How Big is The Fire Sprinkler Market?
The latest intelligence report published by Report Ocean, titled “Fire Sprinkler Market”2023: Increase in Demand and Opportunities,” offers valuable insights into the industry. The report provides a comprehensive analysis of research and information from various sources, empowering decision-makers worldwide to make a significant impact on the global economy. With a dynamic vision of the market size, statistics, and competitive landscape, the report presents a complete overview of the industry. It covers future trends, growth factors, consumption, production volume, CAGR value, opinions, profit margin, pricing, and industry-validated market data. This report assists individuals and market competitors in predicting future profitability and making crucial decisions for business growth.
What is the magnitude of the Fire Sprinkler Market?
The global fire sprinkler market was valued at $10,200.0 million in 2019, and is projected to reach $14,525.5 million by 2027, registering a CAGR of 6.5% from 2020 to 2027. Fire sprinklers come under the category of fire suppression systems. They help reduce of greenhouse gas emissions from buildings during fire incidents. It also reduces the amount of water required for fire suppression as compared to traditional fire suppression devices as fire sprinklers are capable of detecting and controlling spread of fire with minimal use of water. Fire sprinklers have become an essential part of fire safety infrastructure in residential and non-residential buildings. Fire sprinklers are extensively used in industries such as oil & gas, telecommunication, mining, energy & power, and data centres, where loss due to fire hazards is very high.
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Rise in residential and non-residential construction activities, owing to rapid urbanization and surge in population in developing and developed countries such as China, India, Russia, Germany, the UK, the U.S., and Canada boost the market growth. For instance, in October 2020, Federal Statistical Office in Germany released data about the construction industry of Germany. According to this data, the construction industry in Germany has registered an increase of 3.4% in August 2020 compared to July 2020.
This surge in residential and non-residential construction activities is expected to result into the need for safety of human life and its surroundings from fire hazards, which is expected to propel growth of fire sprinkler market during the forecast period. In addition, governments of different countries are implementing strict fire regulations to ensure safety and reduce casualty that arise from fire hazards.
For instance, in India fire sprinklers are compulsory for industrial buildings, commercial spaces, hospitals, hotels, and educational institutes as per part 4 of NBC (National Building Code). Further, rise in awareness related to fire hazards is also expected to fuel growth of the fire sprinkler market during the forecast period.
High installation cost, owing to complex assembly of fire sprinklers is expected to hamper the market growth. In addition, raw materials used to manufacture fire sprinkler systems such as steel, aluminium, glass, and plastic are very sensitive to forces of demand and supply in commodities market, which affects profit margin of manufacturers. These factors are expected to restrain growth of fire sprinkler market during the forecast period. In addition, design, installation, and maintenance of fire sprinkler systems require trained technicians and fire-safety specialists. Hence, lack of skilled manpower is expected to hinder growth of the fire sprinkler market during the forecast period.
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Technological advancements in the fire safety industry such as smart heat sensors and IoT (Internet of Things) are anticipated to offer lucrative growth opportunities for new entrants in the market, which is expected to propel growth of the fire sprinkler market during the forecast period.
The global fire sprinkler market is classified into type, component, technology, application, and region. Depending on type, the market is segmented into products and services. The products segment is further classified into wet sprinkler system, dry sprinkler system, pre action sprinkler system, and deluge sprinkler system. The services segment is bifurcated into engineering services, installation & design, maintenance services, and inspection & managed services. By component, the market is bifurcated into stop valve, alarm valve, fire sprinkler head, alarm test valve, and motorized alarm bell. By technology, it is bifurcated into active fire protection and passive fire protection. By application, it is divided into residential, commercial, and industrial.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is expected to dominate the global market in 2019, owing to growth in technical advancements in fire protection systems and increase in infrastructure investments.
COMPETITION ANALYSIS
Key companies profiled in the report for the fire sprinkler market include AG Fire Sprinkler, American Fire Technologies, APi Group, GW Sprinkler A/S, Honeywell International Inc., Johnson Controls International Plc, Minimax GmbH & Co. KG, Robert Bosch GmbH, Siemens AG, and SIRON Fire Protection.
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KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive analysis of the current and emerging fire sprinkler market trends and dynamics.
? In-depth fire sprinkler market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2027.
? Extensive analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
? A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
? The global fire sprinkler market forecast analysis from 2020 to 2027 is included in the report.
? The key players within fire sprinkler market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the fire sprinkler industry.
GLOBAL FIRE SPRINKLER MARKET SEGMENTS
BY TYPE
– Products
– Services
BY COMPONENT
– Stop Valve
– Alarm Valve
– Fire Sprinkler Head
– Alarm Test Valve
– Motorized Alarm Bell
BY TECHNOLOGY
– Active Fire Protection
– Passive Fire Protection
BY APPLICATION
– Residential
– Commercial
– Industrial
BY REGION
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o UK
o Italy
o Spain
o Sweden
o Russia
o Rest of Europe
– Asia-Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
– LAMEA
o Latin America
o Middle East
o Africa
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Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
Market Dynamics:
Drivers:
- Increasing emphasis on self-care and wellness, particularly among women. A
- Growing awareness of the health and beauty benefits offered by dietary supplements.
- Rising disposable incomes and willingness to invest in premium health and beauty products.
- Influence of social media and beauty influencers shaping consumer preferences.
- Changing lifestyles and health concerns driving the demand for supplementary nutrition.
Restraints:
- Lack of regulatory oversight and quality control in the supplements industry.
- Consumer skepticism and confusion regarding product claims and effectiveness.
- Potential risks and interactions with other medications or health conditions.
- Limited accessibility and affordability of supplements in certain regions.
Opportunities:
- Increasing demand for natural and organic supplements.
- Untapped market potential in the Asia-Pacific region.
- Development of innovative formulations and delivery methods.
- Collaborations with beauty brands or influencers for product endorsements.
- Integration of technology to personalize nutrition and enhance consumer experience.
Challenges:
- Intense competition among market players.
- Navigating regulatory complexities and meeting regional standards.
- Building trust and credibility with consumers.
- Educating consumers about the benefits and proper usage of supplements.
- Addressing concerns and skepticism regarding the safety and efficacy of supplements.
The report will include answers to the following key questions:
- What are the key current trends that can impact the product life cycle and return on investment?
- How do regulatory changes affect corporate, business, and functional strategies?
- Which initiatives by major players in micromarketing are likely to attract investment?
- What are the recommended frameworks and methodologies for conducting PESTLE analysis?
- In which areas are there emerging opportunities for growth and development?
- Which game-changing technologies will be instrumental in capturing new revenue streams in the near future?
- What operational and tactical frameworks are different players adopting to foster customer loyalty?
- What is the current level of market rivalry, and what is the expected degree of competition in the coming years?
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