Fire Fighting Valve Market Size to Grow at a CAGR of 3.4% During the Forecast Period 2021-2026

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Fire Fighting Valve Market Size to Grow at a CAGR of 3.4% During the Forecast Period 2021-2026

Fire Fighting Valve Market Size to Grow at a CAGR of 3.4% During the Forecast Period 2021-2026
Fire Fighting Valve Market
Industrialization Coupled With High Investments in Various Industries, Especially in Emerging Economies Is One of the Main Drivers of This Fire Fighting Valve Market.

Fire Fighting Valve Market size was valued at $3996.7 million in 2020 and it is estimated to grow at a CAGR of 3.4% during 2021-2026 owing to the rising demand for safety tools across industries, which is one of the major driving factors for the Fire Fighting Valve market. Moreover, stringent norms and government’s initiatives for operational along with building safety accelerate the growth of fire-fighting valve industry. Apart from that, industrialization and urbanization along with increasing investment across industries are also creating tremendous growth opportunity for the market. Nevertheless, the increasing number of fire accidents is a major growth contributing factor for this market. Additionally, over the past few years, fire-fighting valves have been observing several technological advancements, owing to which its demand is gaining traction in the forecast period 2021-2026

Fire Fighting Valve Market Segment Analysis- By Type

Fire-fighting valve market is segmented into Butterfly Valve, Pressure Reducing Valves, Safety Valves, Ball Valves, UL/FM Valves, Alarm Check Valves, Deluge Valves, Gate Valves and Others, based on the type. Butterfly valve dominated the market with a share of 24.0% in 2020 and is anticipated to grow with a CAGR of 3.9% during the forecast period 2021-2026, due to the increasing usage of this valve across industries. Increasing investment in various industries creates a massive requirement for safety tool that fuels the demand for this valve. Moreover, butterfly valve increases the operational efficiency of production processes and helps in improving the safety measures in process industries. Furthermore, rapid industrialization in developing counties such as India, few countries of Middle East region, Eastern European countries and many other countries, creates significant demand for butterfly valves. To meet this requirement of butterfly valve, many market players launching technically advanced butterfly valves. In January 2020, Victaulic launched an ideal solution for HVAC applications, Victaulic StrengThin 100 Series E125 Installation-Ready butterfly valve. Such launches are analysed to drive the market in the forecast period 2021-2026.

Fire Fighting Valve Market Segment Analysis- By End User Industry

On the basis of end-user industry, this market is segmented into Automobile, Pharmaceutical, Electronics & Semiconductor, Aerospace and Defense, Oil & Gas, Food & Beverage, Chemical and Petrochemical, Mining, Water Treatment, Pulp and Paper, Power Generation, Commercial, Residential and Others. Power generation sector is analyzed to witness the fastest growth with a CAGR of 5.05% during the forecast period 2021-2026. Due to exponential growth in population, industralization and rising living standards, the demand for power is constantly increasing across the world, which is attracting massive amount of investments in this sector for its expansion. In addition, the rising usage of renewable energy for power generation has triggered the deployment of numerous power generation plants globally. Such development in this industry have accelarated the adoption of safety tools including fire safety equipment. This in turn, boosts the growth of fire-fighting valve market. Futhermore, fire accidents in this sector can cause fatal as well as non-fatal injuries to the employees and severe damage to the equipments, leading to unavailability of power supplies. In January 2021, a major fire broke out in a private defunct thermal power station near Thoothukudi and destroyed inoperative equipments worth few lakhs. Similarly, in August 2020, 9 people died in a fire accident at a Srisailam-based undergroud hydroelectricity power station. To avoid such disastrous incidents, the installation rate of fire-fighting systems is rising, which is highly augmenting the demand for fire-fighting valves. Hence, growing demand for power and rising investment in this industry is being the opportunity for the players operating in the fire fighting valve market during 2021-2026. 

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Fire Fighting Valve Market Segment Analysis- By Geography

North America dominated the market with a share around 31.8% of the total market share in 2020, and is anticipated to witness a significant growth during the forecast period 2021-2026, owing to early adoption of this technology, increasing investment across industries, public safety norms and others. For instance, to ensure the safety of the wide range of workers, OSHA has imposed various regulatory norms regarding the security and health standards. Furthermore, increasing investment in R&D sector for the development of this technology and the presence of the key market players, are fuelling the market growth. In May 2019, American Flow Control, valve and hydrant division of American Cast Iron Pipe Company made an announcement about regarding their plan of developing a new research center completely dedicated towards the performance enhancement of valve and hydrant products.  Moreover, APAC is estimated to have the highest CAGR around 4.51% during the forecast period 2021-2026. The growth of Asian fire fighting valve market is mainly attributed to rapid urbanization and industrialization in this region, especially in emerging economies. Besides this, Governments of developing countries are offering incentives for  setting up industrial projects to boost the economic growth, which is accelerating the adoption of fire safety tools along with fire fighting valves. In February 2020, UP government had made an announcement about its special wing ‘Invest UP’, to attract more private investments and accelerate the industrialization growth across the state. Such factors are analyzed to increase the demand for fire-fighting technology, which will drive the growth of Asian fire-fighting valve market during the forecast period 2021-2026.

