Press release
Growing Demand from Oil and Gas Industry despite Fall in Oil Prices Driving Enhanced Fire Protection Market
Enhanced fire protection systems comprise several components used to detect or suppress fire. Fire protection is a requirement in several industries due to the widespread use of flammable fuels and the flammable nature of various systems. Industries such as the oil and gas industry and the chemicals industry face a particularly high risk of fires due to the volatile and combustible products being dealt with in the industry. As a result, enhanced fire protection systems have become common in these and other industries in recent years.Due to the growing government support to mandatory use of enhanced fire protection systems, the demand for the same is likely to grow in the coming years. According to Transparency Market Research, the global enhanced fire protection systems market was valued at US$5.1 bn in 2014. Exhibiting a robust 6.48% CAGR from 2015 to 2023, the market’s valuation is expected to rise to US$8.9 bn.
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What are the primary drivers for the enhanced fire protection market?
The booming oil and gas industry is a leading contributor to the global enhanced fire protection market. Due to the flammability of practically every product of the oil and gas industry, the extraction, as well as refining, of petroleum products carries a significant fire risk. Due to the technological sophistication of most processes and systems used in modern oil extraction and refining units, fire can cause incalculable economic damage, in addition to the risk to the workers.
Despite the fall in oil prices in the last two years, the global oil and gas industry’s operations have flourished due to the falling levels in petroleum reservoirs and the increasing demand for fuels. The discovery of offshore reservoirs has given the global oil and gas industry a new direction, with different fire protection systems being required in onshore and offshore extraction points. The diversification and expansion of the petrochemicals industry has also driven the demand for enhanced fire protection systems. Similarly, the rising use of a variety of floating oil platforms also necessitates the use of enhanced fire protection systems.
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Government regulations have also been crucial to the enhanced fire protection market. Due to the significant state funding to oil and gas exploration and refining operations, governments are naturally eager to safeguard their investment. The large labor force working in the oil and gas sector and the rising need to ensure a steady supply of petroleum fuels have also helped bring about a stringent regulatory framework mandating the adequate installation of enhanced fire protection systems.
Which are the leading regional segments of the global enhanced fire protection market?
North America is the leading contributor to the global enhanced fire protection systems market due to the extensive onshore, offshore, unconventional oil and gas projects being carried out by American petroleum companies. In the coming years, Asia Pacific is likely to become an important player in the global enhanced fire protection systems market due to the strong and sustained growth of the oil and gas sector in China and the increasing number of petroleum refining operations in the region.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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