Global Wet Fire Sprinkler Systems Market 2016-2020
About Wet Fire Sprinkler Systems
Wet fire sprinkler systems have fire sprinklers attached to a piping system containing water. The system is designed to detect heat from the fire and operate at a predetermined temperature to discharge water immediately in case of fire. They are the most commonly used sprinkler systems, especially in residential homes and buildings, eating and drinking establishments, hotels and motels, academic institutions, and other places.
Technavio’s analysts forecast the global wet fire sprinkler systems market to grow at a CAGR of 9.5% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global wet fire sprinkler systems market for 2016-2020. To calculate the market size, Technavio considers the sales of fire sprinklers in wet pipe fire sprinkler systems, including the cost of installation.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wet Fire Sprinkler Systems Market 2016-2020
Technavio recognizes the following companies as the key players in the global wet fire sprinkler systems market: Global Fire Sprinkler, Minimax Viking, Reliable Automatic Sprinkler, Siemens, Tyco International, and United Technologies
Commenting on the report, an analyst from Technavio’s team said: “One of the key trends for market growth will be decline in cost of installing fire sprinkler systems. In 2015, the cost of installing wet fire sprinklers in the newly constructed home was $1.30 per square foot, compared to $1.61 in 2008. In other words, it costs around 0.98% of the total construction cost, which includes the cost associated with design, installation, additional equipment, electrical work, and permits. One of the major factors for the decline in the installation cost is advances in fire sprinkler systems such as the availability of the more flexible piping system and extended coverage sprinklers.”
According to the report, one of the key drivers for market growth will be the proposed Fire Sprinkler Incentive Act. Fire Sprinkler Incentive Act was first proposed in both the House and Senate in 2003 in the US, which amend the 1986 Internal Revenue Code by classifying automatic fire sprinkler system retrofits as either a Section 179 depreciation deduction or a 15-year property for purposes of depreciation. Currently, the tax depreciation time for fire sprinkler retrofit is 39-years for commercial building and 27.5 years for residential building. This Act is supported by Congressional Fire Services Institute (CFSI) and was drafted in response to the station nightclub fire that killed 100 people in Rhode Island.
Further, the report states that need for continuous support and maintenance will be a challenge for the market. Customers expect constant support and services for sprinkler systems, improved performance and quality, and enhanced efficiency. However, when vendors are not able to meet such expectations, it can lead to customer dissatisfaction. Some vendors hire third-party vendors to provide aftersales services and support to customers that can also fail to meet customer expectations. It is crucial that vendors select the right third-party service providers to provide constant support and attain operational excellence.
Global Fire Sprinkler, Minimax Viking, Reliable Automatic Sprinkler, Siemens, Tyco International,United Technologies