The safety benefits of installing sprinkler systems into both commercial and residential properties have long been advocated. A well-engineered system will detect fire-level heat one sprinkler at a time; if caught early enough, in most cases the small fire sensed will be easily put out. Credited with reducing deaths and damage to property by up to 65%, it is perhaps no wonder that the global fire sprinkler market is expected to experience a compound annual growth rate (CAGR) of 9.36% between 2015 and 2020.
This projected global net worth rise, from $6.47Bn to $11.04Bn, is indicative of the widespread applicability of fire sprinkler worldwide. Sprinklers are necessary for almost every vertical industry, including governmental premises, healthcare, academic institutions, as well as more traditionally fire-vulnerable industries such as oil and gas extraction, mining and transportation, fire-prevention. Methods which incur as little damage as possible are becoming increasingly popular. Fire sprinklers reduce the need for a fire department to visit what may only be a minor incident by responding efficiently; governments are increasingly vocal in their support for widespread installation of sprinkler systems.
The North American market in fire sprinkler systems is currently the largest, valued at around one-third of the overall net worth and retaining some of the biggest players in the fire sprinkler market. Although Europe cuts a close second, it is the Asia-Pacific market which is set to experience the highest increases in market consumption over the forecast period. More problematic weather conditions, increased vulnerability to climate change and rapid urbanisation are just some of the factors underlying this projected hike in fire sprinkler profits.
One of the most integral factors in helping to expand the fire sprinkler market, however, has been the rise in construction of 'smart homes', particularly in North America and Europe. Automated applications installed across smart homes include sensor-based heating systems, efficient energy circuits and appliances which are timed to start when the house is empty. Fire sprinklers, as resource-efficient and less untidy than traditional fire-prevention methods such as blankets, are a welcome addition to many of these 'smart-style' houses. It is hoped that they can save on water bills, as well as reduce the need for a call out by the fire brigade.
Although rates of fire death are relatively low in North America and Europe compared to other areas of the world, including Asia-Pacific, it is hoped the more readily available sprinkler technology as a result of more 'smart homes' will encourage an uptake of these sophisiticated sprinkler systems. Local building codes and governmental policies are also expected to contribute to the projected market rise 2015 - 2020.
For more information on the fire sprinkler market, see our latest reports: Fire Sprinkler Market Research
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