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LONDON, GREATER LONDON, UNITED KINGDOM, December 9, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
How Has the Fire Sprinkler Market Performed Recently, and What's the Outlook?
The fire sprinkler market has seen robust growth in recent years, with the market size expected to grow from $11.60 billion in 2023 to $12.42 billion in 2024 at a compound annual growth rate CAGR of 7.1%. This notable growth in the historic period can be attributed to several factors. They include the increased construction of commercial and residential buildings, strict fire safety regulations and building code enforcement, rising awareness about fire safety and prevention, advancement in fire sprinkler system technology, and a significant uptick in older buildings undergoing renovation and retrofitting.
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What Future Growth Can We Expect in the Fire Sprinkler Market?
The fire sprinkler market looks set for strong growth over the next few years. The market size is projected to grow to $16.38 billion in 2028 at a compound annual growth rate CAGR of 7.2%. The growth during the forecast period can be attributed to continued urbanization and infrastructural development, the adoption of smart fire sprinkler systems with IoT integration, increasing investments in industrial and manufacturing facilities, expansion of green building initiatives and sustainable construction practices, and a rising demand for advanced fire protection in high-risk areas such as data centers and healthcare facilities.
What's Driving This Growth?
The increase in the number of high-rise buildings is expected to offer a considerable boost to the fire sprinkler market going forward. High-rise buildings, typically over 75 feet 23 meters tall, are designed to accommodate multiple floors for residential, commercial, or mixed-use purposes. The rise in high-rise buildings is driven by increasing urbanization, a need for efficient land use, and a demand for more space in densely populated areas, where vertical construction allows for maximizing limited land. Fire sprinklers in high-rise buildings are critical for fire suppression, quickly controlling or extinguishing fires to protect occupants and property. For instance, in January 2024, according to the Council on Tall Buildings and Urban Habitat, a US-based non-profit organization, a total of 177 buildings reaching a height of 200 meters or more were completed in 2023, signaling a new milestone in tall building completions. Therefore, the increasing number of high-rise buildings is expected to drive the fire sprinkler market.
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Who Are the Key Industry Players in the Fire Sprinkler Market?
Major companies operating in the fire sprinkler market include Siemens AG, Honeywell International Inc., Johnson Controls International Plc, APi Group Inc., National Fire Fighting Manufacturing, Minimax GmbH &CO. KG, Victaulic Company, Pye-Barker Fire & Safety, LLC, Reliable Automatic Sprinkler Co. Inc., Cosco Fire Protection Inc, Potter Electric Signal Company LLC, Viking Group Inc., HD Fire Protect Pvt. Ltd., Vanguard Fire & Security systems, Hochiki Corporation, Star Fire Systems Private Limited, Fireman Safety Services Pvt. Ltd., Fire Sprinklers Inc., GW Sprinkler A/S, Siron Fire Protection.
What Are the Recent Trends in the Fire Sprinkler Market?
One emerging trend is the focus of major companies operating in the fire sprinkler market on developing innovative products such as tamper-proof screws to protect internal components from being accessed or modified. For instance, in June 2022, WIKA Instruments India Pvt. Ltd., an India-based technology company, launched the FSFD model, a fire sprinkler flow detector. This innovative flow detector includes a pneumatic time delay mechanism to eliminate false alerts produced by water surges and also features tamper-proof screws to secure settings from unauthorized access, offering an additional layer of security.
How Is the Fire Sprinkler Market Segmented?
The fire sprinkler market covered in this report is segmented as follows -
1 By Type: Products, Services
2 By Component: Stop Valve, Alarm Valve, Fire Sprinkler Head, Alarm Test Valve, Motorized Alarm Bell
3 By Technology: Active Fire Protection, Passive Fire Protection
4 By Application: Residential, Commercial, Industrial
What Are the Regional Insights Into the Fire Sprinkler Market?
North America was the largest region in the fire sprinkler market in 2023. Other regions that have been covered in the fire sprinkler market report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa.
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https://www.thebusinessresearchcompany.com/report/passive-fire-protection-global-market-report
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