Hydrant Dispensers Market to Top Valuation of US$ 225 Bn by 2031: Fact.MR
Published : 17 May 2021 Industry: Industrial Goods
The global hydrant dispensers market is expected to expand at a steady CAGR of more than 5% over the forecast period of 2021 to 2031, thanks to strong demand for air travel across the world. At least 423 new airports are scheduled to be built worldwide, with 223 in the Asia Pacific region and around 60 across Europe. This is being backed by significant investments in new airport facilities and capacity expansion. Hydrant systems, which serve as a quick and efficient means of refuelling, are part of this modern infrastructure.
Every year, around 100 million new air passengers are added in the Asia Pacific region. BRICS nations are showing a pattern of growing urban population in search of job opportunities, which is leading to increased air travel. To accommodate this increase, governments are investing in the construction of new airports, which will drive demand for hydrant dispensers northward. For their ever-growing tourism sector, GCC countries will also invest heavily in airport infrastructure over the coming years.
Demand for hydrant dispensers registered marginal drop during the COVID-19 pandemic. The global aviation industry experienced a drop of 55% over the last financial year. As a result, aviation industry’s spending power was reduced. Since infrastructure construction was halted around the world, new airport infrastructure development and modernization were affected, leading to drop in global demand for hydrant dispensers.
Key Takeaways from Market Study
- The global hydrant dispensers market is anticipated to add 1.7X times more value to its market by 2031.
- Mass flow rate wise, demand for 850 GPM - 1050 GPM hydrant dispensers is expected to expand at an impressive CAGR of more than 5% over the forecast period.
- North America is the consummate market with an expected value of around US$ 42.6 Mn in 2021 and is expected to inflate at a zestful CAGR of more than 4% through 2031.
- Towable hydrant dispensers are opined to exhibit spry growth rate of over 5% CAGR, while self-propelled hydrant dispensers are projected to add 1.6X by 2031.
- East Asia is set to unleash bronzer growth of close to 6% CAGR, owing to increasing middle-class families, growing per capita income, and skyrocketing investments in modern airport infrastructure.
- Global air passenger travel and aircraft fleet is expected to double over the next decade, which will push demand for hydrant dispensers across regions.
“Surge in middle-class families across the globe is bolstering air traffic and flight frequency. This mounting growth is encouraging airport modernization, which, in turn, is driving demand for hydrant dispensers at airports,”says a Fact.MR analyst.
Need for Low-cost Maintenance and Higher Safety Standards
The conventional way of fuelling aircraft involves large fuel hauling trucks. These trucks carry large amounts of fuel at the back. Hauling the truck from the aircraft fuelling area to fuel farms is tedious. This increases the running cost as well as maintenance cost of these trucks. Comparatively, hydrant dispensers allow low-cost ownership due to less running hours, and also give low maintenance cost benefits.
Also, since fuel hydrant dispensers do not haul with fuel at the back, it eliminates the threat of any kind of minor or major accident on ground. Likewise, ready-to-move trucks in pits fully loaded with fuel is a high-risk proposition.
Hydrant systems used for fuelling eliminate these two prominent concerns in the aviation space, and thus, this equipment shows optimistic signs for future growth.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global hydrant dispensers market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the basis of mass flow rate (<450 GPM, 450 GPM – 850 GPM, and 850 GPM – 1050 GPM), configuration (towable and self-propelled), propulsion (IC engine-powered and electric-powered), and end-use industry (commercial and military), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Consultant - Industrial Goods and Automotive