At 7.0% CAGR, the Asia Pacific Fire Pump Controllers Market is projected to be worth US$ 1,341.69 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific fire pump controllers market was valued at US$ 896.20 million in 2022 and is expected to reach US$ 1,341.69 million by 2028, registering a CAGR of 7.0% from 2022 to 2028. Growing technological advancement and adoption of fire safety systems and increasing number of strategic alliances to prompt fire safety are the critical factors attributed to the market expansion.

The construction of commercial and residential buildings is growing, majorly in developing countries. According to the Ridgewater Homes website data, in 2021, Australia witnessed a 10% growth in the construction of residential buildings. This growth is attributed to the rising demand for houses due to rising 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. 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. Also, the new housing policy by the government focuses on increasing the number of houses in the Seoul metropolitan area and other major cities. Moreover, according to the Ministry of Land, Infrastructure, and Transport of South Korea, the latest policy consists of constructing 323,000 and 293,000 new houses in Seoul and Gyeonggi Province, respectively.

Moreover, strong economic conditions and low housing loan interest rates are propelling the expansion of construction activities across APAC. According to the Oxford Economics/Haver Analytics data of contribution to global construction growth from 2020 to 2030, China, India, and Japan are among the major contributors to residential construction activities. In 2021, according to Marsh LLC data, the residential construction activity is the growing with fast pace globally with the growth rate of 7.1%. Also, the residential sector accounted for 44% of total global construction in 2020, making it the largest subsector. Thus, the growing construction activities in residential and commercial buildings are increasing the demand for fire safety systems, which is boosting the growth of the fire pump controllers market.

On the contrary, high capital investments for installation and maintenance of fire pump controllers hurdles the growth of Asia Pacific fire pump controllers market.

• Based on type, the market is bifurcated into electric fire pump controller and diesel fire pump controller. The electric fire pump controller segment registered the larger market share in 2022. The former held 56.8% market share in 2022, amassing US$ 509.48 million. It is projected to garner US$ 784.07 million by 2028 to expand at 7.4% CAGR during 2022–2028.
• Based on end user, the market is segmented into industrial, commercial, and residential. The With 76.9% share of the domain, the industrial segment dominated the market in 2022. It accrued US$ 688.79 million in 2022 and is estimated to generate US$ 1,053.52 million by 2028 to grow at a CAGR of 7.3% over the forecast period. 

Our regional analysis states that China captured 53.7% market share in 2022. It was assessed at US$ 481.54 million in 2022 and is likely to hit US$ 751.35 million by 2028, exhibiting a CAGR of 7.7% during the forecast period.

Key players dominating the Asia Pacific fire pump controllers market are ComAp AS, Eaton Corp Plc, Firetrol Inc, Flowserve Corp, Grundfos Holding AS, Hubbell Inc, Master Control Systems Inc, NAFFCO FZCO, Pentair Plc, and Tornatech Inc among others.

A few key developments in market by top market players are as follows:

• In 2021, Tornatech Model MPA Medium Voltage Electric Fire Pump Controllers are now available with the ViZiTouch V2 operator interface to upgrade product capabilities.

• In 2021, Pentair Plc announced that it has acquired Pleatco for approximately US$255 million in cash, subject to customary adjustments. Pleatco manufactures water filtration and clean air technologies for pool, spa, and industrial air customers.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com