May 04, 2022 09:30 ET | Source: Persistence Market Research Persistence Market Research
New York, New York, UNITED STATES
New York, May 04, 2022 (GLOBE NEWSWIRE) -- The North America fire pump market is anticipated to create an absolute dollar opportunity worth US$ 239.8 Mn by the end of 2032. US (NSPA 20) and Canadian (National Building code, Section 32) have rolled out standards and regulations for the installation and usage of fire pumps. During a fire, fire pumps are used to keep the water pressure in sprinklers and standpipes at a safe level. Building codes specify where fire pumps are required to be installed.
Building codes have been getting stricter with increasing urbanization and infrastructure development. Growing population concentration has further encouraged governments, both, state and federal, to focus on human life safety, which requires proper fire safety systems, in turn driving market growth.
Further, private and public investments in the commercial as well as residential sectors in North America will create significant opportunities for market players.
The COVID-19 pandemic had a substantial impact on the commercial and manufacturing sector, which is vulnerable to North American economic cycles, and has been estimated to be impacted by 5%-10%. On the plus side, this sector has the potential to stimulate recovery from the crisis, which will support the transition to sustainability.
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Key Takeaways from Market Study
“Investments in the commercial and residential sectors, coupled with stricter building codes, will have an optimistic impact on fire pump sales in the North American region,” says a Persistence Market Research analyst.
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The fire pump market in North America is a moderately consolidated space with the presence of key manufacturers along with regional manufacturing companies.
Some of the key market players included in the report are Xylem Inc., Pentair Ltd., Cummins Fire Power, Armstrong Fluid Company, Peerless Pump Company, W.S. Darley & Co., Wilo SE, Ruhrpumpen Group, and SPP Pumps.
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Infrastructural developments and enhancing fire safety infrastructure are major factors that are paving the way for higher adoption of fire pumps in North America. Also, growth of the market is highly benefiting from government economic stimulus programs and ongoing projects in the manufacturing industry in the region.
Persistence Market Research, a research and consulting firm, has published a new market research report on the North America fire pump market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, type, rating, power source, product type, end use, and country. The report also provides supply and demand trends along with an overview of the parent market.
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