization and a large population contribute to the expansion of the Asia-Pacific fire hydrant market. The rise in consumer awareness of safety measures drives the expansion of the market for fire hydrants. Introduced by major players are fire hydrants for the commercial and industrial sectors. In 2020, Firesafe Cambodia, for instance, introduced an SRI 100MM fire hydrant for commercial use. It is equipped with a 4" gate valve with a spindle cap and is operated with a hydrant key. All of these factors are anticipated to increase fire hydrant demand in the region.

In LAMEA, the demand is driven by an increase in infrastructure and commercial project investments. It is anticipated that increased fire incidents and stringent government regulations to protect people and property, and increased government spending on infrastructure projects are anticipated to stimulate market expansion.

Key Highlights

• The global fire hydrant market was valued at USD 1,372 million in 2022. It is projected to reach USD 2,110 million by 2031, growing with a CAGR of 4.9% during the forecast period (2023–2031).
• Based on product type, the global fire hydrants market is segmented into dry and wet barrels. Dry barrel fire hydrants are the most widely used segment, growing with a CAGR of 4.4%.
• Based on operating type, the global fire hydrants market is segmented into conventional and smart. The conventional segment holds the majority of the share and is expected to exhibit a growth rate of 4.8% during the forecast period.
• Based on construction, the global fire hydrants market is segmented into the underground and above ground. The underground segment holds the majority of the market share and is anticipated to grow with a CAGR of 5.1% during the forecast period.
• Based on end users, the global fire hydrants market is segmented into commercial and industrial. The industrial segment holds the maximum market share and is growing with a CAGR of 4.6% during the forecast period.
• North America dominates the market and is growing with a CAGR of 2.7%.

Competitive Players

Competitive Players

The most prominent players in the market are American Cast Iron Company, AVK International, Bocciolone Antincedio, IMP Armature, Kupferle Foundry Company, Mcwane International, Mueller Co. LLC, Newage Fire Protection Services Pvt. Ltd, And Rapidrop Global Ltd.

Recent Developments

Market News

• In June 2022, AVK Holding A/S acquired a 100% interest in TALIS Group's UK operations. The company operates as Atlantic Plastics Ltd. from its headquarters and manufacturing facility in Bridgend, South Wales.
• In June 2021, Mueller Water Products, Inc. announced that it acquired pressure management solutions provider i2O Water Ltd ("i2O Water") for approximately $20 million in cash.

Segmentation

Global Fire Hydrants Market: Segmentation

By Product Type

• Dry Barrel
• Wet Barrel

By Operating Type

• Conventional
• Smart

By Construction

• Underground
• Above Ground

By End Users

• Commercial
• Industrial

By Region

• North America
• Europe
• Asia Pacific
• LAMEA