September 18, 2018 - 7:00 AM EDT
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Fire Protection Systems Market to Bag US$8.93 Bn by 2023; Surge of Investments in Oil and Gas Sector in North America Create New Revenue Streams - TMR

ALBANY, New York, September 18, 2018 /PRNewswire/ --

Fire protection systems are used in oil and gas facilities to mitigate various risks of fire incidents to people and property including equipment. These risks are inherent in the extracting, transporting, and processing of flammable and explosive products in the oil and gas industries. The deployment of these systems has gained traction as an integral part of responsible risk management strategies in various onshore and offshore facilities world over. The ever rising worldwide demand for energy for industrial, commercial, and domestic purposes has led to staggering rise in oil and gas installations, especially in emerging and developed economies. Hence, technologies for fire detection and suppression have come to gather increased attention from oil and gas industry players, globally. Fire protection systems are increasingly being installed in onshore drilling rigs, offshore platforms, drill ships, and offshore oil rigs.

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The rapid strides being made fire detection and suppression technologies has improved the effectiveness of fire protection systems in recent years, and paved way for new avenues in the market. Furthermore, the stringent implementation of regulations for ensuring safety in oil and gas upstream, midstream, and downstream operational activities is imparting substantial thrust to the market expansion during the assessment period.    

The global fire protection systems market stood at US$5.08 billion in 2014 and is projected to rise at a CAGR of 6.48% during the forecast period of 2015-2023. The global opportunities in the market is anticipated to touch a valuation of US$8.93 billion by the end of this period.  

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Rising Demand in Downstream Sector account for Lucrativeness of Asia Pacific  

The application areas of fire protection systems can be broadly classified into upstream, midstream, and downstream operational sectors. Of these, the downstream segment holds the major share in the overall fire protection systems market. Both upstream and midstream can be segmented into onshore and offshore segments. The various sub-segments of downstream sector are production vessels, production platforms, refineries, and petrochemicals where each of these can be further segmented into fire detection systems and fire suppression systems.

A robust fillip to the demand for fire protection systems for downstream sectors is expected to come from Asia Pacific throughout the assessment period. This can be attributed largely to construction of new oil and gas facilities and continued expansion of existing plants in number of its economies. Regulatory thrust in the region is also underpinning the rapid expansion of the regional market. Moreover, the rise in exploration activities undertaken by refineries in the region is accentuating the regional market for fire protection systems.

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Surge of Investments in Oil and Gas Sector in North America create New Revenue Streams 

The various regional fire protection systems market are South and Central America, North America, Asia Pacific, Middle East and Africa, and Europe. Of these, North America presently holds the sway. The prominence can be attributed to the burgeoning investments in the oil and gas sector in the U.S. and Canada in recent years. The attractive strides taken by oil sands industries in Canada to meet the global energy demand has also provided a shot in the arm for the regional market.

Meanwhile, Europe is also a promising fire protection systems market. The attractive rise in midstream activities in the continent over the past few years has catalyzed the overall global fire protection systems market. The rising demand for meeting energy needs in the continent is propelling these activities, hence bolstering the 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.

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Source: PR Newswire (September 18, 2018 - 7:00 AM EDT)

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