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Exploration of Offshore Oil and Gas Reserves Crucial for Enhanced Fire Protection Systems Market

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Published on : Apr 28, 2016

In both onshore and offshore oil and gas explorations, enhanced fire protection systems are vitally important. Oil and gas premises have to adhere to strict safety specifications as stipulated by government agencies. This is the foremost reason for the global enhanced fire protection system market to keep highly active. These stipulations, particularly for offshore rigs, have been redefined after the 2010 oil spill in the Gulf of Mexico, as there is a high degree of risk at these sites and mishaps are considerably difficult to manage.

The enhanced fire protection systems market is displaying a positive growth due to several reasons. First and foremost, growing concerns over workplace safety, wherein more and more governments are demanding higher safety standards that industrial units, companies need to meet before they can start their operations. Due to the high adoption rate of safety culture at workplaces, the global market for enhanced fire protection systems will receive a boost. At the same time, the increasing usage of techniques that involve incident sharing in the bid to improve safety norms deployed in workplaces is propelling growth of this market. 

FPSO and FLNG facilities are end-use segment of the global market for enhanced fire protection systems. The segment will display the fastest growth until 2020, this will be an important factor that will drive the enhanced fire protection systems market in the coming years. Across the world, FLNGs and FPSOs are progressing expeditiously. For example, PETRONAS recently unveiled its first floating LNG facility, named PFLNG SATU. Dimensionally, this FLNG measures 1,180 feet in length and 197 feet in breadth, and will be anchored in Malaysia’s Kanowit gas field. PETRONAS expects FLNG to produce almost 1.20 mn of LNG every year.

The Rest of the World segment dominates the global market for enhanced fire protection systems attributed to the high density of oil and gas reserves in the region.