Press release
Fire Protection Systems Market Expected to Behold a CAGR of 6.48 % through 2015 - 2023
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.
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.
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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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Heavy R&D Costs Discourage Market Growth
The promising future of the global fire protection systems is being stymied by the heavy cost of research and development required for designing fire detection equipment and suppression systems for each industrial verticals. The complicated fire protection needs of the oil and gas industry require reliable solutions, which need additional investments to deliver product customizations. These increasing investments, applicable to the majority of the upstream, downstream, and midstream infrastructures are going to restrict the growth of this market. Furthermore, geography-specific fire protection systems supplied by vendors is also likely to make the competitive landscape tougher for new entrants.
TMR’s report states that the opportunity in the global fire protection systems market was worth US$5.08 bn in 2014 and is anticipated to reach US$8.93 bn by 2023. Between 2015 and 2023, the global fire protection systems market is anticipated to expand at a CAGR of 6.48%.
The increasing expenditure on oil and gas sector in North America will boost the demand for fire detection and fire suppression systems in the region. By the end of the forecast period, the North America fire protection systems market will account for a share of 38.78% in the global market.
About Us – Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others.
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