Fire Sprinkler System Market - Global Outlook and Forecast 2019-2024

NEW YORK, April 24, 2019 /PRNewswire/ -- The global fire sprinkler system market is expected to reach $15 billion by 2024, growing at a CAGR of close to 10%.

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The global fire sprinkler system market is driven by the growing demand for new-age fire sprinkler systems among commercial, industrial, and residential end-users. Johnson Controls, Honeywell International, Siemens, and United Technologies are the market leaders in the US market. The advent of technology has increased the range of fire safety products such as sprinkler systems, home alarm systems, water leakage detection devices, and smoke detectors. IoT is adding to the reach of these systems. Organizations are testing IoT-enabled smart fire sprinklers with smart smoke alarms, which have increased accuracy in terms of fire detection and suppression. Also, a high growth market potential, rapid penetration of IoT in various industries, and increasing spending power of consumers in countries such as China, Japan, and Australia are expected to drive the fire sprinkler system market further.
The global fire sprinkler system market research report covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on market segmentation by products (Wet sprinklers, dry sprinklers, deluge sprinklers, pre-action sprinklers, and others), end-users (commercial, industrial, residential, educational institutions, government agencies), technology type (non-smart/ traditional and smart), and geography (APAC, Europe, North America, Latin America, and MEA).
The study considers the present scenario of the global fire sprinkler system market and its market dynamics for the period 2019?2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It profiles and analyzes leading companies and several other prominent companies operating across the global market.

Fire Sprinkler System Market Dynamics
The global market is undergoing a major shift as vendors are working toward leveraging the power of AI and IoT. Nowadays, vendors are developing products and services that revolve around consumers' requirements. The heightened competition and the increasing demand for safe and high-quality goods have pushed vendors to integrate these products with smart digital assistants as they are capable of detecting, analyzing, and warning during anomalies and exigencies. Rapid advancements in AI and growing penetration of connected devices are expected to propel next-generation fire sprinkler systems, thereby generating new streams of revenues for vendors. Most vendors prefer to grow organically through M&As or through strategic alliances, which are expected to add substantial growth of the fire alarms market during the forecast period.
Fire Sprinkler System Market Segmentation
This market research report includes detailed market segmentation by product types, end-users, technology types, and geography.
The global fire sprinkler system market by product types consists of wet sprinklers, dry sprinklers, deluge sprinklers, pre-action sprinklers, and others. The wet sprinkler segment has captured more than half of the global market, and the segment is expected to grow at a CAGR of around 10% during 2018–2024. Wet sprinklers are the most widely adopted systems across industries due to their effectiveness, reliability, ease of modification, and low installation and maintenance cost.
The commercial, industrial, residential, educational institutions and government sectors are the largest end-users of the global fire sprinkler system market. The commercial sector dominated the market, growing at a CAGR of close to 10% during 2018–2024. The implementation of stringent safety norms and building codes mandated by regulatory bodies worldwide has positively affected the sprinkler system market. The adoption of fire sprinkler systems in offices, warehouses, retail stores, workshops, and other commercial environments is immensely contributing to the revenue of the in the commercial sector.
The global fire sprinkler system market by technology is segmented as smart and non-smart. A non-smart/traditional sprinkler covers maximum market share and is growing at a CAGR of more than 9% during 2018–2024. New-age non-smart fire sprinkler systems are designed on the CAD system and are prefabricated before installation.

Market Segmentation by Product
• Wet Sprinklers
• Dry Sprinklers
• Deluge Sprinklers
• Pre-Action Sprinklers
• Others
Market Segmentation by End-users
• Commercial
• Industrial
• Residential
• Educational Institutions
• Government
Market Segmentation by Technology
• Non-Smart/ Traditional
• Smart

Fire Sprinkler Market By Geography

The global market by geography has been divided into APAC, Europe, North America, Latin America, and MEA. North America dominates the fire sprinkler system market, followed by Europe and APAC. North America has been at the forefront of technological innovations for a long period. The intense market competition and the increasing demand for high-quality goods at competitive prices have compelled several industries to adopt fire sprinkler systems.

Market Segmentation by Geography
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
• APAC
o China
o Japan
o Australia
• MEA
o UAE
o South Africa
• Latin America
o Brazil
o Mexico

Key Vendor Analysis
The global fire sprinkler system market is moderately fragmented, and leading players have occupied a significant portion of the market share. Vendors are leveraging innovative technology to create unique products and sustain the competition in the market. Prominent companies are greatly emphasizing on expanding their businesses to fast-developing countries in APAC and Latin America, thereby increasing their market shares in the global fire sprinkler system market. The introduction of advanced solutions will help leading players to acquire new consumers and gain a competitive edge in the market. The rapid increase in product/service extensions, technological innovations, and M&As will intensify the competition in the market during the forecast period

Major Vendors in the Global Fire Sprinkler System Market:
• Johnson Controls
o Business Overview
o Major Product Offerings
o Key Strengths
o Key Strategies
o Key Opportunities
• Honeywell International
• Siemens
• United Technologies

Prominent Players in the Market are:
• Schneider Electric
• Emerson Electric
• Senju Sprinkler
• Viking Group
• Smith-Cooper International
• Erico (Nvent)
• Reliable Automatic Sprinkler
• Globe Fire Sprinkler
• Uponor
• Plumis
• HD Fire Protect
• MÜPRO
• Lubrizol
• Fireline Sprinkler
• Todd Morris

Key Market Insights
• Offers market sizing and growth prospects of the global fire sprinkler system market for the forecast period 2019-2024
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the global market
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
• Delivers a complete overview of market segments and the regional outlook of the global fire sprinkler system market
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the global market

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