Global Fire Sprinkler Systems Market 2017-2021
About Fire Sprinkler Systems
A fire sprinkler system is an effective tool to combat fire in buildings, be it a commercial, industrial, or residential setting as well as in the transportation sector. In case of a fire, these systems are quickly activated to reduce heat, flames, and smoke, thereby saving human lives and preventing injuries as well as loss of property. Fire sprinkler systems are categorized into wet pipe systems, dry pipe systems, deluge systems, and pre-action systems.
Technavio’s analysts forecast the global fire sprinkler systems market to grow at a CAGR of 7.62% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global fire sprinkler systems market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Fire Sprinkler Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global fire sprinkler systems market: Hochiki, Minimax, NAFFCO, and Tyco Fire Products.
Other Prominent Vendors in the market are: Cosco Fire Protection, Globe Fire Sprinkler, HD Fire Protect, Reliable Automatic Sprinkler, Siemens, United Technologies, Victaulic, and Viking.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is automation of fire safety systems. A recent trend in fire safety systems is the incorporation of fire safety alarms with building automation systems that provide a better response during fire accidents. During a fire, the lift doors in a building are generally closed and the power system is shut down to prevent the fire from spreading. Furthermore, automatic alarms and water sprayers are activated.”
According to the report, one driver in the market is decline in insurance expenditure. NFPA's Fire Sprinkler Initiative has created one succinct resource that provides valuable information on insurance discounts for sprinklers. Fire sprinkler systems actively pay for themselves through lower insurance premiums. There is always a debate between the installation of a fireproofing system, which is cost-effective, and the installation of a fire sprinkler system. The insurance industry, unsurprisingly, is a significant backer of sprinkler use. Anything that protects assets and is likely to cause less damage, therefore a smaller claim, is likely to be popular. The installation of sprinklers will directly lead to a reduced premium somewhere in the order of 50%.
Further, the report states that one challenge in the market is high cost of retrofit and replacement of fire protection systems in existing buildings. One of the major challenges to the fire sprinkler systems market includes the high cost of retrofit and replacement of fire protection systems in existing buildings. Existing buildings can be fully protected by the installation and upgradation of fire protection systems, including fire sprinkler systems. Building retrofits are designed as per specific requirements and needs of clients. Retrofitting or upgrading fire protection systems of an existing facility is not uncommon owing to the rise in safety awareness and code regulations governing commercial and industrial fire safety standards.
Hochiki, Minimax, NAFFCO, Tyco Fire Products, Cosco Fire Protection, Globe Fire Sprinkler, HD Fire Protect, Reliable Automatic Sprinkler, Siemens, United Technologies, Victaulic, and Viking.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook