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According to the latest report by IMARC Group, titled "Fire Sprinklers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global fire sprinklers market reached a value of US$ 10.7 Billion in 2020. Fire sprinklers refer to a fire protection system that contains water, which activates once the sprinkler head reaches the activation temperature. They usually consist of pipes, a stop and alarm valve, and a fire sprinkler head that are commonly installed on the sidewalls or ceilings to spray high-pressure water over the flames to extinguish them during fire outbreaks. These systems are widely used across commercial and residential spaces in an attempt to reduce the risks of damage caused by fire. As a result, they are considered to be one of the safest methods for suppressing fire breakouts at an early stage, thus preventing the situation from escalating any further.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fire Sprinklers Market Trends:
The global market is primarily driven by the increasing incidences of sudden fire outbreaks across numerous sectors. Along with this, the introduction of stringent safety norms by the governments of numerous countries in an attempt to reduce the risks of death or injury from a fire breakout is providing a boost to the market growth across the globe. Moreover, the widespread installation of fire sprinklers across sectors that are prone to fire accidents, such as mining, oil and gas and petrochemical industries, is acting as another major growth-inducing factor. Furthermore, the rising adoption of the product across public and private establishments is positively influencing the market growth. Additionally, various technological advancements, including the widespread integration of heat-proof sensors, the Internet of Things (IoT) technology, and alarms with fire sprinkler systems, are providing an impetus to the market growth. Other factors, including increasing investments in infrastructural development projects and the introduction of improved product variants in the market, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to exhibit moderate growth during the forecast period (2021-2026).
Market Summary:
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