LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global fire sprinkler systems market predicts a CAGR of close to 8% during the period 2017-2021.
The report segments the global fire sprinkler systems market by product (wet pipe fire sprinkler systems, dry pipe fire sprinkler systems, deluge fire sprinkler systems, and pre-action fire sprinkler systems), by end-user (commercial, industrial, and residential), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global fire sprinkler systems market, according to Technavio researchers:
- Decline in insurance expenditure: a major market driver
- In 2016, the wet pipe fire sprinkler systems segment dominated the market by occupying almost 60% share
- The Americas dominated the global fire sprinkler systems market with 38% share in 2016
- Minimax, Hochiki, NAFFCO, and Tyco Fire Products are the leading players in the market
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Decline in insurance expenditure: a major market driver
Decline in insurance expenditure is one of the major factors driving the global fire sprinkler systems market. 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%.
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Americas: largest fire sprinkler systems market
Technavio researchers anticipate high growth for the global fire sprinkler systems market in the Americas due to owing to the growing number of residential construction projects, healthcare facilities, hotel projects, and commercial building projects. The US government is encouraging the installation of automatic fire sprinkler systems in newly built homes and other structures as well as upgrading the existing sprinkler systems. The fire sprinkler systems market in the US is driven by a rise in the per capita disposable income of the country.
According to Neelesh Prakash Singh, a lead analyst at Technavio, “Government in the region have laid out regulations with respect to fire safety measures and practices. The government has mandated the deployment of fire suppression products such as extinguishers and sprinklers in industrial, commercial and residential buildings across the region, driving the market for these products.”
Competitive vendor landscape
The fire sprinklers market is fragmented in nature with many small and large global firms as well as regional and local companies. Vendors in this market compete based on price, product capacity, breadth of their product line, training, support, and delivery. Vendors are indulging in strategic alliances to strengthen their position in the market. The key vendors in the market for fire sprinklers include Minimax, Hochiki, NAFFCO, and Tyco Fire Products.
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