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Fire Protection Systems - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023

Press Release   •   May 06, 2016 19:48 IST

Transparency Market Research has released a new market report titled “Fire Protection Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.” According to the report, the Global Fire Protection Systems (for Oil and Gas) market stood at US$5.08 bn in 2014 and is forecast to reach US$8.93 bn by 2024 at a CAGR of 6.48% from 2015 to 2023.

Fire protection systems include fire detection systems to detect fire and fire suppression systems to suppress fire. Oil and gas industry, being one of the most hazardous areas to work, requires appropriate safety. As a result of which, high quality safety systems are installed at the sites to ensure the safety of on-site personnel and infrastructure. Stringent safety regulations by government institutions around the globe play a major role in the growth for fire protection systems market. Oil & gas industry has three operational sectors – upstream, midstream, and downstream.

Considering the wide areas of application oil and gas, the operational sectors are further divided into onshore and offshore applications for fire protection systems. The onshore upstream operational sector comprises onshore drilling rigs, whereas offshore upstream operational sector includes offshore platforms, drill ships, and offshore oil rigs. The onshore midstream operational sector includes accommodation areas and pipelines, while offshore midstream operational sector includes FPSO, LNG carriers, and offshore support and supply vessels. The downstream operational sector has been sub-segmented into four applications: production vessels, production platforms, refineries, and petrochemicals.

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Due to wide areas of operations in the oil & gas sector, the fire hazards are also of various types which need specific detection and suppression systems. Hence, on the basis of type of fire hazards and the available technology, fire protections systems are segmented into fire detection systems and fire suppression systems. These systems are further sub-segmented based on the mostly used technology. Fire detection systems include smoke detectors, heat detectors, gas detectors (fixed and portable), flame detectors, and alarms (conventional, addressable, and notification devices). Fire suppression systems includes foam, dry chemicals, gas, and water (low pressure and high pressure).

Owing to the wide range of applications and high demand, fire detection systems held the largest share of 66% of the fire protection systems market, whereas fire suppression systems occupied rest 34% of the market share in 2014.

The fire protection systems market is also segmented on the basis of region into North America, Europe, Middle East and Africa, Asia Pacific, and South and Central America.

Increasing safety concerns is considered to be the primary driver for the market growth of fire protection systems in the oil & gas sector. Additionally, growing investments due to stringent regulations and technological advancements in fire protection systems are also driving the market growth. Furthermore, rising oil and gas exploration and production activities may also boost the market for fire protection systems.

Growth of the oil & gas industry plays a major role in the growth of fire protection systems market globally. A portion of the total project cost is dedicated for the on-site installation of safety equipment to ensure the safety of personnel and avoid any harm to the infrastructure. Fire protection systems occupy a major part of these safety equipment. Hence, the commencement of new oil & gas projects adds scope to the growth of fire protection systems market as well.

Fire protection systems have a defined life span and thus need to be replaced periodically. This offers a cyclic growth for the fire protection systems market. The revamp or expansion of existing oil & gas facilities or infrastructure, such as expansion of pipeline projects or revamp of aged refineries, also contribute to a considerable extent to the growth of the fire protection systems market.

Research Sample: http://tinyurl.com/h8sh5pp

In order to maintain and comply with the changing safety regulations, oil & gas operators need to upgrade the installed fire protection technology. For example, water sprinkler systems is a widely used fire suppression technology in the oil & gas industry. However, the new technology of water mist systems offers better cooling and suppression of fire. Due to their functional benefits, water mist systems are now replacing water sprinkler systems, further offering opportunities for the manufacturers to expand their market presence. Past accidents and disasters related to fire have also resulted in stringent regulations and higher safety standards. All these factors influence the fire protection systems market growth positively.

In order to understand the Global Fire Protection Systems (for Oil and Gas) market and further derive the forecast, region-specific safety regulations have been taken into consideration. For regions with no consolidated regulations, the installation trend of fire protection systems was considered.

Research Report: http://www.transparencymarketresearch.com/enhanced-fire-protection-market.html

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 insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.