A recent fire in Canada’s oil rich province, Alberta, forced the evacuation of nearly 80,000 people and devastated the town. Although there were no casualties, the uncontrolled blaze forced one of the major oil-sands mining operations shut and curtailed the production of oil. Such mishaps keep coming to light and fuel the demand for fire protection systems across the globe. The global fire protection systems market which stood at US$5.08 bn in 2014 is expected to expand at a CAGR of 6.48% between 2015 and 2023, to reach US$8.93 bn by the end of 2023, states a research report by Transparency Market Research (TMR)
In this blog post, TMR answers three critical questions about the fire protection systems market:
Q1. What factors can be identified as core drivers of the fire protection systems market?
The fire protection systems market is driven by the rising safety concerns of operators in the oil and gas industry. Rising oil and gas exploration activities will also boost the market. Growing investments in fire protection systems due to stringent regulations and technological advancements are expected to drive the market in the coming years. Moreover, the fire protection systems market is expected to witness cyclic growth as these systems have a defined life span and need to be replaced periodically. The revamp or expansion of oil and gas facilities also contribute to the market’s growth.
Q2. Why are water mist systems replacing water sprinkler systems?
Water sprinkler systems are widely used in the oil and gas industry as a fire suppression technology. However, the newer technology of water mist systems offers better cooling and suppression of fire. Providing protection by rapidly cooling the fire, a water mist system reduces corrosion damage and preserves the functionality of the machines and systems at an oil and gas facility.
A similar product, high pressure water mist, makes use of a finer mist of pure water that absorbs the radiation of fire so as to extinguish it. Water is atomized into small droplets under high pressure, which displaces the oxygen, thus extinguishing the fire. These systems cause minimal damage to the environment, people, and property.
In order to maintain and comply with the changing safety regulations, oil and gas industry operators need to upgrade their existing fire protection technology and since water mists are undoubtedly more efficient, they are replacing water sprinkler systems.
Q3. What are the recent developments in fire suppression systems?
Companies are constantly vying to counter the competition by launching innovative products. Tyco International Ltd., for instance, has introduced an innovative fire suppression system solution - the Sapphire fire suppression system. It features technology based on clean chemical extinguishing agents 3M™ Novec™ 1230 fire protection fluid. The company claims that its new system has no adverse impact on global warming or on the ozone layer. The Sapphire fire suppression system complies with the European F-GAS directive.
Another leading company in heat detection, called Protectowire, has developed the CTITM linear heat detection system, which features two distinct heat sensing technologies to provide immunity against the nuisance of false alarms.
Product launches such as these are prompting higher investments in fire protection systems, thus giving the market a continuous push ahead.