THE rising oil and gas activities across the globe to cater to the ever-increasing energy demands are also leading to a need for improved fire protection systems at the site.
The challenging working conditions and the high risk of fires at oil and gas exploration sites and within the overall industry have laid down a good ground for growth the global fire protection systems market. According to the Transparency Market Research report, the opportunity in the global fire protection market was worth US$5.08 bn in 2014 and is anticipated to reach US$8.93 bn by 2023, as the market paces ahead at a 6.48% CAGR between 2015 and 2023.
Comprised of fire detection equipment and fire suppression systems, this market includes solutions for operational sectors of the oil and gas industry such as upstream, midstream, and downstream. These systems are often installed at onshore drilling rigs, offshore platforms, drill ships, and offshore oil rigs. The majority of oil and gas companies have been showing significant interest in installing the various fire protection systems due to the high costs of operations and the equally high risk of fatalities.
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Downstream Activities in Asia Pacific to Lead Market
As per the report, the fire protection systems market includes products such as gas detectors, smoke detectors, flame detectors, heat detectors, alarms, fire suppressing agents, and fire suppressing equipment. The rising number of safety standards are anticipated have made it obligatory for oil and gas companies to use fire protection equipment, thereby increasing their application in all operational sectors of the industry.
The increasing downstream activities in Asia Pacific such as construction and expansion of existing and new plants will also boost the demand for fire detection and suppression systems. Furthermore, the emergence of midstream activities in Europe to meet the rising energy demands will also propel this market in the coming years.
Growing Oil Sands Industries of Canada Create New Opportunities
North America is leading the global fire protection systems market due to an influx of investments in the oil and gas sector. This region is further sub-segmented into the U.S. and Canada. The latter is leading the North America fire protection systems as the oil sands industry is indicating a promising future. Research also indicates that the numerous refineries in Asia Pacific will coax the players to increase their exploration activities, thereby creating a demand for fire protection systems.
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.