Oil and Gas Fire Protection System Market is estimated to grow at a CAGR of 6.5% during the period 2016-2024
Oil and gas fire protection system is an automated fire protection system. It helps to minimize the fire related damages such as property loss, human life loss and others by detecting through various devices. There are various types of fire protection sys
(EMAILWIRE.COM, October 19, 2017 ) Global oil and gas fire protection system market is anticipated to flourish at a CAGR of 6.5% over the forecast period 2017-2024. Additionally, the various factors propelling the growth of oil and gas fire protection system market include growing awareness regarding the installation of fire safety systems and government fire safety regulations.
In terms of regional platform, the most prominent regional markets include North America and Europe. North America region is expected to dominate the market during the forecast period aided by the U.S. Further, increasing research & development activities related to fire protection system is believed to foster the growth of oil and gas fire protection system market in North America region. Furthermore, growing adoption of fire protection system by major oil and gas companies in North America region is projected to flourish the growth of oil and gas fire protection system market in this region by the end of 2024.
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Europe region captured the second largest market of oil and gas fire protection system in terms of revenue in 2016. The major countries witnessing the augmented demand for oil and gas fire protection system include U.K., Germany and France. Further, growing concerns to prevent hazardous accidents and increasing innovations in the wireless sensor networks are projected to foster the growth of oil and gas fire protection system market in Europe region.
Asia-Pacific region is expected to witness a tremendous growth by the end of 2024. Additionally, this region is most lucrative market across the globe owing to emerging economies such as India and China. China has been the dominating country in this region owing to presence of numerous oil and gas companies and enhanced human machine interface (HMI) solutions.
Market Segmentation
Our in-depth analysis has segmented global oil and gas fire protection system market into the following segments:
By Region
Global oil and gas fire protection system market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis, Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis, Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis, Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis., Middle East and Africa (GCC, North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Growth Drivers and Challenges
Factors such as advancement of fire protection technology, rising fire protection expenditure and technological innovations in networking and equipment are believed to be the dynamic factor behind the rapid growth of oil and gas fire protection system market by the end of 2024. Further, rising adoption of technologically advanced fire protection system to prevent accidents is envisioned to bolster the growth of oil and gas fire protection system market across the globe.
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Moreover, growing exploration and production (E&P) activities coupled with the need to prevent fire hazards and rising stringent government rules and regulation for the adoption of fire protection systems by oil and gas industry are projected to flourish the growth of oil and gas fire protection system market. Furthermore, strict fire safety norms have pushed offshore oil and gas operators to increase their investment to improve fire safety arrangements which in turn flourish the growth of oil and gas fire protection system market.
However, high cost of installation is anticipated to hinder the growth of oil and gas fire protection system market.
Key Players
Honeywell International Inc., Company Overview, Key Product Offerings, Business Strategy, SWOT Analysis, Financials, Siemens AG , Tyco International PLC, Johnson Controls , United Technologies , Robert Bosch GmbH, HOCHIKI Corporation, Halma Plc, Minimax Viking GmbH, Gentex Corporation
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In terms of regional platform, the most prominent regional markets include North America and Europe. North America region is expected to dominate the market during the forecast period aided by the U.S. Further, increasing research & development activities related to fire protection system is believed to foster the growth of oil and gas fire protection system market in North America region. Furthermore, growing adoption of fire protection system by major oil and gas companies in North America region is projected to flourish the growth of oil and gas fire protection system market in this region by the end of 2024.
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Europe region captured the second largest market of oil and gas fire protection system in terms of revenue in 2016. The major countries witnessing the augmented demand for oil and gas fire protection system include U.K., Germany and France. Further, growing concerns to prevent hazardous accidents and increasing innovations in the wireless sensor networks are projected to foster the growth of oil and gas fire protection system market in Europe region.
Asia-Pacific region is expected to witness a tremendous growth by the end of 2024. Additionally, this region is most lucrative market across the globe owing to emerging economies such as India and China. China has been the dominating country in this region owing to presence of numerous oil and gas companies and enhanced human machine interface (HMI) solutions.
Market Segmentation
Our in-depth analysis has segmented global oil and gas fire protection system market into the following segments:
By Region
Global oil and gas fire protection system market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis, Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis, Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis, Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis., Middle East and Africa (GCC, North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Growth Drivers and Challenges
Factors such as advancement of fire protection technology, rising fire protection expenditure and technological innovations in networking and equipment are believed to be the dynamic factor behind the rapid growth of oil and gas fire protection system market by the end of 2024. Further, rising adoption of technologically advanced fire protection system to prevent accidents is envisioned to bolster the growth of oil and gas fire protection system market across the globe.
Request For TOC Here: - https://www.researchnester.com/toc-request/1/rep-id-452
Moreover, growing exploration and production (E&P) activities coupled with the need to prevent fire hazards and rising stringent government rules and regulation for the adoption of fire protection systems by oil and gas industry are projected to flourish the growth of oil and gas fire protection system market. Furthermore, strict fire safety norms have pushed offshore oil and gas operators to increase their investment to improve fire safety arrangements which in turn flourish the growth of oil and gas fire protection system market.
However, high cost of installation is anticipated to hinder the growth of oil and gas fire protection system market.
Key Players
Honeywell International Inc., Company Overview, Key Product Offerings, Business Strategy, SWOT Analysis, Financials, Siemens AG , Tyco International PLC, Johnson Controls , United Technologies , Robert Bosch GmbH, HOCHIKI Corporation, Halma Plc, Minimax Viking GmbH, Gentex Corporation
To Know More About This Research, Kindly Visit: https://www.researchnester.com/reports/oil-and-gas-fire-protection-system-market-global-historical-growth-2012-2016-future-outlook-2017-2024-demand-analysis-opportunity-evaluation/452
Contact Information:
Research Nester
Ajay Daniel
Tel: +1 6465869123
Email us
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Research Nester
Ajay Daniel
Tel: +1 6465869123
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results