The Global Fire Sprinkler System Market Is Expected To Reach $15 Billion By 2024, Growing At A CAGR Of Close To 10%


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Shibuya Data Count

Feb 04, 2021, 07:29 EST


Shibuya-ku, Tokyo, Japan, Japan, Feb 04, 2021, 07:29 /Comserve / -- Major Vendors in the Global Fire Sprinkler System Market: Johnson Controls, Honeywell International, Siemens, United Technologies

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.

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Major Vendors in the Global Fire Sprinkler System Market:

• Johnson Controls
• Honeywell International
• Siemens
• United Technologies

Key Vendor Analysis

The global fire sprinkler system market is moderately fragmented, and leading players have occupied a significant portion of the market share. Vendors are leveraging innovative technology to create unique products and sustain the competition in the market. Prominent companies are greatly emphasizing on expanding their businesses to fast-developing countries in APAC and Latin America, thereby increasing their market shares in the global fire sprinkler system market. The introduction of advanced solutions will help leading players to acquire new consumers and gain a competitive edge in the market. The rapid increase in product/service extensions, technological innovations, and M&As will intensify the competition in the 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.

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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

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.

Table of Content

1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
4.4.1 Market Segmentation by Products
4.4.2 Market Segmentation by End-user
4.4.3 Market Segmentation by Technology
4.4.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

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.

Key Market Insights

• Offers market sizing and growth prospects of the global fire sprinkler system market for the forecast period 2019-2024
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the global market
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
• Delivers a complete overview of market segments and the regional outlook of the global fire sprinkler system market
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the global market

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