Market Research Report
Fire Sprinklers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Published by||IMARC Services Private Limited||Product code||999676|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Fire Sprinklers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
|Published: April 12, 2021||Content info: 110 Pages||
The global fire sprinklers market reached a value of US$ 10.7 Billion in 2020. A fire sprinkler system consists of a water supply and distribution piping system installed on walls or ceilings. It gets activated once the sprinkler head reaches the activation temperature in case of a fire breakout and sprays high-pressure water over the flames to extinguish them. In recent years, these systems have gained popularity across the residential, transportation and healthcare sectors. Various insurance firms are also providing incentives for installing these systems which has led to an increase in their sales worldwide. Looking forward, IMARC Group expects the global fire sprinklers market to exhibit moderate growth during the next five years.
Industries like oil and gas, mining, and petrochemical are prone to fire accidents as they deal with flammable materials regularly. Owing to the frequent loss of life and possessions in fire incidences, the installation rate of these sprinkler systems has escalated in the past few years. Moreover, manufacturers are continuously improving their products and introducing high-performance systems with minimal water wastage. For example, HI-FOG technology enables the flames to cool down effectively and displaces oxygen locally while using comparatively less water than traditional sprinkler systems. Manufacturers have also introduced high-performance automatic systems which employ thermal radiation technology to detect fires. Additionally, governments across the globe are also imposing strict regulations for the installation of fire sprinklers in both public and private establishments. For instance, the National Building Code of India has mandated the installation of automatic sprinkler systems, fire extinguishers and water sprays. Similarly, the NFPA "Building Construction and Safety Code" in the US includes a requirement for home fire sprinklers in one- and two-family dwellings. Some of the other key factor driving the market include growth in the construction and real estate sector, technological advancements, environmental benefits, etc.
Figure 43 : Global: Fire Sprinklers (Motorized Alarm Bell) Market: Sales Value (in Million US$), 2015 & 2020