ALBANY, New York, September 9, 2015 /PRNewswire/ --
A recently released report from Transparency Market Research (TMR) forecasts that the global enhanced fire protection systems market will expand at a CAGR of 3.7% from 2014 to 2020. TMR, a market intelligence firm based in the U.S., states that the global enhanced fire protection systems market, which in 2013 stood at US$3218.7 million, is anticipated to reach US$4142.4 million by the end of the forecast period. The report, titled 'Enhanced Fire Protection Systems (Oil and Gas) Market by FPSO's and FLNG's, Offshore Rigs and Fixed Platforms - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020', is available for sale on the company website.
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According to this market research report, the global enhanced fire protection systems market is driven by factors such as the growing trend of developing a safety culture in companies, widespread implementation of regulations relating to the use of environmentally sustainable products, and increasing capacity additions, and rapid development of the oil and gas industry. Another key factor driving this market is the establishment of incident sharing techniques that result in stricter safety norms and also the growing need for equipment that use advanced technology. Enhanced fire protection systems form a very crucial part of all oil and gas installations. The strict implementation of safety norms by hydrocarbon agencies of various countries is a key reason why several oil and gas operators are increasing their investments in the area of fire safety.
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The TMR report segments the global enhanced fire protection systems market on the basis of end users, the type of systems, and geography. The various end users in the global enhanced fire protection systems market are fixed platforms, offshore rigs, and FPSO & FLNG. At present, much of the demand for enhanced fire protection systems comes from the market for offshore drilling rigs. Even though the utilization of rigs has been declining over the past couple of years, the enhanced fire protection systems market in regions such as Venezuela and Latin America have emerged as strong players in the overall market for offshore drilling. The market for FLNG and FPSO is expected to grow substantially during the forecast period and will be a key end user segment in the forthcoming years as well. The two main types of systems in the global enhanced fire protection systems market are passive and active systems.
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Geographically, this research study segments the global enhanced fire protection systems market into Asia Pacific, North America, Europe, and Rest of the World. The Rest of the World region holds the largest share of the global enhanced fire protection systems market, with high concentration of offshore development projects in Brazil. Also, the offshore expansion projects in the Middle East and West Africa will contribute significantly to the global enhanced fire protection systems market in the years to come. The growth of the Europe enhanced fire protection systems market will be supported by high investments in a few of the offshore areas of Kazakhstan and Azerbaijan during the forecast period. High focus on workforce training in offshore installations is a glaring restraint in the global enhanced fire protection systems market.
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The prominent companies in the global enhanced fire protection systems market are Trelleborg AG, Kevta Fire Systems Inc., 3M Company, Orcus Fire & Risk Inc., Gielle SRL, and Tyco International Ltd. amongst others.
Enhanced Fire Protection Systems (Oil and Gas) Market: End-User Analysis
- FPSO and FLNG
- Offshore Rigs
- Fixed Platforms
Enhanced Fire Protection Systems (Oil and Gas) Market: System Type Analysis
- Active Systems
- Passive Systems
Enhanced Fire Protection Systems (Oil and Gas) Market: Regional Analysis
- North America
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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