Fire Sprinkler Market 2021 Industry Analysis, Size, Share, Growth, Key Trends and Forecast To 2027

According to a new report published by Allied Market Research, titled, “Fire sprinkler Market by Type, Component, Technology, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global fire sprinkler market size was valued at $10,200.0 million in 2019, and is projected to reach $14,525.5 million by 2027, registering a CAGR of 6.5% from 2020 to 2027.

Governments and fire safety authorities around the globe has implemented strict fire safety regulations to ensure the safety of property and human lives against the risk of fire hazards. For instance, National Fire Protection Association (NFPA) based in the U.S. has made compulsory to install fire sprinklers for all new commercial and residential buildings as per regulations laid down in NFPA 13. Similarly, in the UK, according to the ADB (Approved Document B) of Building Regulations 2006, installation of fire sprinklers are compulsory for buildings having height of more than 30m. These strict norms are expected to accelerate the growth of fire sprinkler market during the forecast period. 

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Leading Players:

The key players profiled in the fire sprinkler market report include AG Fire Sprinkler, American Fire Technologies, APi Group, GW Sprinkler A/S, Honeywell International Inc., Johnson Controls International Plc, Minimax GmbH & Co. KG, Robert Bosch GmbH, Siemens AG, and SIRON Fire Protection.

Key players in the market are continuously taking efforts to improve their product offerings to cater to dynamic requirements of the industry. For instance, in February 2019, Johnson Controls International Inc., launched TYCO Series LFII Residential 4.9K Concealed Pendent Sprinkler systems. It is equipped with advanced heat sensors and water control system.

Segmentation Based On:

Based on type, the service segment had the highest share in market in 2019, owing to increase in demand for fire sprinklers and its components in different industrial verticals such as data centers and banks. Moreover, many companies are focused on development of advance fire sprinklers, which drastically reduces usage of water. For instance, in Plumis Inc., a U.S. based company, offers “Automist Smartscan Hydra,” a smart fire sprinkler system, which uses 90% less water than traditional fire sprinkler systems.

North America region generated highest revenue in 2019, however, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, followed by LAMEA, owing to public safety concerns in developing countries such as India, Bangladesh, and Vietnam. In addition, factors such as increase in fire casualty rate, property damage is expected to propel the fire sprinkler industry growth. 

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Key Findings Of The Study

The report provides an extensive analysis of the current and emerging fire sprinkler market trends and dynamics.  
Depending on type, the products segment dominated the fire sprinkler market, in terms of revenue in 2019, and is projected to grow at a significant CAGR during the forecast period.
By component, the stop valve segment registered highest revenue in 2019.
On the basis of technology, active fire protection has garnered highest share of revenue in 2019.
Depending on application, the commercial segment dominated the fire sprinkler market, in terms of revenue in 2019, and is projected to grow at a significant CAGR during the forecast period.
Asia-Pacific region is projected to register the highest growth rate in the coming years. 
The key players within the fire sprinkler market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the fire sprinkler industry. 
The report provides an extensive analysis of the current trends and emerging opportunities of the market.  
In-depth fire sprinkler market analysis is conducted by constructing estimations for the key segments between 2020 and 2027. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.