Fire Sprinkler Market Size to Gain Traction of $14,525.5 million, Growth Opportunities by 2027 | At a CAGR 6.5%

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. Rapid urbanization and industrialization has resulted in increase in residential and nonresidential construction activities in the developed and developing countries such as the U.S., Canada, the UK, Russia, India, China, and Brazil. For instance, in August 2020, Statistics Canada, a national statistical agency of Canada, released a report on economy of Canada. According to this report, total investments in building construction registered an increase of 12% in June 2020 as compared to May 2020. This is expected to result in the need for safety and security from fire hazards, which is anticipated to accelerate the growth of the market during the forecast period.

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Top 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.

Furthermore, companies have adopted acquisition, partnership, and product launch as their key developmental strategies to sustain intense competition and expand their foothold in the global fire sprinkler market. For instance, in October 2020, APi Group acquired SK FireSafety Group (SKG) based in the Netherlands, which designs and manufactures fire suppression systems. The acquisition aims to expand its APi Groups business of fire safety services in Europe.

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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.

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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