Market outlook of the FPS market in the oil and gas industry
Technavio research analyst predicts the global FPS market in the oil and gas industry to grow steadily at a CAGR of close to 4% during the forecast period. One of the primary drivers for the growth of this market is the stringent regulatory framework set up by the government. These regulatory frameworks and standards state that every direct oil and gas operators should allocate a certain share of their overall investments in fire safety. As per these standards, the establishment of a health and safety department in every oil and gas facility is mandatory to analyze and prevent fires during onshore and offshore activities.
The use of eco-friendly fire-suppression systems is another significant trend driving the growth of the FPS market. Rising environmental awareness such as the need to reduce ozone depletion and global warming has driven oil and gas operators to adopt environmentally friendly FPS such as gaseous and water mist systems. Many oil and operators and FPS vendors are developing fire suppression materials that are sustainable and effective.
End-user segmentation and analysis of the FPS market in the oil and gas industry
The upstream segment led the FPS market during 2015, with a market share of over 43%. The growing demand for oil and gas resources has magnified upstream or exploration and production (E&P) activities worldwide, leading to its dominance in the overall market. This rising E&P activities coupled with the need to prevent fire hazards has contributed to the growth of the FPS market.
Geographical segmentation and analysis of the FPS market in the oil and gas industry
The Americas held the largest share of the FPS market in the oil and gas industry and accounted for about 42% of the total market share. The US and Canada are the major contributors in this region. For instance, oil companies in Canada, especially in Calgary, Alberta, are making massive investments in passive and active FPS.
Competitive landscape and key vendors
The need to reduce the risks associated with flammable and explosive products and the subsequent deployment of risk management strategies has boosted the FPS market in the oil and gas industry. Therefore, many providers have been motivated to enter the market due to the rising oil and gas activities worldwide.
The leading vendors in the market are -
Kidde Fire Systems
Orcus Fire & Risk
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global fire protection systems market in the oil and gas industry?
What are the key market trends impacting the growth of the global fire protection systems market in the oil and gas industry?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global fire protection systems market in the oil and gas industry?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global fire protection systems market in the oil and gas industry?
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