The global fire pump controllers market is forecast to grow at a CAGR of 5.47% during the period 2017-2021.
The report, Global Fire Pump Controllers Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the emergence of variable frequency drive fire pump controllers. Variable frequency drive (VFD) pump control panels are used for controlling and optimizing the power and speed requirements of pumps. These VFD pump control panels are available in simplex, duplex, and triplex models. These models also have unique advantages of soft start and stop, single to three phase conversions for electric driven fire pumps, and improved process control.
According to the report, one of the major drivers for this market is the rising implementation of IIoT. Every industry is renovating their infrastructure with the implementation of the IoT. The Industrial Internet of Things (IIoT) is a network of devices such as machines, sensors, controllers, big data analytics, and cloud computing in an industry. This type of connection links analytics with the operations of the industrial automation, which ultimately improves the application designs of the industry. Linking all operations and data collection related to fire safety systems become easier with the installation of fire pump controllers in the fire safety room.
Further, the report states that one of the major factors hindering the growth of this market is the low cost strategies of Chinese products. New vendors arising in Asian countries offer low-cost products due to the availability of affordable resources and labor in the region. Owing to the availability of low-cost products, APAC has started exporting to American and European countries. Therefore, with the increasing price sensitivity among consumers there is a rising trend of acceptance of Chinese products.