Global Process Safety Systems Market 2020-2024
Technavio has been monitoring the process safety systems market and it is poised to grow by $ 257.63 mn during 2020-2024 progressing at a CAGR of 2% during the forecast period. Our reports on process safety systems market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the increase in process automation, improving safety standards and related developments and sustainable risk reduction in hazardous operations. In addition, increase in process automation is anticipated to boost the growth of the market as well.
The process safety systems market analysis includes product segment, end-user segment and geographical landscapes
Technavio's process safety systems market is segmented as below:
- Oil and gas
- Chemical and petrochemical
By Geographical Landscapes
- North America
- South America
This study identifies the development of customized safety systems as one of the prime reasons driving the process safety systems market growth during the next few years. Also, the emergence of robotic process automation (RPA) in hazardous operations and adoption of newer safety control systems in retrofit applications will lead to sizable demand in the market.
"Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our process safety systems market covers the following areas:
- Process safety systems market sizing
- Process safety systems market forecast
- Process safety systems market industry analysis"
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading process safety systems market vendors that include ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Johnson Controls International Plc, OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.. Also, the process safety systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.