Fire Protection Systems Market
Increasing safety concerns is considered to be the primary driver for the market growth of fire protection systems in the oil & gas sector. Additionally, growing investments due to stringent regulations and technological advancements in fire protection systems are also driving the market growth. Furthermore, rising oil and gas exploration and production activities may also boost the market for fire protection systems.
Growth of the oil & gas industry plays a major role in the growth of fire protection systems market globally. A portion of the total project cost is dedicated for the on-site installation of safety equipment to ensure the safety of personnel and avoid any harm to the infrastructure. Fire protection systems occupy a major part of these safety equipment. Hence, the commencement of new oil & gas projects adds scope to the growth of fire protection systems market as well.
Fire protection systems have a defined life span and thus need to be replaced periodically. This offers a cyclic growth for the fire protection systems market. The revamp or expansion of existing oil & gas facilities or infrastructure, such as expansion of pipeline projects or revamp of aged refineries, also contribute to a considerable extent to the growth of the fire protection systems market.
In order to maintain and comply with the changing safety regulations, oil & gas operators need to upgrade the installed fire protection technology. For example, water sprinkler systems is a widely used fire suppression technology in the oil & gas industry. However, the new technology of water mist systems offers better cooling and suppression of fire. Due to their functional benefits, water mist systems are now replacing water sprinkler systems, further offering opportunities for the manufacturers to expand their market presence. Past accidents and disasters related to fire have also resulted in stringent regulations and higher safety standards. All these factors influence the fire protection systems market growth positively.
In order to understand the Global Fire Protection Systems( for Oil and Gas) market and further derive the forecast, region-specific safety regulations have been taken into consideration. For regions with no consolidated regulations, the installation trend of fire protection systems was considered.
Considering the operational pattern of the oil & gas industry in various regions, the fire protection systems market has been segmented as follows:
Global Fire Protection Systems( for Oil and Gas) Market: North America
North America Upstream Sector
Offshore Segment Offshore Platforms
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