Market Trends of Flame Detectors Industry
This section covers the major market trends shaping the Flame Detectors Market according to our research experts:
Oil and Gas End-user Industry is Expected to Hold a Major Share
- Many oil and gas installations, especially oil rigs and floating production storage and offloading (FPSOs), are located in areas that face harsh weather conditions, such as the North Sea. Weather conditions can reach extremes, with very low temperatures, strong winds, ice, and snow. Flame detectors have been installed in these environments.
- For instance, the Skarv Oil Field, located between the Norne field and Heidrun, and the Schiehallion Oil Field are both located in the North Sea, where these extremes prevail. Similarly, oil fields and facilities in the Prudhoe Bay area in Alaska face tough conditions.
- To meet the safety requirements of these facilities, flame detectors can be installed to offer fast and reliable fire detection under these harsh conditions. These flame detectors can work efficiently in spite of the extreme conditions, remaining unaffected by the different climates and offering a constant high level of performance.
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North America is Expected to Hold a Significant Share
- North America is expected to be a major contributor to the growth of the market. The United States plays a key role in proliferating the demand from the region compared to Canada. The country is witnessing an increasing demand from almost all the end-user segments, especially from the oil and gas, energy, and power segments.
- Moreover, some of the key vendors of the market are located in the region, which aids the growth of the market. Some of them include Honeywell International Inc., Emerson Electric Co., United Technologies Corporation, and Spectrex Inc.
- The US Department of the Interior (DoI) plans to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024. As a result, the oil and gas sector in the region is expected to present new opportunities for the market.
- Additionally, Canada has one of the most active mining industries in the world. According to the Mining Association of Canada, the country ranks among the top five members for the global production of 13 major minerals and metals, including potash, uranium, nickel, cobalt, aluminum, diamonds, titanium, and gold. All the above developments, in both countries, are expected to boost the market's growth in the region.
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