Fire Fighting Valve Market Drivers 

Rapid Industrialization and Urbanization

Industrialization coupled with high investments in various industries, especially in emerging economies is one of the main drivers of this market. In October 2020, at 4th India Energy Forum, Indian Prime minister announced that, India is planning to increase its refining capacity from 250 mtpa (million tonnes per annum) to 400 mtpa by year 2026 and it is estimated that Indian Oil and Natural Gas sector will receive an investment of over $300 Billion by the year 2030 for the development of this sector. With such industrial expansion, the number of fire accidents in industrial areas is also growing. In order to control and reduce the amount of such damages, the adoption of fire-fighting tools is increasing, which affects the growth of this market positively. Furthermore, urbanization plays a major role in the growth of this market. With economic growth and rapid urbanization, the demand for high rise or mid rise buildings is exponentially growing. This in turn affects the growth of fire-fight valve industry. Hence, the above mentioned factors will drive the market during 2021-2026.

Government’s Initiatives and Regulatory Norms

Government’s initiatives along with stringent regulatory norms for public safety are analyzed to drive the fire fighting valve market. With increasing number of fire accidents in industrial, residential, and commercial sector, the demand for fire safety tools is rising and along with it, the demand for fire-fighting valve. In order to avoid such incidents, governments are imposing many norms to enhance the safety measures. In March 2020, a new Fire Safety Bill was introduced by the Home Office, in order to improve the fire safety measures in building in England and Wales. This bill became The Fire Safety Act in the year 2021. Similarly, in September 2020, Indian Government published the Occupational Safety, Health and Working Conditions Code, 2020, to enhance the occupational safety, working as well as health safety of the employees working in an organization. Apart from this, Government is also taking initiatives to increase the awareness about public safety. For instance, The Ministry of Foreign Affairs of Russian Federation, requested UNIDO to conduct an international conference with Rostechnadzor, to increasing the awareness regarding industrial safety and security. Such strategic safety measures by government bodies are augmenting the growing adoption of fire-fighting valve globally and set to boost the market growth during 2021-2026.

Fire Fighting Valve Market Challenges 

Stringent Regulations:

Even though, fire fighting valve market is growing rapidly, stringent public regulation and security requirement in aerospace & defense sector hampers the growth of this market. The growing requirement of public security creates huge demand for this market but it also increases the cost. Hence, the rise in price due to the stringent regulations will hamper the growth of this market during the forecast period 2021-2026.

Fire Fighting Valve Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Fire Fighting Valve Industry Outlook. Fire Fighting Valvetop 10 companies include Akron Brass Company, Angus Fire Limited, American AVK Company, Honeywell International Inc.,Parker-Hannifin Corporation, W. W. Grainger, Inc., Tyco (Johnson Controls International PLC), Val-Matic Valve & Mfg. Corporation, William Eagles Ltd, M&H Valve Company and others.

Acquisitions/Technology Launches

In September 2020, AVK international launched its new dedicated UL & FM gate valves for fire protection applications. These products are available as OS&Y and NRS variants.

In June 2020, for fire protection systems, Johnson Controls launched its two new Tyco pressure control valves, TYCO Model RV-1A pressure Relief Valve and TYCO Model PRV-1A Pressure Reducing Valve.

Key Takeaways

Butterfly valve is anticipated to witness a significant amount of growth, owing to rapid industrilaztion and its ability to offer enhanced operational efficiency. 

Oil and Gas held the major market share in 2020, and is analysed to witness significant growth between 2021-2026. Rising requirement for safety tools in this sector is the key factor behind the growth.

North America held the major market share in 2020 and is anticipated to witness significant growth during forecast period, owing to the early adoption of this technology, rising investments in industries and the presence of prominent market players.

Government’s initivatives and stringent norms for public and assest safety works as a growth driver for this market during 2021-2026.

The top players of this market includes Akron Brass Company, Angus Fire Limited, American AVK Company, Honeywell International Inc., Parker-Hannifin Corporation and others.

Related Reports :

A. Electronic Security System Market 

https://www.industryarc.com/Report/15690/electronic-security-system-market.html

B. Fire Protection Systems Market 

https://www.industryarc.com/Research/Fire-Protection-Systems-Market-Research-505262

For more Electronics Market reports, please click here

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