ALBANY, New York, March 8, 2019 /PRNewswire/ -- The global fire protection systems market holds a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This can be attributed to the presence of a large number of small- and large-scale vendors in the fire protection systems market. Consilium AB Publ, Danfoss Semco A/S, KEVTA Fire Systems, Blaze manufacturing Solutions Ltd, and Honeywell International are leading players operating in the global fire protection systems market.
Many large-scale companies are adopting mergers and acquisitions and various strategic alliances for cementing their position in the global fire protection systems market. A few effective strategies adopted by players in the global fire protection systems market to outshine their rivals are constant product innovation along with tactical planning and partnerships with small-scale companies. The competition among players is getting intensified due to the entry of several local players who are concentrating on providing high-quality products. They are focusing hard on attracting new consumers to their businesses to steal a march over competitors.
According to experts from TMR, the global fire protection systems market is expected to gain revenue worth US$8.93 bn by the end of 2023. The market was valued US$5.08bn in 2014. Experts project this growth to occur at a promising CAGR of 6.48% during the forecast period from 2015 to 2023.
Among various sectors in the market, the downstream operational sector is expected to boost the global fire protection systems market during the forecast period in terms of revenue growth. With respect to geography, North America is expected to account for a leading share in the global fire protection systems market in the coming years. This is attributed to flourishing oil and gas industries in the region and growing demand from the U.S and Canada for fire protection systems.
Rapid Adoption of Fire Safety Equipment in Oil and Gas Industry Stokes Demand in Market
Fire protection systems are mainly emergency response equipment which are used to curb fire outbreaks. These systems are utilized for extinguishing and detecting fire. Emergence of fire protection systems help in responding accurately and quickly to fire, compared to the conventional heat or smoke devices. Such USPs are driving the global fire protection systems market. Apart from this, rapid modernization and technological advancements in construction sector, increasing number of deaths, and rising cases of property loss due to fire breakouts are chief factors fueling demand in the global fire protection systems market.
Furthermore, rapid adoption of fire detection equipment in the oil and gas industry, and growing demand for fire suppression systems among workers in various industries are also boosting growth in the global fire protection systems market. Moreover, application of strict rules in fire control through fire-fighting organizations, and rapid development of wireless technologies in detecting and controlling fire are further propelling the global fire protection systems market.
High Investment in Complicated Fire Protection Systems Hinder Market Growth
A few challenges hindering the growth of the global fire protection systems market are high costs for designing fire detection equipment, and additional investment to fulfill complicated fire protection requirements. Nonetheless, a persistent demand for energy in various industries and increasing number of installations in offshore oil rigs and onshore drilling are believed to help overcome these challenges in the near future.
The review is based on a market research report by TMR, titled, "Fire Protection Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023".
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