Global Process Safety Systems Market 2017-2021
The Process Safety Systems Market report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors for 2017-2021. The following companies are the key players in the Global Process Safety Systems Market: ABB, Honeywell International, Rockwell Automation, Siemens, and Yokogawa Electric. Other Prominent Vendors in the market are Emerson Electric, Esoteric Automation, General Electric, HIMA Paul Hildebrandt, Johnson Controls, OMRON, and Schneider Electric.
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One trend in the Process Safety Systems Market is the development of customized safety systems. The emergence of customized safety systems and the customization requirements of the end-users are constantly growing. Safety systems are essential, and the need is more critical in capital-intensive and critical process industries. End-users are unwilling to accept change from old systems to innovative automation systems mostly because of the capital limitations of automation systems, including process safety systems in gauging the exact requirements of end-users.
Process safety system vendors are increasing their product range and are also acquiring vendors of related products; they also work along with the end-users to develop products based on their requirements. Working along with end-users has a positive impact on the adoption of process safety systems.
According to the report, one driver in the Process Safety Systems Market is the increase in process automation among end-users. Process automation, which is a high-priority among the end-user industries especially in the developing countries in APAC and EMEA, is undergoing significant developments and operations. Automation is the result of an increasing demand for process safety systems in APAC and EMEA. The OPEC countries are expecting a rise in the value of oil per barrel and are also likely to set up more projects in the coming years.
The oil and gas industry will be the key end-user of process safety systems. Most of these end-user industries were skeptical about investing during the economic crisis. The developing countries in APAC are undertaking new projects while countries in the Middle East and Latin America are looking to adopt newer automation technologies in process industries. Thus, the process safety systems market is expected to grow at a high rate.
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Further, the report states that one challenge in the Process Safety Systems Market is the Shortage of skilled labor to maintain and operate automation systems. The paucity of skilled labor to maintain and operate automation system along with process safety system affects vendors and end-users. Lack of skilled labor is a common challenge faced by the global automation market, especially in the developing economies. It is essential for safety system operators to have the knowledge as well as the technical ability to work on these systems. While there are automation experts and people with end-user experience, the pool of people with both these skills is declining.