The hose reels market is expected to grow at a CAGR 5.6% during the forecast period, 2023–2031.
A hose reel is a cylindrical spindle firefighting equipment designed to provide accessible and controlled water supply to combat a potential fire risk. The rising number of fires in the buildings coupled with the implementation of stricter norms and regulations imposed by the government regarding building safety codes are anticipated to be the key factors driving the market's growth during the forecast period.
Increasing globalization and rising consumer demand has driven the industrial sector worldwide, ensuring the increase in industrial activities such as oil and gas exploration, mass chemical production, and metal fabrication. Since working in such an environment have potential fire risk, the industrialist around the world are more vigilant and maintain proper safety standards and protocols. Therefore, boosting the demand for the product across the industrial sector.
The ever-growing population and improving GDP per capita have resulted in the populace's seismic shift from rural to urban. This global trend has boosted building and construction activities worldwide, resulting in more residential and commercial buildings. Thus, increasing the demand for more hose reels for safety.
Manual hose reels account for a prominent share in the global hose reel market and are anticipated to register significant growth during the forecast period. As the name suggests, the manual hose reels require the operator to turn the gate valve to let the water into the system before running the hose out. The key factor driving the segment's growth is that these hose reels are cheaper units than their counterparts. However, the use of these hose reels is physically intensive and, therefore, time-consuming, which hinders the market's growth during the forecast period.
The commercial segment includes hose reels' applications across significant property classes such as educational, healthcare, restaurants, mercantile, and storage. In the last two decades, advancements in technology have led to the innovation of advanced electrical equipment and increased demand across various commercial sectors. The increase in cooking equipment in the commercial kitchen, heating equipment, and electrical and lighting equipment across the commercial building are some of the most common examples.
The rising number of equipment across the sector goes hand-in-hand with the number of commercial fires. This is due to the poor quality of the equipment or the carelessness of the operators. According to the statistics gathered by the National Fire Data Center, estimates for non-residential building fires and losses in 2018 was valued around USD 2.65 billion.
Thus to avoid damage through these fires, individuals are now willing to install fire safety equipment such as hose reels to improve their fire safety system. Therefore, this concern for individuals' safety is further expected to boost the hose reels market's growth in the upcoming years.
The market for hose reels in North America is primarily driven by the increasing stern government's regulations regarding implementing fire security guidelines across the residential and non-residential sectors. The region has one of the largest industrial sectors, primarily due to the early industrialization in the U.S., the number of manufacturing industries in the region is also high. These industries work around hazardous chemical, flammable liquids and gases, combustible dust, and equipment and machinery that cause a fire; the industrialists need to take fire-hand measures to avoid or minimize any damage. These industrialists are installing fire systems equipment such as hose reels in the manufacturing facilities.
Additionally, the rising population in the region has fueled the demand for more housing units, which are now compelled by the government organizations to mandate and implement unified building codes that involve installing the fire safety system across these housing units. Thus, further increasing the demand for the hose reels across the residential sector. Furthermore, the increasing number of wildfire cases in the region is anticipated to be another factor that has gradually led to the tremendous demand for the hose reels across the municipal sector applications in the regional market.
As the structural fires have an enormous impact on individuals' lives and well-being, they represent a severe societal burden. It is crucial to minimize the damages caused by these accidents. According to the Fire Safe Europe association, at least 5,000 fire incidents occurring each day in Europe. These increase in the number of cases has compelled the national and governmental organization such as European Fire Safety Alliance, European Fire Safety, and the Confederation of Fire Protection Associations Europe to implement stringent regulations and standards on the fire safety equipment installed in the buildings; to achieve substantial improvements in fire safety and reducing damages from loss. Thus, increasing the demand for fire safety equipment and systems such as hose reels, fire hydrant, and fire extinguisher across these residential and commercial sectors.
Additionally, the region has a well-established oil and gas and chemical industry, where a large number of operations are done in an extremely hazardous environment. Thus, making them the most safety-conscious end-user industries for fire safety equipment. Due to the high risks involved in refining and upstream activities. The demand for the end products from these industries is growing further, leading to the expansion of these industries. It can be anticipated that these industries' growth will also create lucrative business opportunities for players in the fire hose market in the upcoming years.
Central and South America and the Caribbean
Central and South America and the Caribbean are projected to have an excellent potential market share in the global hose reels market. The growth of the regional market can be attributed to the rise in the higher safety regulations being implemented by the government, especially in countries like Brazil, Argentina, and Colombia.
The additional key factors driving the market's growth are significant infrastructural growth, improved logistics networks, and shift in the production facilities from the North America market to the regional market to exploit the lower cost of labor. Furthermore, the increase in fires across various countries in the region further demands fire safety equipment. For instance, the number of fire-related incidents in Peru increased by 45.5% between 2014–2018.
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