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Fire Protection Systems Market is anticipated to reach US$8.93 bn by 2023; Burgeoning Oil and Gas Sector to Become the Backbone of Fire Protection Systems Demand, says TMR

Albany, NY, Aug. 24, 2016 (GLOBE NEWSWIRE) -- The rising oil and gas activities across the globe to cater to the ever-increasing energy demands are also leading to a need for improved fire protection systems at the site. The challenging working conditions and the high risk of fires at oil and gas exploration sites and within the overall industry have laid down a good ground for growth the global fire protection systems market. According to the Transparency Market Research report, the opportunity in the global fire protection market was worth US$5.08 bn in 2014 and is anticipated to reach US$8.93 bn by 2023, as the market paces ahead at a 6.48% CAGR between 2015 and 2023.

Comprised of fire detection equipment and fire suppression systems, this market includes solutions for operational sectors of the oil and gas industry such as upstream, midstream, and downstream. These systems are often installed at onshore drilling rigs, offshore platforms, drill ships, and offshore oil rigs. The majority of oil and gas companies have been showing significant interest in installing the various fire protection systems due to the high costs of operations and the equally high risk of fatalities.

Growing Oil Sands Industries of Canada Create New Opportunities

North America is leading the global fire protection systems market due to an influx of investments in the oil and gas sector. This region is further sub-segmented into the U.S. and Canada. The latter is leading the North America fire protection systems as the oil sands industry is indicating a promising future. Research also indicates that the numerous refineries in Asia Pacific will coax the players to increase their exploration activities, thereby creating a demand for fire protection systems.

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The important players operating in the global fire protection systems market include KEVTA Fire Systems, Inc., 3M, Blaze Manufacturing Solutions Ltd., Danfoss Semco A/S, Consilium AB Publ., Deluge Offshore & Marine Pte Ltd., Drägerwerk AG & Co. KGaA, Fike Corporation, Fire Protection Engineering A/S, Emerson Electric Co. (Net Safety Monitoring Inc., Spectrex Inc.), Gielle Srl, Johnson Controls plc, Honeywell International, Inc. A comprehensive outlook of the competitive landscape in the global fire protection systems market indicates that these companies will have to improve their services to maintain the customer base and win new customers. The effort of standardizing fire protection systems and services will create a plethora of opportunities for these players.

Downstream Activities in Asia Pacific to Lead Market

As per the report, the fire protection systems market includes products such as gas detectors, smoke detectors, flame detectors, heat detectors, alarms, fire suppressing agents, and fire suppressing equipment. The rising number of safety standards are anticipated have made it obligatory for oil and gas companies to use fire protection equipment, thereby increasing their application in all operational sectors of the industry. The increasing downstream activities in Asia Pacific such as construction and expansion of existing and new plants will also boost the demand for fire detection and suppression systems. Furthermore, the emergence of midstream activities in Europe to meet the rising energy demands will also propel this market in the coming years.

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The upcoming mergers and acquisitions in the global fire protection systems market are likely to win companies not just strategic partnerships but also bigger market shares. Findings by Transparency Market Research state that market developments such as 3M Company’s acquisition of Polypore’s Separations Media business will lead to the creation of bigger and more fierce competitors in the market.

The report also suggests that companies will aim towards providing unwavering service to customers to maintain a loyal base and lure in new clients. The future of the companies in the global fire protection systems depends on their strategic planning to gain advantage in the given market dynamics

Proactive Adoption of Fire Protection Equipment in O&G a High-impact Driver

The global fire protection systems market includes a variety of fire detection equipment and fire suppression systems. Collectively, the market is being driven by the proactive adoption of these systems and equipment in the vast oil and gas industry. The perils of working in the oil and gas sector have forced companies to provide safety gear and equipment to their workers.

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Therefore, the growth of oil and gas sector is directly proportional to the growth of the fire protection systems market across the globe. Owing to these reasons, the oil and gas sector along with the operation sectors such as upstream, midstream, and downstream are investing in replacing old fire protection systems with advanced systems to offer better solutions.

Several sectors across the globe are looking at installing technologically advanced fire detection and suppression systems. A TMR analyst says, “Water sprinkler systems are being replaced by mist-based fire suppression systems as the latter can reduce the flame and gases along with increasing oxygen levels by evaporation. This move comes in the wake of stringent government norms to provide a safe working environment.”

The National Fire Protection Association (NFPA) and American Society for Testing Materials (ATSM) amongst others have also helped establish specifics for fire detection and suppression systems. Together, these factors are anticipated to create ample of growth opportunities for the global fire protection systems market.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decisionmakers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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Source:Transparency Market Research