Fire Protection Systems (for Oil and Gas) Market to Reach US$8.93 bn by 2023, Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023: TMR

May 09, 2016, 10:30 ET from Transparency Market Research

ALBANY, New York, May 9, 2016 /PRNewswire/ --

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 and fire suppression systems. Fire detection systems detect the potential symptoms for on-site fire hazards. However, fire suppression systems suppress the occurred fire on-site. Oil & gas industry, being one of the most hazardous areas to work, needs appropriate safety. As a result of which, high quality safety systems are installed at the oil & gas sites and facilities to ensure the safety of personnel and infrastructure.

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Considering the wide areas of operations in oil and gas industry, the operational sectors (upstream, midstream, and downstream) are divided into onshore and offshore areas of application for fire protection systems. The onshore upstream operational sector includes 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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The growth of fire protection systems market depends directly on the growth of the oil & gas sector. Increasing investments in the upstream, midstream, and downstream operational sectors of oil & gas are anticipated to boost the market for fire protection systems globally. Due to the requirement for high safety standards at oil & gas sites, government institutions around the world enforce stringent safety regulations on operators. Thus, the operators are compelled to invest in the installation of high quality fire protection systems. Hence, stringent safety regulations by the government institutions across the globe play a major role in the growth of the fire protection systems market.

Furthermore, advancements in the technology of fire protection systems are anticipated to boost the market for fire protection systems. Due to their wide applications and high demand, fire detection systems held the largest share of 66% globally in 2014. Increased oil & gas investments in North America are expected to boost the market for fire protection systems in the region. In 2014, North America held the largest share, followed by Europe, Middle East and Africa, Asia Pacific, and South and Central America.

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Increased oil & gas production in North America is expected to boost the number of refineries and petrochemical complexes in the region, further augmenting the market for fire protection systems. Fire suppression agents, as per the fire safety regulations, need to be replaced after every three to five years. These periodical revamps may increase the demand for fire detection systems in the next few years. Russia, Norway, and the Netherlands, being the largest oil & gas producers in Europe, together account for the major share of the fire protection systems market. Rising construction, exploration, and production activities in Middle East and Africa are anticipated to upsurge the fire protection systems market in the near future. With some of the largest refineries in India, the downstream sector is observed to lead the fire protection systems market in Asia Pacific. The fire protection systems market in South and Central America would benefit from increasing oil & gas activities.

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In order to estimate and forecast the market for fire protection systems, upcoming oil & gas projects such as new contracts for FPSOs, OSSVs, LNG carriers, and drill ships, commissioning of new refineries and petrochemical complexes, and upcoming pipeline projects have been taken into consideration. Additionally, the revamp or expansion of existing oil & gas facilities was also accounted for the forecast. The overall fire protection systems market growth is interdependent on the growth of the global oil & gas industry. Hence, trends in the regional oil & gas industries have been studied in detail. Furthermore, region-specific regulations pertaining to oil & gas safety and the usage of materials to manufacture fire protection equipment also play a vital role in the market for fire protection systems. These regulations have been a major driver for the market growth.

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