Fire Protection Systems Market Research Report and Forecast Fire Protection Systems Market - Global Industry A | Page 2

This move comes in the wake of stringent government norms to provide a safe
working environment.”
The National Fire Protection Association (NFPA) and American Society for Testing
Materials (ATSM) amongst others have also helped establish specifics for fire
detection and suppression systems. Together, these factors are anticipated to
create ample of growth opportunities for the global fire protection systems market.
Get accurate market forecast and analysis on the Fire Protection Systems
market. Request a sample to stay abreast on the key trends impacting this
market.
http://www.transparencymarketresearch.com/sample/sample.php?
flag=S&rep_id=2879
Heavy R&D Costs Discourage Market Growth
The promising future of the global fire protection systems is being stymied by the
heavy cost of research and development required for designing fire detection
equipment and suppression systems for each industrial verticals. The complicated
fire protection needs of the oil and gas industry require reliable solutions, which
need additional investments to deliver product customizations. These increasing
investments, applicable to the majority of the upstream, downstream, and
midstream infrastructures are going to restrict the growth of this market.
Furthermore, geography-specific fire protection systems supplied by vendors is also
likely to make the competitive landscape tougher for new entrants.
TMR’s report states that the opportunity in the global fire protection systems market
was worth US$5.08 bn in 2014 and is anticipated to reach US$8.93 bn by 2023.
Between 2015 and 2023, the global fire protection systems market is anticipated to
expand at a CAGR of 6.48%.
The increasing expenditure on oil and gas sector in North America will boost the
demand for fire detection and fire suppression systems in the region. By the end of
the forecast period, the North America fire protection systems market will account
for a share of 38.78% in the global market.
The review of the global fire protection systems market is based on the findings
published in Transparency Market Research’s report, titled “Fire Protection Systems -
Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 – 2023.”
Request for Discount of this report - @
http://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=2879
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global
business information reports and services. Our exclusive blend of quantitative forecasting and