Fire Protection Systems Market: Growing Oil Sands Industries of Canada Create New Opportunities
Albany, NY -- (SBWIRE) -- 10/01/2018 -- The global fire protection systems market is foreseen in a report by Transparency Market Research (TMR) to gather pace in its growth with increase in the level of competition. As companies engage in more number of mergers and acquisitions, the competition in the global fire security systems market could become intense in the coming years. Tactical planning and partnership are expected to emerge as effective strategies to secure a position of strength in the global fire security systems market. There could be a large focus on providing high-quality products to maintain a base of loyal consumers and attract new customers to the business.
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TMR envisages the global fire security systems market to clock a CAGR of 6.48% during the forecast period 2015-2023. By the end of the concluding forecast year, the global fire security systems market could be worth an US$8.93 bn. It is foretold to witness the dominance of the downstream operational sector in terms of revenue growth. From a geographical perspective, the global fire security systems market could find North America ranking higher with its king's share.
Oil and Gas Firms Obligated to Provide Fire Safety Equipment Create Surge in Demand
The global fire security systems market is projected to see expansion on the back of the high acceptance of fire detection equipment and fire suppression systems in the lucrative oil and gas industry. Taking into account the several health risks that workers in the oil and gas industry are exposed to, the demand in the global fire security systems market could increase even more. According to industry laws, oil and gas companies are obligated to provide their employees with protective gears and safety equipment.
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The need to replace traditional fire protection systems is foreseen to provide a strong push to the growth of the global fire security systems market. This could be evidenced by the replacement of water sprinkler systems with mist-based fire suppression systems. Government norms that promote the safety of working environments could be another factor augmenting the demand in the global fire security systems market.
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Additional Investment for Complicated Fire Protection Requirements Poses a Challenge
Extortionate cost of research and development for designing fire detection equipment and fire suppression systems is forecast to hinder the progress of the global fire security systems market. Another factor that could restrain the growth of the global fire security systems market is the need for additional investment to fulfill complicated fire protection and product customization requirements in the oil and gas industry. This increasing requirement of investment could be applicable to upstream, midstream, and downstream infrastructures. Since leading companies provide location-specific products, new players are expected to face challenges in the global fire security systems market.