The penetration of AI, RPA, ML, and IoT in the commodity and services market has led to disruption across the market
The global fire sprinkler market is expected to reach USD 15 billion by 2024, growing at a CAGR of close to 10%. The global fire sprinkler market has witnessed tremendous progress in the last couple of years. Growth in home automation, liberalization of the insurance sector, and the increasing popularity of connected fire safety equipment are prime factors driving the global fire sprinkler market. The penetration of Artificial Intelligence (AI), Robotic Process Automation (RPA), Machine Learning (ML), and Internet of Things (IoT) in the commodity and services market in Europe has triggered a disruption wave in the market. For example, Germany, which displayed strong economic stability during the Eurozone crisis, is heavily influencing the market due to strong growth in the construction industry and the high penetration of IoT in consumer products.
Further, the advent of technology has increased the range of fire safety products
such as sprinkler systems, home alarm systems
, water leakage detection devices, and smoke detectors
. IoT is adding to the reach of these systems. Organizations are testing IoT-enabled smart fire sprinklers
with smart smoke alarms
, which have increased accuracy in terms of fire detection and suppression
. Also, a high growth market potential, rapid penetration of IoT in various industries, and increasing spending power of consumers in countries such as China, Japan, and Australia are expected to drive the growth further.
Artificial Intelligence and Internet of Things have emerged as a boon for smart fire sprinkler systems
The global market is undergoing a major shift as vendors are working toward leveraging the power of AI and IoT. Nowadays, vendors are developing products and services that revolve around consumers’ requirements. The heightened competition and the increasing demand for safe and high-quality goods have pushed vendors to integrate these products with smart digital assistants as they are capable of detecting, analyzing, and warning during anomalies and exigencies. Rapid advancements in AI and growing penetration of connected devices are expected to propel next-generation fire sprinkler systems, thereby generating new streams of revenues for vendors. Most vendors prefer to grow organically through M&As or through strategic alliances, which are expected to add substantial growth of the fire alarms market during the forecast period.
FIRE SPRINKLER MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Product types
- Technology types
INSIGHTS BY PRODUCTS
Wet sprinkler systems are effective and reliable with low installation and maintenance cost
The product segment consists of wet, dry, deluge, pre-action sprinklers, and others. The wet sprinkler segment has captured more than half of the global market, and the segment is expected to grow at a CAGR of around 10% during 2018–2024. Wet sprinklers are the most widely adopted systems across industries due to their effectiveness, reliability, ease of modification, and low installation and maintenance cost.
Dry sprinklers are the second fastest growing segment and are generally used in warehouses, garages, and other unheated spaces. They require high maintenance and are ideal for facilities that require to maintain a temperature above 40-degree Celsius.
INSIGHTS BY END-USERS
The compliance to stringent safety norms and building codes has positively affected the market
The commercial, industrial, residential, educational institutions and government sectors are the largest end-users. The commercial sector dominated the segment, growing at a CAGR of close to 10% during 2018–2024. The implementation of stringent safety norms and building codes mandated by regulatory bodies worldwide has positively affected the sprinkler market. The adoption of fire sprinkler systems in offices, warehouses, retail stores, workshops, and other commercial environments is immensely contributing to the revenue of the in the commercial sector.
The industrial sector was the second largest adopter of fire sprinkler systems. Industrial sectors such as oil and gas, mining, manufacturing, plants, and powerhouses are the most significant industrial end-users of fire alarm systems. Further, the increased emphasis on smart homes that are equipped with smart fire alarm systems has increased the revenue of the residential sector significantly.
INSIGHTS BY TECHNOLOGY
Smart fire sprinkler systems are gaining popularity with the growing application of IoT, AI, and blockchain
The global fire sprinkler market by technology is segmented as smart and non-smart. A non-smart/traditional sprinkler covers maximum market share and is growing at a CAGR of more than 9% during 2018–2024. New-age non-smart fire sprinkler systems are designed on the CAD system and are prefabricated before installation. These systems primarily use water as a suppression agent and are well suited for offices, homes, and warehouses. The advantages of these systems that would positively impact its adoption during the forecast period are as follows:
- Use of water is its primary advantage as it is environmentally safe
- Automatic activation upon detection of fire
Smart sprinkler systems, on the other hand, are gaining popularity with growing applications of IoT, AI, and blockchain. Many regions are moving toward mandating automatic fire sprinkler system in the residential sector as they are more effective during contingencies and exigencies — these systems proactive safety after they are connected to the cloud platform.
INSIGHTS BY GEOGRAPHY
North America Captures the largest share of the global fire sprinkler system market due to stringent fire safety regulations
The geographical region has been divided into APAC, Europe, North America, Latin America, and MEA. North America dominates the fire sprinkler market shares, followed by Europe and APAC. North America region is expected to experience the highest incremental growth during the forecast period. North America has been at the forefront of technological innovations for a long period. The intense competition and the increasing demand for high-quality goods at competitive prices have compelled several industries to adopt fire sprinkler systems. The US is the most lucrative market in North America due to the growing adoption of wet and pre-action systems.
Europe is known for its stringent fire safety norms. The growing construction industry has provided positive growth opportunities in the region. Europe is one of the markets for fire sprinkler systems in terms of intensity of competition due to the presence of global and domestic players such as Johnson Controls and Honeywell International, among others.
The APAC region is the third largest revenue contributor. China, Japan, and Australia are playing a critical role in the growth of the APAC region. The increasing number of imports, exports, domestic consumption, and growing disposable income among the population are expected to spur growth in this region over the next few years.
INSIGHTS BY VENDORS
The global fire sprinkler market is moderately fragmented, and leading players have occupied a significant portion of the share. Vendors are leveraging innovative technology to create unique products and sustain the competition. Prominent companies are greatly emphasizing on expanding their businesses to fast-developing countries in APAC and Latin America, thereby increasing their shares. The introduction of advanced solutions will help leading players to acquire new consumers and gain a competitive edge. The rapid increase in product/service extensions, technological innovations, and M&As will intensify the competition during the forecast period.
The global fire sprinkler market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Product
- Educational Institutions
- Non-Smart/ Traditional
- North America
- Middle East & Africa
- Latin America