The North America Fire Sprinkler Systems Market would witness market growth of 7.1% CAGR during the forecast period (2023-2030).
A fire sprinkler is an aspect of fire protection. Residential properties, hospitals, manufacturing facilities, office spaces, schools, colleges, and sports stadiums use these types of fire protection systems for the protection and safety of assets and human lives. Fire sprinklers can catch fires at an early stage, thus restricting their spread with minimal water utilization. Due to the growth in the construction industry, the market has experienced significant expansion. This growth is primarily attributable to the ongoing urbanization process, which has spurred a surge in construction activities across various sectors, including residential and commercial structures, industrial facilities, and infrastructure improvements. As these construction projects advance, fire safety becomes a greater priority, resulting in a notable rise in the use of fire sprinkler systems.
Multiple governments invest significantly in infrastructure development, including railways, roads, and airports. Due to the increasing global awareness and significance of fire safety, the demand for efficient fire sprinklers has risen. This growing awareness has been fuelled by increased fire-related incidents and the subsequent loss of life and property they cause. This increased awareness has contributed to the growth and development of the fire protection industry. Rather than relying solely on firefighting techniques, people are emphasizing a proactive approach to fire prevention. They admit the greatest importance of preventing fires and minimizing their destructive effects. Consequently, fire sprinkler systems have become a prominent form of fire protection. This transformation in perspective has paved the way for the widespread adoption and use of these systems across various industries.
According to the US Fire Administration, the total number of fires in 2021 was 1,353,500. Residential was the leading property witnessing fire deaths (70.9%), fire injuries (74.1%), and loss caused due to fire (47.3%). The growing number of residential fires in the United States has the potential to expand the market, particularly in the residential sector. This trend highlights the importance of fire safety in homes and underscores the need for adequate fire suppression systems.
According to Statistics Canada, residential building construction costs increased 1.9% in the second quarter of 2023, following 1.8% growth in the previous quarter. Meanwhile, non-residential building construction costs rose 1.5% in the second quarter, following a 1.7% increase in the previous quarter. The construction boom in Canada, whether in the residential or non-residential sector, creates a fertile ground for the growth of the market. As the country continues prioritizing safety, building codes, and sustainable practices, the demand for fire protection solutions, including fire sprinkler systems, is expected to remain strong. The aforementioned factors will expand the market across the region.
The US market dominated the North America Fire Sprinkler Systems Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,363.1 Million by 2030. The Canada market is exhibiting a CAGR of 9.5% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 8.6% during (2023 - 2030).
Based on Component, the market is segmented into Product and Services. Based on End-use, the market is segmented into Commercial, Industrial and Residential. Based on Product, the market is segmented into Wet Pipe Sprinkler System, Dry Pipe Sprinkler System, Pre-action Sprinkler System and Deluge Sprinkler System. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Fire Sprinkler Systems Market is Predict to reach $14.5 Billion by 2030, at a CAGR of 7.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include HD Fire Protect Pvt. Ltd., Honeywell International, Inc., Minimax Fire Solutions International GmbH (Minimax Viking GmbH), Potter Electric Signal Company, LLC, Rapidrop Global Ltd., The Reliable Automatic Sprinkler Co., Inc., GW Sprinkler A/S, Victaulic, Johnson Controls International PLC, and Robert Bosch GmbH.
By Component
By End-Use
By Product
By Country
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
