Growing Demand from Oil and Gas Industry despite Fall in Oil Prices Driving Enhanced Fire Protection Market

Enhanced fire protection systems comprise several components used to detect or suppress fire. Fire protection is a requirement in several industries due to the widespread use of flammable fuels and the flammable nature of various systems. Industries such as the oil and gas industry and the chemicals industry face a particularly high risk of fires due to the volatile and combustible products being dealt with in the industry. As a result, enhanced fire protection systems have become common in these and other industries in recent years.

Due to the growing government support to mandatory use of enhanced fire protection systems, the demand for the same is likely to grow in the coming years. According to Transparency Market Research, the global enhanced fire protection systems market was valued at US$5.1 bn in 2014. Exhibiting a robust 6.48% CAGR from 2015 to 2023, the market’s valuation is expected to rise to US$8.9 bn.

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What are the primary drivers for the enhanced fire protection market?

The booming oil and gas industry is a leading contributor to the global enhanced fire protection market. Due to the flammability of practically every product of the oil and gas industry, the extraction, as well as refining, of petroleum products carries a significant fire risk. Due to the technological sophistication of most processes and systems used in modern oil extraction and refining units, fire can cause incalculable economic damage, in addition to the risk to the workers.

Despite the fall in oil prices in the last two years, the global oil and gas industry’s operations have flourished due to the falling levels in petroleum reservoirs and the increasing demand for fuels. The discovery of offshore reservoirs has given the global oil and gas industry a new direction, with different fire protection systems being required in onshore and offshore extraction points. The diversification and expansion of the petrochemicals industry has also driven the demand for enhanced fire protection systems. Similarly, the rising use of a variety of floating oil platforms also necessitates the use of enhanced fire protection systems.

Government regulations have also been crucial to the enhanced fire protection market. Due to the significant state funding to oil and gas exploration and refining operations, governments are naturally eager to safeguard their investment. The large labor force working in the oil and gas sector and the rising need to ensure a steady supply of petroleum fuels have also helped bring about a stringent regulatory framework mandating the adequate installation of enhanced fire protection systems.

Which are the leading regional segments of the global enhanced fire protection market?

North America is the leading contributor to the global enhanced fire protection systems market due to the extensive onshore, offshore, unconventional oil and gas projects being carried out by American petroleum companies. In the coming years, Asia Pacific is likely to become an important player in the global enhanced fire protection systems market due to the strong and sustained growth of the oil and gas sector in China and the increasing number of petroleum refining operations in the region.

Global fire protection systems market to expand at a CAGR of 6.48% to reach US$8.93 bn by 2024

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.

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.

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 2024. 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.

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

The global fire protection systems market for the oil and gas industry has been analyzed in a recent market intelligence report by Transparency Market Research. The report states that the market will exhibit a healthy 6.48% CAGR from 2015 through 2023, rising from a valuation of US$5.08 bn in 2014 to US$8.93 bn by 2024.The report is titled “Fire Protection Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023,” and is available on the company’s website for sale.

Fire protection systems include a variety of methods and technologies employed with a view of detecting and suppressing fires. Owing to the excellent volatility of most products, the oil and gas industry is highly vulnerable to fire hazards and requires appropriate measures to ensure the safety of infrastructure and personnel. This is a crucial reason for a variety of fire detection and suppression systems being installed at production and processing sites in the industry. Installation of a variety of fire protection systems in the oil and gas industry is also governed by stringent government regulations across most regional markets.

The oil and gas industry has three broad operational sectors that present specific requirements for fire protection systems owing to the various kinds of fire hazards commonly seen – upstream, downstream, and midstream. On the basis of fire hazards and the technologies available in the market to manage them, the market has been segmented into fire suppression systems and fire detection systems.

The segment of fire detection systems is further segmented into flame detectors, smoke detectors, heat detectors, alarms, and gas detectors. The segment of fire suppression systems is further segmented into water, gas, foam, and dry chemicals.

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In 2014, the segment of fire detection systems dominated, accounting for a substantial 66% share in the global fire protection systems market for the oil and gas industry. The wide range of applications of these products and the high demand across major regional markets is the major factor that allowed the sector take the dominant position.

The report presents a detailed overview of the global fire protection systems market for the oil and gas industry. The report presents thorough business profiles, details pertaining to finances, revenues, major product and technological developments, product portfolio, and a variety of other crucial market data pertaining to some of the key vendors operating in the global fire protection systems market for the oil and gas industry.

Some of the major vendors in the market profiled in the report are Blaze Manufacturing Solutions Ltd., Drägerwerk AG & Co. KGaA, 3M, Consilium AB Publ., Fire Protection Engineering A/S, Emerson Electric Co., Deluge Offshore & Marine Pte Ltd., Honeywell International, Inc., Knowsley SK Limited, Johnson Controls plc,, MSA Safety Incorporated, Trelleborg AB, Unisafe Fire Protection Specialists LLC, Siemens AG, and Wilhelmsen Ships Service.

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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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

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.

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).

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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.

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.

Considering the operational pattern of the oil & gas industry in various regions, the fire protection systems market has been segmented as follows:

Global Fire Protection Systems (for Oil and Gas) Market: North America

North America Upstream Sector

Offshore Segment

Offshore Platforms

Fire Detection Systems

Fire Suppression Systems

Drill ships

Fire Detection Systems

Fire Suppression Systems

Offshore Oil Rigs

Fire Detection Systems

Fire Suppression Systems

Onshore Segment

Onshore Drilling Rigs

Fire Detection Systems

Fire Suppression Systems

About Us

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 data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact

Mr.Sudip.S

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com/