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%.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200922005407/en/
Technavio has announced its latest market research report titled Global Process Safety Systems Market 2020-2024 (Graphic: Business Wire)
For the Right Perspective & Competitive Insights- Request Free Sample Report on Pandemic Recovery Analysis
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.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
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.
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.
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.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Process Safety Systems Market Product Outlook (Revenue, USD Million, 2020-2024)
Process Safety Systems Market Geography Outlook (Revenue, USD Million, 2020-2024)
Process Safety Systems Market End-user Outlook (Revenue, USD Million, 2020-2024)
Oil and gas
Chemical and petrochemical
Are you a start-up willing to make it big in the business? Grab an exclusive Report
Related Reports on Industrials Include:
Global Industrial Automation Market in Food Safety and Inspection Industry – Global industrial automation market in food safety and inspection industry by product (machine vision systems, X-ray inspection systems, metal detection systems, and check weighing systems) and geography (Europe, APAC, North America, South America, and MEA).
Global Conveyor Sorting Systems Market – Global conveyor sorting systems market by end-user (logistics and transportation industry, food and beverage industry, pharmaceutical industry, and others), solution (hardware, services, and software), and geography (APAC, Europe, MEA, North America, and South America).
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200922005407/en/