Offshore rigs are among the leading consumers of enhanced fire protection systems and will play a major role in helping the market touch a valuation of US$4.1 bn by 2020. Besides oil and gas companies, the industrial and commercial sector will also push up the demand for enhanced fire protection systems.
New FLNG and FPSO Units to Create Enormous Opportunities for Enhanced Fire Protection Systems
The first floating liquefied natural gas facility, developed by Petronas off the shores of Malaysia, can produce 1.2 mn tonnes of LNG annually. Taking a cue from this engineering feat demonstrated by Petronas, many other companies are expected to follow suit. Shell, for instance, has entered the fray with an ambitious FLNG design that can even brave category 5 cyclones. This will naturally lead to a higher demand for enhanced fire protection systems as the FPSOs and FLNGs are located in remote areas.
Workplace Safety Initiatives Help Boost Sales of Enhanced Fire Protection Systems
The quality of a workspace and the safety measures implemented therein are being closely watched by regulatory bodies in developed countries. In several developing countries too, authorities are taking steps to ensure that offices as well as other commercial and industrial facilities are adhering to the prevailing safety standards. In many instances, companies are being held back from initiating operations until they have obtained clearance from the local fire safety authorities about the use of proper systems.
The prospects of the global enhanced fire protection systems market thus look promising.