Enhanced fire protection systems are mandatory in the oil and gas industry in both onshore and offshore premises. Oil and gas installations have to strictly maintain a code of safety as laid down by government agencies. These stringent rules and regulations are what keeps the global enhanced fire protection systems market highly active. These regulations, especially those for offshore rigs, have grown stricter after the 2010 oil spill in the Gulf of Mexico, as they carry a higher degree of risk and the mishaps are a lot more difficult to manage.
The global enhanced fire protection systems market for oil and gas is expected to reach US$4.1 bn by the end of 2020. It was recorded at US$3.2 bn in 2013 and is exhibiting a CAGR of 3.7% within a forecast period from 2014 to 2020. The major players in this market are Tyco International Ltd., Gielle SRL, Orcus Fire & Risk Inc., 3M Company, Kevta Fire Systems Inc., and Trelleborg AG.
High Safety Culture Boosts Global Enhanced Fire Protection Systems Market for Oil and Gas
The global enhanced fire protection systems market for oil and gas is expected to reach US$4.1 bn by the end of 2020. It was recorded at US$3.2 bn in 2013 and is exhibiting a CAGR of 3.7% within a forecast period from 2014 to 2020. The major players in this market are Tyco International Ltd., Gielle SRL, Orcus Fire & Risk Inc., 3M Company, Kevta Fire Systems Inc., and Trelleborg AG.
High Safety Culture Boosts Global Enhanced Fire Protection Systems Market for Oil and Gas
A major driver for this market is the currently growing concerns over workplace safety. More and more government bodies are demanding higher safety standards that companies need to meet before they can proceed with their operations. This high adoption rate of the safety culture is boosting the global enhanced fire protection systems market for oil and gas. At the same time, the market is also being propelled by the growing usage of techniques that involve incident sharing, which is a part of a practice that helps improve the safety norms employed in a workplace. Hydrocarbon-related agencies are using these tips to their advantage and improving the safety quotient of affiliated workplaces.
FPSO and FLNG Developments are Affecting the Use of Enhanced Fire Protection Systems
FPSO and FLNG facilities are an end-use segment of the global enhanced fire protection systems market for oil and gas. This segment is expected to be the fastest-growing one till 2020, becoming a key factor that drives the growth of the enhanced fire protection systems market. The various FLNGs and FPSOs are developing at a rapid rate around the world. For instance, PETRONAS had recently unveiled their first floating LNG facility, named PFLNG SATU. The FLNG is 1,180 feet long and 197 feet wide, and will be anchored in the Kanowit gas field of Malaysia. PETRONAS expects the FLNG to produce nearly 1.20 mn tons of LNG annually.
The global enhanced fire protection systems market for oil and gas has mostly been dominated by the Rest of the World segment, owing to the high density of oil and gas deposits in these regions. Brazil and parts of MEWA are expected to be the top contributors to the rise of offshore oil and gas exploration and production in the near future. Therefore, players in the global enhanced fire protection systems market are focusing more on these regions.
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/enhanced-fire-protection-market.htm
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