Fire Sprinkler System Market - Global Outlook and Forecast 2019-2024
The global fire sprinkler system market is expected to reach $15 billion by 2024, growing at a CAGR of close to 10%.
The global fire sprinkler system market is driven by the growing demand for new-age fire sprinkler systems among commercial, industrial, and residential end-users. Johnson Controls, Honeywell International, Siemens, and United Technologies are the market leaders in the US market. The advent of technology has increased the range of fire safety products such as sprinkler systems, home alarm systems, water leakage detection devices, and smoke detectors. IoT is adding to the reach of these systems. Organizations are testing IoT-enabled smart fire sprinklers with smart smoke alarms, which have increased accuracy in terms of fire detection and suppression. Also, a high growth market potential, rapid penetration of IoT in various industries, and increasing spending power of consumers in countries such as China, Japan, and Australia are expected to drive the fire sprinkler system market further.
The global fire sprinkler system market research report covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on market segmentation by products (Wet sprinklers, dry sprinklers, deluge sprinklers, pre-action sprinklers, and others), end-users (commercial, industrial, residential, educational institutions, government agencies), technology type (non-smart/ traditional and smart), and geography (APAC, Europe, North America, Latin America, and MEA).
The study considers the present scenario of the global fire sprinkler system market and its market dynamics for the period 2019−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It profiles and analyzes leading companies and several other prominent companies operating across the global market.
Fire Sprinkler System Market Dynamics
The global market is undergoing a major shift as vendors are working toward leveraging the power of AI and IoT. Nowadays, vendors are developing products and services that revolve around consumers’ requirements. The heightened competition and the increasing demand for safe and high-quality goods have pushed vendors to integrate these products with smart digital assistants as they are capable of detecting, analyzing, and warning during anomalies and exigencies. Rapid advancements in AI and growing penetration of connected devices are expected to propel next-generation fire sprinkler systems, thereby generating new streams of revenues for vendors. Most vendors prefer to grow organically through M&As or through strategic alliances, which are expected to add substantial growth of the fire alarms market during the forecast period.
Fire Sprinkler System Market Segmentation
This market research report includes detailed market segmentation by product types, end-users, technology types, and geography.
The global fire sprinkler system market by product types consists of wet sprinklers, dry sprinklers, deluge sprinklers, pre-action sprinklers, and others. The wet sprinkler segment has captured more than half of the global market, and the segment is expected to grow at a CAGR of around 10% during 2018–2024. Wet sprinklers are the most widely adopted systems across industries due to their effectiveness, reliability, ease of modification, and low installation and maintenance cost.
The commercial, industrial, residential, educational institutions and government sectors are the largest end-users of the global fire sprinkler system market. The commercial sector dominated the market, growing at a CAGR of close to 10% during 2018–2024. The implementation of stringent safety norms and building codes mandated by regulatory bodies worldwide has positively affected the sprinkler system market. The adoption of fire sprinkler systems in offices, warehouses, retail stores, workshops, and other commercial environments is immensely contributing to the revenue of the in the commercial sector.
The global fire sprinkler system market by technology is segmented as smart and non-smart. A non-smart/traditional sprinkler covers maximum market share and is growing at a CAGR of more than 9% during 2018–2024. New-age non-smart fire sprinkler systems are designed on the CAD system and are prefabricated before installation.
Market Segmentation by Product
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