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Growth of Oil and Gas Fire Protection System Market due to Stringent Regulation Pertaining to the Installation of Fire Protection System in Industries – Research Nester
The global oil and gas fire protection system market is segmented into product type such as fire detection, fire suppression, fire analysis and fire response. Among these segments, fire suppression system segment is expected to grow at a significant CAGR in oil and gas fire protection system market during the forecast period. Increasing spending on the installation of fire protection system is expected to be the major factor behind the growth of the fire suppression market. Moreover, strict government regulations regarding the installation of fire suppression system in industries is believed to impel the growth of the centrifugal oil and gas fire protection system.
Global Oil and Gas Fire Protection System Market is expected to flourish at a CAGR of 6.5% over the forecast period. Moreover, the global oil and gas fire protection system market was valued at USD 5.4 Billion in 2016. Increasing concern about the prevention of fire accidents in oil and gas industry is driving the adoption of oil and gas fire protection system. Moreover, strict government regulations impelling the installation of fire protection system in industries bodes well for the growth of the oil and gas fire protection system market.
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North America captured the largest market share in overall oil and gas fire protection system market in 2016. Further, North America is believed to continue its dominance over the forecast period. Increasing investment in oil and gas sector in North America is expected to benefit the growth of the market. Apart from this, strict fire regulation in the region is anticipated to spearhead current and future market growth prospects. U.S. is the major country contributing to the growth of the oil and gas fire protection system market. Europe region is anticipated to showcase significant growth during the forecast period. Promulgation of Safety Standards by the European Union is driving the growth of the Europe oil and gas fire protection system market.
Growing Oil and Gas Industry across the Globe
Positive growth and expansion of oil & gas industries is envisioned to bolster the growth of the oil and gas fire protection system market during the forecast period. Further, rising need to reduce the risk associated with the outbreak of ire in oil & gas industries is boosting the demand for fire protection system.
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Stringent Government Regulations
Strict government norms regarding the safety of property and life are propelling the demand for fire protection systems in oil and gas industries. Moreover, standard and certification requirements of fire protection equipment are anticipated to positively impact the growth of the oil and gas fire protection market. Although, high cost of installation is likely to inhibit the growth of the global oil and gas fire protection system market in the near future.
The report titled “Oil and Gas Fire Protection System Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global oil and gas fire protection system market in terms of market segmentation by technology, by product type, by service and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global oil and gas fire protection system market which includes company profiling of Honeywell International Inc., Siemens AG, Tyco International Services GmbH, Johnson Controls, United Technologies Robert Bosch GmbH, Hochiki Corporation, Halma Plc, Minimax Viking GmbH and Gentex Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oil and gas fire protection system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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