Rise in commercial and industrial building construction and growth in human and property loss from fire breakouts are the key trends in market.
WILMINGTON, DELAWARE, February 21, 2024 /EINPresswire.com/ — The Europe fire hydrants market size was valued at $ 308.0 million in 2019, and is projected to reach $416.4 million by 2027, registering a CAGR of 5.1% from 2020 to 2027. In 2019, the conventional segment dominated the market, in terms of revenue, accounting for over four-fifths Europe fire hydrants market share.
A fire hydrant is a stationary equipment placed outside or inside a building, industrial area, and parking area, which is connected to a private or municipal water service network. They are designed to directly offer water needed by fire fighters to extinguish a fire.
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The Europe fire hydrants market is anticipated to grow, owing to increase in industrial and commercial construction and strict norms for fire safety practices. Moreover, rise in investments of Europe government for fire protection is anticipated to drive growth of the market. For instance, in 2019, government of Russia spent $600 million on firefighting systems. In addition, increase in industrial and commercial construction activities is anticipated to drive growth of the market. For instance, in March 2018, a leading private investment house named Ardian raised over $800 million for commercial property assets in France, Germany, and Italy.
The dry barrel segment accounted for the highest market share in 2019, and is expected to grow at a CAGR of 4.9% during the forecast period. In terms of construction, the above ground 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 for key players in Europe.
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Major players have focused on offering new products to strengthen their presence in the market. For instance, Bocciolone Antincendio offers pillar fire hydrant EN14384 type A. It has two ductile iron nozzles valves A and C. It is available with and without brake systems. Further, growth in population and strict norms for installation of fire hydrants for safety purposes are expected to boost growth of the Europe fire hydrants market. Moreover, huge cost is required to install fire hydrants, which is expected to hamper growth of the Europe fire hydrant market.
Novel coronavirus is rapidly spreading across various countries and regions, causing enormous impact on lives of people and overall community. In addition, manufacturing, packaging, mining, and construction supply chains are striving on a worldwide scale to keep pace with quick transmission of virus. In addition, COVID-19 pandemic has shut down production of various types of fire hydrants, owing to prolonged lockdowns in major countries in Europe such as Germany, the UK, and France. This has impacted growth of the fire hydrants market significantly from past few months, which is likely to continue during 2020. In addition, there is a stoppage in developing fire hydrants, owing to lack of manpower and raw materials. Thus, halt in construction activities and lockdowns for quite a few months have disturbed the market, with slow recovery projected from 2020 to 2027.
The Europe fire hydrants market is segmented into product type, operating type, construction, and end-user. By product type, the market is classified into dry barrel and wet barrel. By operating type, it is classified into conventional and smart. By construction, it is classified into underground and aboveground. By end user, it is classified into commercial and industrial.
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Top Players:
The key players profiled in the market report include AVK Holding A/S, Bocciolone Antincendio, Compagnie De Saint-Gobain S.A., Viking Group, Hawle Holding GmbH, IMP Armature d.o.o., Mueller Water Products, Inc, Rapidrop Global Ltd, Talis Management Holding GmbH, and VonRoll Hydro AG.
David Correa
Allied Market Research
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