Fire Protection and Sprinkler Systems
In 2022, the global fire protection and sprinkler system market is valued at $72.89 billion. The market is forecasted to grow at the CAGR of 6.4 percentage until 2026. The market growth is fueled by the growth in the construction industry, stringent regulations and rising adoption of wireless technology in fire detection
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Fire Protection and Sprinkler Systems market report transcript
Fire Protection and Sprinkler Systems Global Market Outlook
In 2022, the global fire protection and sprinkler system market is valued at $72.89 billion. The market is forecasted to grow at the CAGR of 6.4 percentage until 2026. The market growth is fueled by the growth in the construction industry, stringent regulations and rising adoption of wireless technology in fire detection.
The market growth in APAC can be attributed to the high demand for the fire protection system in the region due to increase in commercial buildings
The growth of the market in the North America is due to the high demand for new technologies in the construction industry
Fire Protection & Sprinkler System Services Industry Trends
The fire protection industry has matured in all the region hence it has become the mandatory to all the industries.
In developing regions, the trends related to bundling, outsourcing and value-based approaches are emerging steadily. The increasing need to create a safer work environment due to COVID19 pandemic along with adhering to the environmental and regulatory compliances is further expected to propel the market growth
The fire protection industry has matured in tandem with other services in developed markets such as Europe and the U.S. Sustainability has become a major concentrating point in both developed and developing countries
In developing regions, the trends related to bundling, outsourcing and value-based approaches are still in an emerging stage and yet to reach its due prominence
Global Drivers and Constraints : Fire Protection and Sprinkler Systems
According to the National Fire Protection Association (NFPA), over 1.3 million fire incidences were reported in the United States. These incidences caused over 3000 deaths and property loss of worth US$ 10.6 billion.
Due to this, NFPA has enacted guidelines for commercial business infrastructures to deploy fire suppression system such as sprinklers and Fire Protection Services agent suppression systems.
Various enterprises across the world have increased their expenditure on fire suppression for safeguarding infrastructure and reducing human losses. Enterprises rely on equipment such as sensors and detectors, fire sprinklers, fire extinguishers, and other devices to implement fire suppression systems within their premises.
This increase in spending by several enterprises and SMEs worldwide to safeguard human lives and property is driving the demand for fire suppression systems.
The amount of “smoke” present may be insufficient to alarm smoke detectors. Smoke detectors are designed to alarm at various levels of smoke density. If such density levels are not created by a developing fire at the location of detectors, the detectors will not go into alarm.
While installing a fire alarm system may make the owner eligible for a lower insurance rate, an alarm system is not a substitute for insurance. Property owners should continue to act prudently in protecting the premises and the people in the premises and should properly ensure life and property and buy enough liability insurance to meet their needs.
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