Posted On: 2018-12-07
Fire protection valves & fittings are witnessing mounting adoption by different end user applications ranging from residential households, commercial offices as well as oil & gas facilities to large industrial enterprises. Moreover, growing number of fire incidents and strict monitoring and regulation by several countries have fueled the demand for valves and fittings globally.
According to 6Wresearch, Global Fire Protection Valves & Fittings Market revenues are projected to grow at a CAGR of 7.6% during 2018-24. Burgeoning construction and energy & power sectors along with growing awareness among individuals regarding the advantages of fire protection systems would act as the key growth driver for the growth of fire protection valves and fittings market during the forecast period in many regions of the world.
According to Priya Sharma, Research Analyst, 6Wresearch, "Within valve systems, in 2017, wet system valves stood as the leading revenue generating segment due to comparatively lower installation and maintenance cost of wet fire sprinkler systems. Within the fitting types, malleable iron & fittings registered maximum revenue share in 2017 and is expected to maintain its dominance during the forecast period as well.
Additionally, among all the applications, commercial sector seized the largest slice in Global fire protection valves & fittings market due to large-scale investment in the establishment of SME's, construction of new hotels and hospitals and rising infrastructural development in the regions such as Asia Pacific, Middle East, and America," Priya Concluded.
According to Gurbani Kaur, Research Associate, Research and Consulting, 6Wresearch, "In 2017, the North America region accounted for the maximum share of revenue pie in the overall Global fire protection valves & fittings market. Further, it is expected to maintain its dominance during the forecast period as well on account of high consumer awareness and strict government regulations in countries such as the United states, Canada and Mexico thereby boosting the demand for valves and fittings over the coming years.
"Additionally, megaprojects such as LaGuardia International Airport (United States) and Marriott Wye River Conference Centers (United States) would surge the demand for fire protection valves and fittings in the region, Gurbani concluded.
Some of the key players in Global Fire Protection Valves & Fittings market include- Rapidrop, Raphael valves, AVK International, Cla-Val, Tyco Fire Products L.P., Minimax Viking GmbH, Victaulic Company, Brigit systems, Incledon, NIBCO, Reliable Automatic Sprinkler Co., Inc., Globe Fire Sprinkler Corporation, and Jinan Meide Casting Co. Ltd.
"Global Fire Protection Valves & Fittings Market (2018-2024)" provides an in-depth analysis with 528 figures and 43 tables covered in around 528 pages. The report estimates and forecast the overall fire protection valves & fittings market by revenues, valve systems, fitting types, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.