Surge in Demand for Smart Fire Hydrant to Provide Growth Opportunities for Fire Hydrant Market During 2021–2028
According to our latest market study on “Fire Hydrant Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Operating Type, Construction, End-User, and Geography,” the fire hydrant market is expected to grow from US$ 1,509.92 million in 2021 and is projected to reach US$ 2,070.22 million by 2028; it is expected to grow at a CAGR of 4.6% from 2021 to 2028.
Smart fire hydrants allow water management to stay ahead of the problems by offering a complete picture of their distribution networks. With this knowledge, utilities may save money by preventing issues and gaining customer loyalty by making their lives easier. The smart hydrant can save money by detecting leaks significantly more rapidly and efficiently than current approaches. Even though utilities regularly monitor known trouble sites like major junctions, a minor leak can go undetected for long periods until it gets large enough to interrupt water pressure, erode pavement, or trigger a significant pipe break. A smart hydrant can enable system-wide monitoring daily. Allowing leak detection staff to work more efficiently can also help the utility lower its carbon footprint. Unauthorized hydrant openings can also be detected by smart hydrants, which can inform utilities. Smart fire hydrants could make a substantial dent in the amount of water wasted due to utility system leaks, but there is still the matter of individual water use to consider.
Lucrative Regions for Fire Hydrant Market
Fire Hydrants Market Trends, Share, Analysis by 2028
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Fire Hydrant Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Dry Barrel and Wet Barrel), Operating Type (Conventional and Smart), Construction (Underground and Above Ground), and End User (Commercial and Industrial)
Fire Hydrants Market Trends, Share, Analysis by 2028
Download Free SampleFire Hydrant Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Dry Barrel and Wet Barrel), Operating Type (Conventional and Smart), Construction (Underground and Above Ground), and End User (Commercial and Industrial)
The fire hydrant market is segmented on the basis of product type, operating type, construction, and end-user. Based on product type, the fire hydrant market is bifurcated into dry barrel and wet barrel. In 2020, the dry barrel segment held a larger market share. Based on operating type, the fire hydrant market is divided into conventional and smart. In 2020, the conventional segment accounted for a larger market share. The fire hydrant market, by construction, is bifurcated into aboveground and underground. In 2020, the above ground segment accounted for a larger share of the fire hydrant market. On the basis of end-user, the global fire hydrant market is segmented as commercial and industrial. The commercial segment held a larger market share in 2020. Geographically, the fire hydrant market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global fire hydrant market.
Impact of COVID-19 Pandemic on Global Fire Hydrant Market
The COVID-19 outbreak has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients has governments to put a bar on the transportation of humans and goods. The manufacturing and construction industries, academic institutes, shopping complexes, and office premises have experienced a temporary shutdown to curb the spread of the virus. The factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of various industries, thus stopping the production of fire hydrants and their adoption in buildings.
Many companies in the global fire hydrant market have been forced to temporarily suspend operations because of the COVID-19 pandemic to comply with new government rules to prevent the disease's spread. This halt in operations directly impacted the worldwide market revenue flow. In addition, due to a shortage of raw materials and workforce during the lockdown, the affected production activities of fire hydrants have come to a halt. Furthermore, no fresh consignments are being received by businesses in this industry. As a result, the global market was hampered for several months, and delayed recovery is expected during the projection period.
American Cast Iron Company; AVK International A/S; BOCCIOLONE ANTINCEDIO; EJ Group, Inc; IMP Armature d.o.o; Kupferle Foundry Company; McWane International; Mueller Co. LLC.; NEWAGE FIRE PROTECTION SERVICES PVT. LTD; and Rapidrop Global Ltd are among the major companies operating in the fire hydrant market.
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