Automatic Fire Sprinklers Systems Market Overview:
Global Automatic Fire Sprinkler Systems Market was valued at $575 million in 2016 and is projected to reach $1,148 million by 2023, growing at a CAGR of 10.6% from 2017 to 2023. Automatic fire sprinklers detect the heat in advance, initiate alarm, and spray water finely into area which is prone to fire. The sprinklers detect the heat in advance and help in smothering the fire area thereby protecting the injuries caused by fire and safeguarding the lives and property.
Reduction in risk of damage, protection of life and property, and rise in investments across organization to protect the infrastructure is expected to drive the automatic fire sprinkler systems market growth. Growth in investments in smart homes and buildings are also expected to fuel the growth of the automatic fire sprinkler systems market. Various technological advancements and rise in awareness regarding fire safety are expected to provide numerous opportunities in the automatic fire sprinkler systems market.
The report segments the global automatic fire sprinkler systems market on the basis of product type, industry vertical, and region. Based on product type, the automatic fire sprinkler system market is classified into wet, dry, deluge, and preaction. On the basis of industry vertical, it is classified into residential, commercial, oil, gas and mining, industrial and manufacturing, energy and power, transport & logistics, and others. By geography, the automatic fire sprinkler system market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The residential segment is expected to grow at the highest CAGR of 11.9% during the forecast period.
Key players profiled in the global automatic fire sprinkler systems market are APi Group, Cosco Fire Protection, Tyco International, Adams Fire Protection, Heiser Logistics, Vfp Fire Systems, American Fire Technologies, Viking Group Inc., Kaufman Fire Protection Systems, Inc., and Grundfos.
The region-wise analysis of the global automatic fire sprinkler systems market covers North America, Europe, Asia-Pacific, and LAMEA. Various countries covered under each region are studied and analyzed to identify the major trends demonstrated by these respective regions. North America dominated the automatic fire sprinkler system market in 2016, followed by Europe.
Global Automatic Fire Sprinkler Systems Market, by Region, 2016 (%)
Top Impacting Factors
Protection of Life and Property
According to National Fire Protection Association (NFPA) in 2015, 1,345,500 fires occurred in the U.S with over 3.7% increase as compared to the previous year. Moreover, according to FM global and the Home Fire Sprinkler Coalition, by installing automatic fire sprinklers, the greenhouse gases released by burning buildings are reduced by around 98%, and moreover reduce the damage caused by fire up to 97%. The automatic fire sprinklers help in safeguarding the lives as well as the environment by reducing water wastage required for smothering/extinguishing the fire by up to 90%.
Reduction is Risk of Damage
Installation of automatic fire sprinklers help reduce the spread of fire and decrease the risk of damaging life and property. The automatic fire sprinklers use less water and provide maximum fire protection thus safeguarding the environment.
Increase in Investments Across Organizations for Life Safety
Automatic fire sprinklers are installed in various commercial buildings such as offices, industries, hotels, schools, and hospitals to minimize the damage caused by fire. Therefore, organizations heavily invest money on fire protection and installation of various sprinklers, which provide safer work environment. Moreover, fire sprinklers are an investment to the business since they are tax deductible. Fire sprinklers are widely being installed in warehouses to protect the loss of damage caused by fire.
High Initial Cost of Retrofitting Automatic fire Sprinklers in Current Buildings
The cost of installing a basic automatic fire sprinkler system in a new building is around $12 per square feet, whereas installing a sprinkler system can go up to 10$ per square feet, which is a costly affair for buildings as retrofitting a present building with a new fire sprinkler can be as expensive as $10 per square feet if the building has stringent design regulations.
Rising Awareness Regarding Fire Safety
Various government initiatives regarding public fire safety such as NFPAs Learn not to burn and Risk Watch are some of the best examples of creating safety awareness among people. All these factors are expected to provide lucrative opportunities in the automatic fire sprinkler system market.
Top Impacting Factors of Automatic Fire Sprinkler Systems Market
The factors that affect the global automatic fire sprinklers system include protection of life and property, reduction in risk of damage, increase in investments across organization related to fire safety, and rise in awareness regarding life safety. These factors majorly boost the installation of automatic fire sprinklers.
- The report provides an in-depth analysis of the global automatic fire sprinkler systems market to identify the potential investment pockets.
- The key drivers, restraints, and opportunities are provided in the report.
- Porters Five Forces model helps analyze the potential buyers and suppliers and the competitive sketch of the global automatic fire sprinkler systems market, which is expected to guide the market players to develop strategies accordingly.
Automatic Fire Sprinklers Systems Market Key Segments:
By Industry Vertical
- Energy and Power
- Industrial & Manufacturing
- Oil, Gas and Mining
- Transportation & Logistics
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- APi Group
- Cosco Fire Protection
- Tyco International
- Adams Fire Protection
- Heiser Logistics
- Vfp Fire Systems
- American Fire Technologies
- Viking Group Inc.
- Kaufman Fire Protection Systems, Inc.