LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global process safety systems market is expected to grow at a CAGR of close to 5% during the forecast period.
“While thermal power generation still dominates the power industry, several countries are looking at alternative power generation sources such as wind energy, hydroelectric, and nuclear power, which, in turn, will aid the growth of the global process safety systems market”
This research report titled ‘Global Process Safety Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global process safety systems market into three major end-user segments. They are:
- Oil and gas industry
- Chemical and petrochemical industry
- Power industry
Global process safety systems market in oil and gas industry
Increased oil and gas exploration in developing countries coupled with the growing emphasis on minimum safety requirements is accelerating the growth of the global process safety systems market. Developing economies such as China, India, and other Southeast Asian countries are increasingly looking for conventional energy sources to meet their energy requirements.
“The shale gas boom in North America, China, and Australia is also seen as a potential growth area for the global process safety systems market. The Middle East and the OPEC countries are trying hard to maintain their market share in the face of the competition posed by the US shale gas boom,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.
Global process safety systems market in chemical and petrochemical industry
The chemical and petrochemical industry plays a vital role in economic development as most of the raw materials in industries are derived from this industry. A wide range of chemical and petrochemical products are used in industries such as automotive, foods and beverages, pulp and paper, and water and wastewater treatment. The growth of the industry is, therefore, largely dependent on the well-being of its end-user industries. The integration of control and safety systems reduces cabling and networking cost by 95% for these end-users.
Global process safety systems market in power industry
In the power industry, the process safety systems market has a stable and constant growth. The development of conventional and non-conventional energy sources through both greenfield and brownfield projects is paving the way for developments in this market. The growing use of safety systems in the power industry has efficiently reduced and eliminated disasters and downtime in power plants.
Burner management systems (BMS) are the most widely used safety systems in the power industry. The growing need for power in developing economies owing to population growth is a major driver for the global process safety systems market.
“While thermal power generation still dominates the power industry, several countries are looking at alternative power generation sources such as wind energy, hydroelectric, and nuclear power, which, in turn, will aid the growth of the global process safety systems market,” says Bharath.
The top vendors highlighted by Technavio’s industrial automation market research analysts in this report are:
- Honeywell International
- Rockwell Automation
- Yokogawa Electric
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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