Sprinkler market on the up

Published:  15 June, 2015

The global fire sprinkler market is expected to grow from $6.47 billion in 2014 to $11.04 billion by 2020, at a compound annual growth rate of 9.36% between 2015 and 2020.

This growth is largely attributed to the rise in fire protection expenditure of various enterprises and an increase in fire-related deaths and loss of property. Various norms of government agencies for installing fire sprinklers in commercial, residential, and industrial areas are also expected to foster the growth of the fire sprinkler market.

The latest figures are published in new market research report "Fire Sprinkler Market by Type (Product (Wet, Dry, Pre-action, Deluge), Service (Installation, Inspection & Managed)), Component (Fire Sprinkler Head, Alarm Bell), Application (Commercial, Industrial, Residential), and Geography - Forecast to 2020" published by Marketsandmarkets.

The increasing installations of fire sprinkler systems along with the collaborative efforts of federal custodians and tenants, private sector building owners, fire protection programmes at Human Resources, Skills Development Canada (HRSDC), and local fire service agencies in developed countries are propelling the growth of the fire sprinkler market. The NFPA has been working towards globally standardising the rules for fire protection thereby encouraging the adoption of fire sprinkler systems.

The global fire sprinkler market report describes the market trends, drivers, and challenges with respect to the fire sprinkler market and forecasts the market till 2020.

The said market has been segmented on the basis of type, product, services, component, application, and geography. This global report provides a bird's eye-view of the market across the regions of North America, Europe, Asia-Pacific, and RoW (rest of the world). North America is the largest market for fire sprinklers and is expected to continue to hold the largest market size till 2020. The region has been further segmented into the US, Canada, and others wherein, the US occupies the major market share in the region. APAC and Europe are also considered to be promising markets, with countries such as Germany and the UK in Europe, and China and South Korea in APAC expected to register a high rate of growth.

The major players in the global fire sprinkler market include Tyco (Switzerland), API Group, Inc. (US), Honeywell International, Inc. (US), Johnson Controls (US), United Technologies Corporation (US), Hochiki Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), Minimax & Co KG (Germany), and VT MAK (US)

The $4,650 report is available to purchase here;

http://www.marketsandmarkets.com/Market-Reports/fire-sprinkler-system-market-3646511.html

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