Growth Of Enhanced Fire Protection Systems Market 2014 – 2020
Enhanced fire protection systems market have become a necessity in present times, as the offshore gas and oil industry is experiencing continuous expansion in the market. These systems are utilized to execute safe operations at the hydrocarbon units.
The standards and regulatory frameworks, which governments have established, have resulted in oil and gas companies allocating a considerable share of capital towards safety measures ensuring protection against fire. Rise in investment by exploration organizations in the offshore oil and gas manufacturing industry has attracted various fire safety measures providers toward this market.
The offshore fire protection market needs efficient safety solutions against an array of fire hazards. Firms functional in this market, thus, have various products considering the specific necessities and the unreceptive operating situations in the offshore oil and gas market.
Enhanced Fire Protection Systems Industry: How the Market Runs
The global enhanced fire protection systems market is classified into different segments based on end-users, systems, and region. These segments are compared to study the market trends that assist in predicting the future of enhanced fire protection systems industry.
On the basis of end-users, the market for enhanced fire protection systems is categorized into FPSO and FLNG, fixed platforms, and offshore rigs. The LNG market is experiencing considerable development the Asia-Pacific region, which has resulted in the development of advanced FLNG systems. At present, the offshore rigs make the main market for enhanced fire protection systems. FPSO and FLNG markets are expected to grow together as a single segment in coming years in the market for enhanced fire protection systems.
Based on systems, the enhanced fire protection systems market is segmented into two categories, active enhanced fire protection systems and passive enhanced fire protection systems. The expenses on active systems are considerably higher than passive systems. However, the safety expenses vary depending upon the designs and requisites of the hydrocarbon production facilities. The demand for passive enhanced fire protection systems are comparatively higher in FPSOs and fixed platforms.
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Geographically, on a bigger scale, the enhanced fire protection systems markets in North America, Europe, Asia Pacific, and Rest of the world are the segments of the global enhanced fire protection systems market. These markets are further classified into different smaller regional markets such as the United Kingdom, Norway, Rest of Europe, China, Singapore, Australia, South Korea, and Rest of Asia Pacific.
Having Brazil and the west coast of Africa being the chief contributors to the enhanced fire protection systems market, the Rest of the World market has emerged as the largest market for enhanced fire protection systems in offshore gas and oil industry. Europe follows the Rest of the World’s market for enhanced fire protection systems in terms of expenses. Norway and the United Kingdom have stringent fire safety demands, which press on offshore organizations to invest a great deal in enhanced fire protection systems market. Owing to the decreasing production of oil in the North Sea, the market share of Europe is expected to decrease extensively by 2020.
The Asia-Pacific market for enhanced fire protection systems is expected to garner market share with growing investment in offshore development projects during 2014 to 2020. Offshore development projects, which are planned in Australia, China, and Malaysia, are likely to make hefty investments to the enhanced fire protection systems market in this region.
The expenses on enhanced fire protection systems for the offshore gas and oil industry, worldwide, were valued at US$3218.7 million in 2013. It is expected to reach US$4142.4 million in 2020, increasing at 3.7% CAGR during 2014 to 2020.
Enhanced Fire Protection Systems Industry: Cost Improvements to Attract New Players
The major companies in the fire protection systems industry are Ultra Fog AB, Consilium AB, Marioff Corporation Oy, Fire Protection Engineering AS, Deluge Offshore & Marine Pte Ltd., Blaze Manufacturing Solutions Ltd., Knowsley SK Ltd., Deluge Offshore & Marine Pte Ltd., Minimax GmbH & Co. KG, and Water Mist Engineering AS.
There is a possibility of improvements in costs owing to technical advancements in this market. This expected cost improvement is likely to bring in more players increasing competition in the enhanced fire protection systems market.
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