Increasing Industrial Investments Is Anticipated To Boost The Growth Of Fire-Fighting Valve Market

Growing Safety Awareness among the Public, Government’s Initiatives, Stringent Norms, Urbanization Along With Increasing Industrial Investments Is Anticipated To Boost The Growth Of 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

Fire Fighting Valve Market size was valued at $3996.7 million in 2020 and is analyzed to grow with a CAGR of 3.48% during 2021-2026. Increasing stringent safety norms, safety awareness and government’s initiatives for public as well as asset safety are the major driving factors behind the growth of fire-fighting valve market. Stringent norms regarding occupational safety triggers the adoption of safety tools, which in turn creates tremendous growth opportunities for fire-fighting valve market. Moreover, rapid industrialization and urbanization triggers the demand for safety systems including fire-safety tools in various industries that have been a key growth influencing factor. Besides this, growing number of fire accidents taking place across industrial, residential and commercial sectors are analyzed to drive the market growth during 2021-2026.

Power generation sector is analyzed to witness the fastest growth during the forecast period 2021-2026, exponential growth in population, industralization and increasing purchasing power are the key driving factors behind this growth. Besides this, growing popularity of renewable energy for power generation plays a crucial role in growth of this market. In January 2021, fire broke out in a thermal power station near Thoothukudi which destroyed equipments worth few lakhs. To reduce the impact of such incidents, the demand for fire-fighting systems is increasing, along with fire-fighting valev. Hence, the above mentioned factors are analyzed to fuel the market growth.

North America held the major market share around 31.80% in 2020, and is analyzed to witness a significant growth during the forecast period 2021-2026. Increasing investment across industries and public safety norms are the key factors behind the growth of this market in this region.OSHA issued some regulations, related to the workers security and health standards to ensure the safety of a wide range of employees. Moreover, rising investments in R&D projects and the presence of major market players in this region boosts the market growth. Furthermore, APAC is projected to have the fastest CAGR during the forecast period 2021-2026, due to rapid urbanization and industrialization in the developing countries of this region. According to a report from Invest India, India is anticipated to be the third largest passenger vehicle manufacturer across the globe by the year 2021. Such strategic investments and rapidly growing industries coupled with urbanization 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.

One of the major growth drivers of this market is growing investment in aviation sector. Increasing demand for aviation services attracts massive amount of investment towards this sector, which drives the market for fire-fighting valves, as the usage of these valves in aerospace industry is very high. In aerospace industry, fire-fighting valves are highly being used for various applications includingapplications related to fuel systems, hydraulic systems, environmental control systems, lavatory systems, PAO coolant, step, trim control, doors, fan air inlet door, duct butterfly actuation, rudder pedal adjust and others. Furthermore, this product is also used in space exploration devices, in order to control all the movements of the robots. In January 2020, Airbus made an announcement about increasing the production rate of A320 family aircraft for itsindustrial expansion in the U.S. Such increase in the production of aircrafts along with high investment in this sector will drive the market of the fire-fighting valves, as it’s a key component of aircrafts.

The major companies in the Fire-Fighting Valve market 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.

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