The global wet fire sprinkler systems market is forecast to grow at a CAGR of 9.5% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One of the key trends for market growth will be decline in cost of installing fire sprinkler systems. In 2015, the cost of installing wet fire sprinklers in the newly constructed home was $1.30 per square foot, compared to $1.61 in 2008. In other words, it costs around 0.98% of the total construction cost, which includes the cost associated with design, installation, additional equipment, electrical work, and permits. One of the major factors for the decline in the installation cost is advances in fire sprinkler systems such as the availability of the more flexible piping system and extended coverage sprinklers.
According to the report, one of the key drivers for market growth will be the proposed Fire Sprinkler Incentive Act. Fire Sprinkler Incentive Act was first proposed in both the House and Senate in 2003 in the US, which amend the 1986 Internal Revenue Code by classifying automatic fire sprinkler system retrofits as either a Section 179 depreciation deduction or a 15-year property for purposes of depreciation. Currently, the tax depreciation time for fire sprinkler retrofit is 39-years for commercial building and 27.5 years for residential building. This Act is supported by Congressional Fire Services Institute (CFSI) and was drafted in response to the station nightclub fire that killed 100 people in Rhode Island.
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- Global Fire Sprinkler
- Minimax Viking
- Reliable Automatic Sprinkler
- Tyco International
- United Technologies
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market analysis
PART 07: Market segmentation by application
PART 08: Geographical segmentation
PART 09: Impact of macroeconomic factors
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Appendix
PART 17: About the Author
For more information about this report visit http://www.researchandmarkets.com/research/6ntjnn/global_wet_fire
Related Topics: Fire Protection Materials and Devices
Laura Wood, Senior Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/research-and-markets---global-wet-fire-sprinkler-systems-market-cagr-growth-of-95-by-2020---trends-technologies--opportunities-report-2016-2020---key-vendors-tyco-international-minimax-viking-reliable-automatic-sprinkler-300315825.html
SOURCE Research and Markets