Fire Sprinkler Market Worth $11.04 Billion by 2020
Published: June 5, 2015 1:30 p.m. ET
According to a new market research report "Fire Sprinkler Market by Type (Product (Wet, Dry, Pre-action, Deluge), Service (Installation, Inspection & Managed)), Component (Fire Sprinkler Head, Alarm Bell), Application (Commercial, Industrial, Residential), and Geography - Forecast to 2020,"published by MarketsandMarkets, the total Fire Sprinkler Market is expected to reach $11.04 Billion by 2020, at a CAGR of 9.36% between 2015 and 2020.
Browse 86 market data Tables and100 Figures spread through 211Pages and in-depth TOC on"Fire Sprinkler Market"
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The increasing installations of fire sprinkler systems along with, the collaborative efforts of federal custodians and tenants, private sector building owners, Fire Protection Programs (FPPs) within the Labor Program at Human Resources, Skills Development Canada (HRSDC), and local fire service agencies in developed countries are propelling the growth of the fire sprinkler market. The National Fire Protection Association (NFPA) has been working towards globally standardizing the rules for fire protection which reduces the risk and effects associated with fire, thereby encouraging the adoption of fire sprinkler systems. However, as in the case of any advanced technology, these systems also face challenges related to effective design and maintenance but engineers are working towards resolving these issues. Various market players are taking several initiatives to overcome these issues and provide highly effective solutions for end-users.
The global Fire Sprinkler Market is expected to grow from $6.47 Billion in 2014 to $11.04 Billion by 2020, at a CAGR of 9.36% between 2015 and 2020. This growth is largely attributed to the rise in fire protection expenditure of various enterprises and increase in fire related deaths and loss of property. Various norms of government agencies for installing fire sprinklers in commercial, residential, and industrial areas are also expected to foster the growth of the fire sprinkler market.
The global fire sprinkler market report describes the market trends, drivers, and challenges with respect to the fire sprinkler market and forecasts the market till 2020. The said market has been segmented on the basis of type, product, services, component, application, and geography. This global report provides a bird's eye-view of the market across the regions of North America, Europe, Asia-Pacific, and RoW (rest of the world). North America is the largest market for fire sprinklers and is expected to continue to hold the largest market size till 2020. The region has been further segmented into the U.S., Canada, and others wherein, the U.S. occupies the major market share in the region. APAC and Europe are also considered to be promising markets, with countries such as Germany and the U.K. in Europe, and China and South Korea in APAC expected to register a high rate of growth.
The competitive landscape of the market provides valuable information about the various players in the fire sprinkler market. The global fire sprinkler market report profiles 10 promising players in the market and further details their business overview, product portfolio, recent developments, and key strategies adopted by the same. The market is witnessing new product developments, partnerships, agreements, and mergers & acquisitions across the value chain and between companies.
The major players in the global fire sprinkler market include Tyco (Switzerland), API Group, Inc. (U.S.), Honeywell International, Inc. (U.S.), Johnson Controls, Inc. (U.S.), United Technologies Corporation (U.S.), Hochiki Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), Minimax GmbH & Co. KG (Germany), and VT MAK (U.S.)
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