Enhanced Fire Protection Systems Market is expected to reach USD 4142.4 million in 2020: Transparency market research

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Transparency Market Research

Feb 03, 2015, 08:15 ET


Albany, NY (PRWEB) February 03, 2015 -- Transparency Market Research has released a new market report titled Enhanced Fire Protection Systems (Oil and Gas) market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020. According to the report, the global expenditure on enhanced fire protection systems for the offshore oil and gas market stood at USD 3218.7 million in 2013 and is expected to reach USD 4142.4 million in 2020, growing at a CAGR of 3.7% from 2014 to 2020.

In a time like this, when the offshore oil and gas industry is expanding continuously, there is an increasing need for enhanced fire protection systems for carrying out operations safely at the hydrocarbon facilities. The health and safety department of an oil and gas facility has to crucially analyze the risks associated with an offshore facility in order to avert fire incidents. Regulatory frameworks and standards laid down by governmental agencies have led oil and gas operators to allocate a substantial share of their capital to ensure fire safety. In the hydrocarbon sector, production facilities and storage vessels are the major categories where fire protection systems are installed. Increasing production activities, especially in the offshore region, support growth of the fire protection market in the oil and gas industry. Growth in LNG trade has been encouraging investments in the offshore LNG facilities. Many major upstream oil and gas companies plan to build floating LNG facilities in the near future. The safety agencies of several nations have introduced strict parameters for the installation of fire protection systems in the offshore facilities. The major exploration companies also indulge in installing additional fire protection systems to establish a prominent safety culture for their employees.

Browse Full Enhanced Fire Protection Systems (Oil and Gas) Market Report : http://www.transparencymarketresearch.com/enhanced-fire-protection-market.html

Currently, the Rest of the World (RoW) is a major market for enhanced fire protection systems for the offshore oil and gas sector, with Brazil and the west coast of Africa being the primary contributors to this market. The ultra-deepwater projects in the RoW region and planned offshore projects by the national governments of respective countries are some of the major factors driving investments in the offshore fire protection industry. Europe closely follows the RoW segment in terms of expenditure on fire protection systems. Countries such as the U.K. and Norway have strict fire safety requirements, which push offshore operators to invest heavily in enhanced fire protection systems. In the European Union, oil companies are not allowed to conduct drilling activities in European waters if they fail to meet the minimum safety requirements. Oil production in Norway and the U.K. has been declining gradually, as majority of its oil fields are reaching maturity. These nations are now focusing on numerous small-sized reserve discoveries, located mostly in shallow waters. Due to the declining production of oil in the North Sea, the market share of Europe is likely to decline significantly by 2020. During this forecasted period, the Asia-Pacific market is likely to gain market share with increasing investment in offshore development projects. A significant number of floating liquefied natural gas (FLNG) vessels are scheduled to be installed in Australia, which is expected to drive the investment on fire protection systems. Offshore expansion projects planned in China, Australia, and Malaysia are expected to contribute substantial investments to the fire protection market in this region.

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The enhanced fire protection systems market for the offshore oil and gas industry has been broadly divided into two types: active systems and passive systems. Most investments on enhanced fire protection systems were incurred in the active systems category. The requirements for passive fire protection systems are relatively high in fixed platforms and FPSOs. On the basis of end-users, the enhanced fire protection systems market for the offshore oil and gas industry has been broadly divided into three segments: FPSO and FLNG, offshore rigs, and fixed platforms. The deployment of a large number of FPSO and FLNG vessels during the forecast period is likely to require substantial investments in the fire protection systems. Rapid growth in offshore rigs, especially in specialized ultra-deepwater rigs (mostly jackups and semisubmersibles), is also likely to boost the growth of the market.

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This research has been designed to estimate, analyze, and forecast market revenue for the enhanced fire protection systems (oil and gas) market. It provides an in-depth analysis of the market size of fire protection systems in terms of revenue (USD Million). Key players in the market include Consilium AB, Marioff Corporation Oy, Deluge Offshore & Marine Pte Ltd., Knowsley SK Ltd., Minimax GmbH & Co. KG, and Semco Maritime A/S.

Browse Full Segmentation & Press release : http://www.transparencymarketresearch.com/pressrelease/enhanced-fire-protection-market.htm

Mr. Nachiket, Transparency Market Research, http://www.transparencymarketresearch.com, +1 518-618-1030, [email protected]