Fire Hydrant Market size is expected to reach $1.6 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Fire Hydrant Market by Product Type, Operating Type, Construction, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” The global Fire Hydrant Market size was $1.2 billion in 2019, and is expected to reach $1.6 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.

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Fire hydrants are vital tools essential for any industry or industrial plant to regulate fire in the case of fire or related disasters. Typically, a fire hydrant comprises a water pressurizing system, which is distributed all over a building using hoses and pipes. The market is competitive, owing to a huge level of fragmentation in the industry. In spite of the fragmentation, the industry is chiefly linked by regulatory conditions for operation and establishment. The key factor that drives the market include rise in industrial activities and commercial construction activities globally.

The dry barrel fire hydrants segment accounted for the highest market share in 2019, and is expected to grow at a CAGR of 4.4% during the forecast period. In terms of construction, the underground segment is expected to contribute for the highest market share in the coming years. Moreover, increase in emphasis on smart fire hydrants is expected to provide wide growth opportunities to key players globally.

Asia-Pacific is expected to exhibit highest growth rate in the market during the forecast period, owing to presence of various manufacturing industries in the region. Major players have focused on developing new products to strengthen their presence in the market. Moreover, these companies expand their business by acquiring small businesses to sustain intense competition. For instance, in June 2018, Mueller launched the Super Centurion A-403 Fire Hydrant. The new fire hydrant features two-piece ductile iron upper barrel with a nozzle section. In addition, the hydrant is designed, especially for installation and maintenance by one person.

The global Fire Hydrant Market to avert their business processes due to the lockdown imposed by governments around the world to reduce exponential spread of the deadly virus. This break in operations directly affects the global market. Besides, there is a shortage of raw material and shortage of manpower and capital. Furthermore, the COVID-19 has already affected the fire hydrants industry in the first half of 2020 and is likely to cause a negative impact on the market growth throughout the year. Further, after this pandemic ends and the current situation steadies, fire hydrants manufacturers will have to scale up services to adopt the companies after lockdown.

The key players profiled in the Fire Hydrant Market report include American Cast Iron Company AVK International A/S, Compagnie De Saint -Gobain S.A., EJ Group, Inc, Grundfos Holding A/S, Kupferle Foundry Company, McWane, Inc, Mueller Water Products, Inc, Talis Management Holding GmbH, Terminal City Iron Works Ltd, Bocciolone Antincendio S.P.A., CSA S.R.L., HAWLE BETEILIGUNGSGESELLSCHAFT G.m.b.H., IMP Armature D.O.O., Rapidrop Global Ltd, Newage Fire Fighting Co. Ltd, NT Agni Solutions Pvt Ltd, Shaoxing Shangyu Hongye Fire Protection Equipment Factory (HONGYE), Smith & Sharks Projects Pvt Ltd, Steel Recon Industries SDN. BHD., Torvac Solutions PTY Ltd, ALBILAD Fire Fighting Systems Company, Ltd, Bristol Fire Engineering, NAFFCO FZCO, and SFFECO Global.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging Fire Hydrant Market trends and dynamics.
Depending on product type, the dry barrel segment dominated the market, in terms of revenue in 2019 and others is projected to grow at a substantial CAGR during the forecast period.
By operating type, the conventional-segment registered highest revenue in the market in 2019.
Depending on construction, the underground segment dominated the market, in terms of revenue in 2019 and is projected to grow at a CAGR 4.9% during the forecast period
Depending on end-user, the industrial segment dominated the market, in terms of revenue in 2019 and is projected to grow at a CAGR 4.6% during the forecast period.
The key players within the market are profiled region-wise in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the fire hydrants industry.
The report provides an extensive analysis of the Fire Hydrant Market trends and emerging opportunities of the market.
In-depth Fire Hydrant Market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
The global Fire Hydrant Market forecast analysis from 2020 to 2027 is included in the report.

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This release was published on openPR.