Last June, more than 70 people died after a tragic fire took place at a London high-rise building called the Grenfell Tower. After the tragedy, local fire officials revealed that the building didn’t have any central smoke alarms or interior sprinkler systems installed. While the lack of those firefighting tools only served to make the fire worse, it also opened up plenty of eyes across the world, resulting in a projected growth for the home fire sprinkler market both globally and nationally.
Certain U.S. states are already putting measures into place to prevent tragedies like the one that took place in London in 2016. Recently, a county in North Carolina announced it would slash the price of permits to build new homes in half if builders agreed to install home fire sprinklers when constructing houses. In Alabama, Governor Kay Ivey signed a bill that will allow all master plumbers in the state to start installing home fire sprinkler systems if they obtain about 30 hours of training. Our state of Maryland is already on-board with proper home fire safety protocol as a state mandate ordered the requirement of residential home fire sprinklers in all town homes, apartments, and condos in January of 2012.
These steps—and other steps just like them—are being taken all over the country, and it’s expected to result in improved home fire sprinkler sales in the coming years. Market analysts like Technavio Research believe the worldwide fire detection and suppression market could grow to be a $7.74 billion market in 2021 after experiencing growth of more than 10 percent per year over the year three years. Market analyst, Stratistics MRC, believes the global fire sprinkler market could grow to be worth more than $16 billion by 2022 after experiencing 10 percent growth every year over the next four years.
Fire Tech Residential Sprinklers, LLC is thrilled about the news concerning the growing home fire sprinkler market. It means many companies and individuals are going to start taking home fire prevention more seriously, which will result in less catastrophes. If you would like to learn more about how you can install a home sprinkler system in your home, contact us today.