Future Market Insights (FMI) recently published a report titled ‘Fire Pump Test Meters Market – Global Industry Analysis 2013–2018 and Market Forecast 2019–2027.’ Fire pump test meters are essential equipment for the measurement of the flow of liquid and gases in fire pump systems. The growing adoption of fire pump test meters in various industries, such as oil & gas, power generation and pulp & paper, is a major factor driving the fire pump test meters market. With rapid growth in infrastructure, the demand for fire pump test meters is increasing to meet the growing demand for fire protection systems, due to which the demand for fire pump test meters is increasing, especially in Asia Pacific excluding Japan and Middle East & Africa.
The global fire pump test meters market is projected to grow at a CAGR of 5.0% during the forecast period. In addition, the fire pump test meters market was valued at US$ 183.6 Mn in 2018, and is estimated to grow substantially to reach US$ 283.4 Mn by 2027, owing to continuous developments in fire protection systems.
Increasing investments in power generation and fire protection sectors
Future Market Insights has segmented the global fire pump test meters market on the basis of pipe size, body type, end use and regions. By end use, the fire pump test meters market is further segmented into oil, gas & chemical, power generation, manufacturing, fire protection, pulp & paper and other industries. Moreover, in terms of value, the fire protection and power generation sub-segments are expected to grow at a relatively higher CAGR during the forecast period in the fire pump test meters market. The growing adoption and continuous innovations in fire protection and fire sprinkler systems is creating the demand for fire pump test meters. Moreover, the rapidly growing power generation sector across various economies of the world is also fuelling the growth of the fire pump test meters market. For instance, India Brand Equity Foundation has forecasted that the hydro, renewable, nuclear and thermal segments of the power sector of India are expected to attract investments of around US$ 180 billion between 2017 and 2022 in the.
Factory Mutual (FM) and NIST-approved fire pump test meters are in demand
The fire protection industry is witnessing various sets of standards that are defined by various associations and regulatory bodies. These standards and regulations are providing the essential levels of security for fire protection systems, which is contributing to the growth of the fire pump test meters market. Various providers of fire pump test meters are focusing on providing FM and National Institute of Standards and Technology (NIST) approved fire pump test meters, which is having a positive impact on the growth of the fire pump test meters market. For instance, Gerand Engineering has recently introduced a K-meter that is FM-approved and has an NIST-traceable calibration. This fire pump test meter offers high accuracy even for low-end readings.
Gerand Engineering, Victaulic, Anvil International and Rapidrop Global Ltd. are among the tier-1 companies As per FMI Analysis, Gerand Engineering, Victaulic, Anvil International and Rapidrop Global Ltd. are among the leading providers of fire pump test meters in the market. These leading providers of fire pump test meters are expected to account for a market share of more than 45% in the global fire pump test meters market. Long-term contracts with business partners and continuous innovations in products are among the key strategies followed by these providers of fire pump test meters to increase revenue and implement new innovation strategies. In addition, they are also focusing on offering FM-approved fire pump test meters to cater to the growing demand for standard products.
More from: Future Market Insights