When looked at on a global scale, the fire sprinkler market has a value of $7.5 billion as recently as 2014. However, analysts predict that number will grow to $15.19 billion by 2022, a span of only eight years. What’s contributing to this predicted growth? There are quite a few reasons why this expansion makes perfect sense, and the news is good for everyone.
Today, most fire sprinkler systems can be found in commercial buildings, manufacturing plants, mining operations, and other related areas. While there are sprinkler systems in some residential properties, the amount of commercial applications far outweighs the number of sprinklers in people’s homes. That could be set to change in the coming years.
New government mandates combined with increased awareness are working together to bring more fire sprinklers into residential properties than ever before. This is not only taking place across the United States but much of Europe and Asia as well. Currently, the U.S. does however make up the largest portion of the fire sprinkler industry, and that is not set to change by 2022.
TECHNOLOGY HELPS DRIVE FIRE SPRINKLER GROWTH
Technological advancements that are making fire sprinkler systems easier to make, install, and manage are also helping to drive growth in this industry. In just seven years new technology could radically change the way modern sprinkler systems are made and used. We’ll be sure to keep you updated about any new changes in the industry and what they mean for property owners around the world. We’re happy to hear that sprinkler systems are only going to be more popular in the next decade.
For all your fire sprinkler needs or questions, contact Davis-Ulmer Sprinkler Company today! We are your full-service fire sprinkler company serving New Jersey, Connecticut, Pennsylvania, and New York.