North America and Europe were the largest markets for fire sprinkler systems
Arizton’s recent market research report on the global fire sprinkler market identifies Johnson Controls, Honeywell International, Siemens, and United Technologies as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed market segmentation by product types (wet sprinklers, dry sprinklers, deluge sprinklers, pre-action sprinklers, and others), end-users (commercial, industrial, residential, educational institutions, and government), technology (non-smart and smart), and geography (APAC, Europe, North America, Latin America, MEA).
The global fire sprinkler system market is expected to reach values of around $15 billion by 2024, growing at a CAGR of more than 9% during 2018–2024.
Rapid advancements in AI and the growing penetration of connected devices are expected to propel next-generation sprinkler systems. The global fire sprinkler system market is driven by the increasing demand for smart fire safety systems.
The global fire sprinkler system market is divided into four major segments - products, end-users, technology types, and geography.
North America and Europe were the largest markets for fire sprinkler systems and accounted for over 35% and 29% shares, respectively, in 2018.
The wet sprinkler segment is likely to dominate the global fire sprinkler system market
The wet sprinkler segment dominated more than half of the market in 2018, growing at a CAGR of around 10% during the forecast period. Wet fire sprinkler systems are the most widely adopted systems across industries due to their effectiveness, reliability, and low installation and maintenance cost. These sprinklers are well suited for high-rise or office buildings with few floors and have minimal components, which reduce the risk of malfunction. The straight pipe riser is the most common configuration for wet fire sprinkler systems. These systems have a riser check valve, which uses a special water flow detector to send the signal to alarms during sprinkler activation. The surge in demand for wet sprinklers is expected to drive the growth of the global fire sprinkler system market.
The commercial sector to grow at a significant market share during the forecast period
The commercial sector was the largest end-user segment in the global fire sprinkler system market with a revenue share of 40% share. The use of fire sprinkler systems helps to protect and safeguard high-value assets such as data centers, buildings, IT infrastructure, offices, warehouses, retail stores, workshops, and other commercial structures. Fire sprinkler systems used in commercial buildings are more complex than the systems used in the residential sector, thereby demanding careful designing and planning with fire risk assessment before installation. Fire sprinkler systems provide a critical element of safety for building occupants as they are designed to activate automatically on the detection of heat and fire. The growth of the commercial sector with increasing penetration of IoT is expected to boost the market of smart fire fighting equipment.
North America is likely to be the largest market for fire sprinkler market
In 2018, North America dominated the global fire sprinkler system market with a market share of over 35% in terms of revenue. The US and Canada were the major revenue contributors to the market as these countries witnessed a surge in the adoption of fire sprinkler systems due to strict compliance to fire safety regulations. The fear to lose assets and productivity is a key reason for pushing industries to opt for fire sprinkler systems. The fire sprinkler system markets in the US and Canada are driven by the growing construction industry. Increase in home automation, boost in the purchasing power of the consumer, and the growing penetration of IoT & automation in several industries are expected to drive the market during the forecast period.
Schneider Electric, Emerson Electric, Senju Sprinkler, Viking Group, Smith-Cooper International, ERICO (nVent), Reliable Automatic Sprinkler, Globe Fire Sprinkler, Uponor, Plumis, HD Fire Protect, MÜPRO, Lubrizol, Fireline Sprinkler, and Todd Morris Fire Protection are the prominent vendors in the market.
The complete overview of the latest market research report on the global fire sprinkler market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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