Albany, NY -- (SBWIRE) -- 10/22/2018 -- The global fire protection systems market is predicted in a report by Transparency Market Research (TMR) to witness players getting involved in mergers and acquisitions for attaining a larger share. This strategy is also expected to help them secure tactical partnerships in the near future. It could intensify the competition in the market and give rise to more fierce competitors. Strategic planning could be one factor helping players to gain traction in the market. Players could look to lure in new clients and maintain a base of loyal customers by consistently providing high-quality services. Some of the leading players of the market are Blaze Manufacturing Solutions Ltd., 3M, and KEVTA Fire Systems, Inc.
TMR envisages the global fire protection systems market to reach a US$8.93 bn valuation by the end of 2023. By operational sector, the downstream segment could continue to show dominance in the market. Regionally, North America is expected to take home a lion's share of the market.
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The massive oil and gas industry increasing the adoption of fire suppression systems and fire detection equipment is foreseen to create a whole lot of demand in the global fire protection systems market. Oil and gas companies are forced to provide their employees with safety equipment and gear considering the risks associated with working in the industry. This could be another factor augmenting the demand in the market. Moreover, the growth of the market could be directly proportional to the rise of the industry.
Need to offer improved solutions in the oil and gas industry and downstream, midstream, and upstream operational sectors is foretold to set the tone for significant growth of the global fire protection systems market. Use of advanced fire protection systems to replace conventional ones could also push market growth in the coming years. For instance, mist-based fire suppression systems can replace water sprinkler systems. Promotion of safe working environments supported by the implementation of government norms is anticipated to further propel the demand for fire protection systems.
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Heavy Cost of Research and Development for Designing Systems Stymies Market
The global fire protection systems market is projected to have a promising future. However, expensive research and development cost for designing fire suppression systems and fire detection equipment for different industries could hamper the growth of the market. Need for additional investment to deliver product customization and complicated fire protection requirements of the oil and gas industry are prognosticated to further pose challenges to players operating in the market. Such rising investments could be applicable to downstream, midstream, and upstream infrastructures. New entrants may have a hard time making a mark in the market as established vendors provide location-specific products.
However, the ever-rising demand for energy is prophesied to encourage strong growth in the global fire protection systems market, especially in the oil and gas industry. There could be increased installation of fire protection systems in offshore oil rigs and onshore drilling rigs.