According to our latest market study, "Fire Pump Controllers Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and End-User," the market is expected to grow to US$ 289.32 million by 2028; it is expected to grow at a CAGR of 6.2% from 2022 to 2028.
Growing Construction Activities in Residential and Commercial Buildings Fuels Fire Pump Controllers Market Growth
The construction of commercial and residential buildings is growing worldwide, majorly in developing countries. In July 2021, according to the TASS, a Russian news agency, the commissioning of housing in Russia increased by 28.4% in the first five months of 2021 compared to 2020. According to the Ridgewater Homes website data, in 2021, Australia witnessed a 10% growth in the construction of residential buildings. This fire pump controllers market growth is attributed to the rising demand for houses due to an increase in sustained employment, record-low interest rates, and a surge in government programs such as HomeBuilder. Furthermore, several government initiatives are supporting the growth of the housing industry, which is propelling the fire pump controllers market share. For instance, in February 2021, according to the Yonhap News Agency website data, the South Korean government announced that they would ease building regulations and support redevelopment projects in South Korean urban areas by supporting the construction of 836,000 new houses nationwide. Similarly, in September 2021, the Egypt government announced the construction of 37 new smart city projects with an initial investment of US$ 20 billion in an area of 40,000 feddans (16,800 ha). Such factors are anticipated to propel the fire pump controllers market.
Moreover, strong economic conditions and low housing loan interest rates are propelling the expansion of construction activities across North America, Asia Pacific, and the Middle East & Africa which is fueling the fire pump controllers market. Europe witnessed a slightly subdued growth, supported by a developed construction sector in various countries that allowed better residential and infrastructural spending. According to Marsh LLC data, In 2021, residential construction activity was growing rapidly worldwide with a growth rate of 7.1%. Thus, the growing construction activities in residential and commercial buildings is increasing the demand for fire safety systems, thereby boosting the fire pump controllers market growth.
Fire-related hazards are severe and lead to loss of life and valuable assets. When dealing with a fire, it is important to remain alert and follow preventive measures to avoid the chances of getting burned. Thus, various initiatives and projects have been taken to increase awareness among people which is fueling the fire pump controllers market size. For instance, in October 2021, a global coalition of over 80 fire safety leadership organizations launched a new Decade of Action for Fire Safety 2022-2032. The program aims to ensure an internationally consistent approach to the safety and management of buildings and infrastructure and to save lives by reducing risk and preventing devastating fires. Similarly, the UQ Fire Safety team of the University of Queensland, Australia, implemented various changes for 2022 by updating online courses and offering a revamped fire extinguisher training course using the latest technologies. The fire extinguisher training courses will be delivered by a member of the fire safety team and will utilize the fully immersive/virtual reality extinguisher training system. Such initiatives will fuel the fire pump controllers market players business over the forecast period.
The industrial marketplace involves some of the most dangerous, high-risk operations which require very strict fire prevention measures, and require unique solutions for extinguishment, which is fueling the fire pump controllers market size. Many industrial buildings are concerned with safely managing housed materials that are highly flammable or explosive in nature, for example, battery energy storage systems with lithium-ion batteries. Other high-risk and sensitive industrial applications include data centers, telecommunication facilities, power plants, fuel storage facilities, manufacturing facilities, and warehouses. Thus, the growing need for fire pump controllers to protect the facility from fire is fueling the fire pump controllers market share. Every commercial building, from hotels and hospitals to office towers and airports, requires fire pump controllers to protect people and property from fires. Various companies are advancing their offering to provide more reliable controllers to their clients. For instance, Grundfos offers Grundfos FireConnect, the first cloud-based monitoring system to detect a fire in a commercial building. Through a sensor system in the building, the cloud-based monitoring system can easily detect any fire and immediately alert the building manager. It also helps keep track of the fire, its location, and its development, offering optimal commercial fire protection. Such factors will fuel the fire pump controllers market players businesses over the forecast period.
Key Findings of Study:
The fire pump controllers market is segmented based on type and end-user. Based on type, the market is bifurcated into electric fire pump controller and diesel fire pump controller. In 2022, the electric fire pump controller segment led the fire pump controllers market. Based on end-user, the market is categorized into industrial, commercial, and residential. In 2022, the industrial segment led the fire pump controllers market.
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