Press release
Fire Sprinkler Market Report Offers Growth Prospects at a CAGR of 6.5% By 2027
Fire Sprinkler Market
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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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.
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.
By application, the commercial segment accounted for the largest market share in 2019, owing to increase in commercial construction activities around the globe. The commercial and industrial sector employs fire sprinklers in large scale.
Furthermore, the fire sprinkler market is expected to witness significant growth in China and India, owing to increase in population growth. On the basis of technology, the active fire protection segment accounted for the maximum share in 2019, and is expected to maintain its lead throughout the forecast period. This is attributed to construction of new official buildings, commercial complexes, rapid industrialization, and government efforts to expand and upgrade existing infrastructure.
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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.
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.
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