LONDON–(BUSINESS WIRE)–Sep 22, 2020–
The global process safety systems market is expected to grow by USD 257.63 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 2%.
Technavio has announced its latest market research report titled Global Process Safety Systems Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Process Safety Systems Market Analysis Report by Product (ESS, FG, BMS, and HIPPS), Geography (APAC, Europe, North America, MEA, and South America), End-user (Oil and gas, Chemical and petrochemical, Power, and Others), and the Segment Forecasts, 2020-2024”. Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions.https://www.technavio.com/report/process-safety-systems-market-industry-analysis
The process safety systems market is driven by the increase in process automation. In addition, the development of customized safety systems is anticipated to boost the growth of the process safety systems market.
End-users are emphasizing on improving and upgrading existing facilities and making significant investments to meet the latest industry standards. Also, the need for reducing manufacturing costs has led to an increase in the adoption of automation technologies such as process safety systems among end-users. The oil and gas industry is one of the major end-users of process safety systems. Countries across Africa, Latin America, and the Middle East are witnessing an increase in oil and gas E&P activities due to the growing energy demand. In addition, the increased production of shale gas in the US is expected to boost the growth of the process safety systems market during the forecast period.
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Major Five Process Safety Systems Companies:
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation. The company offers a wide range of process safety systems such as system 800xA High-Integrity, safeguard, integrated power and automation solution, and others.
Emerson Electric Co. operates its business through segments such as Automation Solutions and Commercial and Residential Solutions. The company offers a wide range of process safety systems such as DeltaV SIS Standalone Process Safety System, DeltaV SIS Integration, Safety Instrumented Systems, DeltaV Safety Instrumented System, and others.
General Electric Co. operates its business through segments such as Power, Renewable energy, Aviation, and Healthcare. The company offers a wide range of process safety systems such as Mark VIeS Functional Safety System, GFA-2011 Mark VIeS Safety System, SIS Management, and others.
Honeywell International Inc.
Honeywell International Inc. operates its business through segments such as Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company offers a wide range of process safety systems such as health, safety, environment, product stewardship, and sustainability (HSEPS) management systems.
Johnson Controls International Plc
Johnson Controls International Plc operates its business through segments such as Building Solutions North America, Building Solutions EMEA and LA, Building Solutions Asia Pacific, and Global Products. The company offers a wide range of process safety systems such as Safety Integrity Level 2 (SIL2) Solutions, PLC Safety Systems, YORK Process Systems, and others.
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Process Safety Systems Market Product Outlook (Revenue, USD Million, 2020-2024)
Process Safety Systems Market Geography Outlook (Revenue, USD Million, 2020-2024)
- North America
- South America
Process Safety Systems Market End-user Outlook (Revenue, USD Million, 2020-2024)
- Oil and gas
- Chemical and petrochemical
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SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 09/22/2020 11:00 AM/DISC: 09/22/2020 11:01 AM
Copyright Business Wire 2020.