Global Fire Protection Systems Market: Rising Demand for Unconventional Petroleum Extraction to Enable Steady Growth, says TMR
The global fire protection systems market features numerous players, such as 3M Company, Emerson Electric Co., Blaze Manufacturing Solutions Ltd., KEVTA Fire Systems Inc., Gielle Srl, Deluge Offshore & Marine Pte Ltd., Johnson Controls plc, Consilium AB Publ., Honeywell International Inc., Fire Protection Engineering A/S, Fike Corporation, Danfoss Semco A/S, and Drägerwerk AG & Co. KGaA. The future of the global enhanced fire protection market is likely to be determined by the success of companies in adapting to the strong trend favoring standardization of the framework of the fire protection industry across the world.
According to Transparency Market Research (TMR), the global fire protection systems market was valued at US$5.1 bn in 2014. Exhibiting a robust 6.48% CAGR between 2015 and 2023, the market’s valuation is expected to rise to US$8.9 bn.
North America, Asia Pacific to Remain Leading Consumers
Geographically, the global fire protection systems market is segmented into North America, South and Central America, Asia Pacific, Europe, and the Middle East and Africa. North America is the leading contributor to the global fire protection systems market and is likely to retain a strong position in the market in the coming years. Nevertheless, Asia Pacific is expected to play a key role in the development of the fire protection systems market in the coming years, thanks to the growing demand in leading petroleum producers such as China.
The report segments the global fire protection market into fire detection equipment and fire suppression equipment. These two comprise the two essential components of enhanced fire protection equipment.
By application site, the fire protection market is segmented into upstream, midstream, and downstream services. The upstream and midstream operational segments of the fire protection systems market are bifurcated into offshore and onshore segments. Within the offshore upstream sector, the report examines the demand for fire protection systems in offshore platforms, offshore oil rigs, and drill ships, whereas the onshore upstream sector comprises onshore drilling rigs. The offshore midstream application segment of the fire protection market is divided into floating production, storage, and offloading vehicles, offshore support and supply vessels, and LNG carriers. The onshore midstream segment of the fire protection systems market comprises pipelines and accommodation areas.
The downstream operational sector is segmented into production vessels, production platforms, petrochemicals, and refineries.
Rising Downstream Activities in Asia Pacific to Enable Steady Rise in Demand
One of the prime drivers for the global fire protection systems market is the expansion of the downstream sector of the oil and gas industry in Asia Pacific. Notwithstanding the traditional dominance of North America and the Middle East in global oil production, Asia Pacific countries such as China are witnessing a robust increase in the number of oil refineries and other processing units. This is likely to remain a key driver for the global fire protection systems market in the coming years, as the construction as well as operation of new processing plants requires the installation of fire protection systems.
The dominant share of North America in the global fire protection systems is also likely to be retained through the 2015-2023 forecast period thanks to the rising extraction of oil from oil sands in Canada. Owing to the depletion in conventional petroleum reservoirs, unconventional extraction from sources such as oil sands has become increasingly important. The steady rise in the demand for petroleum is likely to enable a corresponding rise in demand for fire protection systems in oil sand operations in the coming years.
On the other hand, the steady growth of the global fire protection systems market is likely to be constrained to a significant degree by the high R&D costs required in the industry. While stringently enforced regulations have boosted the growth of the industry in developed countries, the high investment requirements of the industry could become an obstacle in emerging economies.
The information in this report comes from a Transparency Market Research report titled ‘Fire Protection Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.’
The global fire protection systems market is segmented as follows:
Global Fire Protection Systems Market by Operational Sector
Global Fire Protection Systems Market by Product Type
- Fire Detection Equipment
- Fire Suppression Equipment
Global Fire Protection Systems Market by Geography
- North America
- Asia Pacific
- South and Central America
- Middle East and Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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