05 Apr Fire fighting pump global market in 2028
The fire fighting pump market is expected to maintain a CAGR of 3.76% through to 2028, according to predictions from ResearchAndMarkets.com.
Its Fire Fighting Pump Market Global Outlook Forecast, detailed a number of factors that will contribute to this steady growth. They include:
Growth in construction
There is a large amount in the pipeline for Europe’s travel and tourism industry. In 2020 alone, 60 new resorts and hotels started their operations, this has been growing consistently over the past three years between 4% and 6%.
These construction projects will inevitably boost the fire fighting pumps market as all construction sites require a number of fire safety equipment to be installed, including standpipes, sprinkler systems and fire pumps.
Increase in wild fires
Wild fires have increased both in the US as well as in Asia, with wild fires spreading throughout California, as well as in the dry arid lands around Kuwait.
Wild fires have been continuing to rise from 2019 onwards, more than three billion wildlife populations have been killed as a result of wildfires in recent years. The rise in incidents has led to a call for more firefighting equipment and has led to more demand of the fire pump marketplace.
Healthy vendor landscape
Key players in the global fire fighting pump market are investing in R&D, developing new technologies and advancements as to further establish themselves within the industry.
The fragmented and competitive nature of the industry will only lead to further advancements of the technology and drive in the market.