This industry research report outlines the growth prospects and segmentation of the global FPS in oil and gas markets by end-users (upstream, downstream and midstream). It further details the market shares of key regions such as the Americas, EMEA, and APAC. The report also presents a complete analysis of the top vendors operating in the market, including 3M, KEVTA, Kidde Fire Systems, Orcus Fire & Risk, and Tyco International.
Technavio’s market research analysts estimate the global FPS in oil and gas markets to grow at a CAGR of around 4% between 2016 and 2020. Rising offshore drilling activities and active government participation to promote the use of FPS are the major driving factors of this market. The Americas dominate the global FPS in oil and gas markets, accounting for 42% of the total market share. Increase in offshore drilling activities in the region has boosted the growth of FPS market. High emission levels and health hazards in the offshore oil extraction has fuelled the demand for FPS in the American oil and gas sectors.
The new market research report from Technavio provides a breakdown and analysis of the fire protection systems segments by technology.
“Owing to the need to reduce ozone depletion and global warming, various oil and gas operators are adopting environmentally friendly FPS such as gaseous and water mist systems. These systems are preferred for fire protection, as they use less water than sprinkler systems. Also, the vendors have come out with four advanced fire-suppressing technologies- halocarbon and inert gas systems, water mist systems, compressed air foam systems and solid gas generators,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
The FPS market in the upstream oil and gas sector dominates the market, occupying around 43% of the overall market share. Growing demand for oil and gas resources has increased the exploration and production (E&P) activities, which has necessitated the use of FPS systems in this segment for the health and safety of workers. Also, with the stabilization of oil prices, the demand for oil and gas E&P activities is expected to increase in the forecast period.
The key vendors in the global FPS in oil and gas markets include 3M, KEVTA, Kidde Fire Systems, Orcus Fire & Risk, and Tyco International. The FPS market is highly competitive due to the presence of many established players. These players maintain market competitiveness by providing high-tech, customized FPS to different end-users according to their requirements. Rising oil and gas activities worldwide have encouraged many FPS providers to enter into the market.
A more detailed analysis is available in the Technavio report, Global FPS in Oil and Gas Markets 2016-2020.
We can customize reports by other regions and specific segments upon request.
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