Global Fire Sprinkler Systems Market – Decline in Insurance Expenditure to Boost Growth| Technavio
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Technavio has published a new market research report on the global fire sprinkler systems market from 2017-2021. (Photo: Business Wire)
The report segments the global fire sprinkler systems market by product (wet pipe fire sprinkler systems, dry pipe fire sprinkler systems, deluge fire sprinkler systems, and pre-action fire sprinkler systems), by end-user (commercial, industrial, and residential), and by geography (the
Here are some key findings of the global fire sprinkler systems market, according to Technavio researchers:
- Decline in insurance expenditure: a major market driver
- In 2016, the wet pipe fire sprinkler systems segment dominated the market by occupying almost 60% share
- The
Americas dominated the global fire sprinkler systems market with 38% share in 2016 - Minimax, Hochiki, NAFFCO, and Tyco Fire Products are the leading players in the market
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Decline in insurance expenditure: a major market driver
Decline in insurance expenditure is one of the major factors driving the global fire sprinkler systems market. Fire sprinkler systems actively pay for themselves through lower insurance premiums. There is always a debate between the installation of a fireproofing system, which is cost-effective, and the installation of a fire sprinkler system. The insurance industry, unsurprisingly, is a significant backer of sprinkler use. Anything that protects assets and is likely to cause less damage, therefore a smaller claim, is likely to be popular. The installation of sprinklers will directly lead to a reduced premium somewhere in the order of 50%.
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Technavio researchers anticipate high growth for the global fire sprinkler systems market in the
According to
Competitive vendor landscape
The fire sprinklers market is fragmented in nature with many small and large global firms as well as regional and local companies. Vendors in this market compete based on price, product capacity, breadth of their product line, training, support, and delivery. Vendors are indulging in strategic alliances to strengthen their position in the market. The key vendors in the market for fire sprinklers include Minimax, Hochiki, NAFFCO, and Tyco Fire Products.
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