01 Feb Growth in fire pump sector
In 2021 the fire pump market was worth an estimated US$8,291.5bn and now experts are forecasting a CAGR value of around 3.2% by 2028.
Its market value at the end of the forecast period is predicted to be US$10,016.4bn.
One of the key factors behind this anticipated growth is the rising number of fires in both industrial and residential regions. In addition, governments are implementing regulations and public safety rules as well as delivering the necessary infrastructure to safeguard areas from fire threats.
Also benefitting the fire pump market is the expansion of the oil and gas industry, an increase in worldwide construction and infrastructure development activities as well as improved availability of IoT-enabled pump controllers.