London, 18 December 2014 – TechNavio, a tech-focused research firm, has published a new report on the Global Process Safety System Market in Oil and Gas Industry, which is expected to grow at a CAGR of 7.03 percent from 2014-2019.
Since the global economic slowdown, process safety system vendors have been looking for techniques to increase and diversify their revenue. The increased aftermarket demand has emerged as a source of stronger revenue, thus making a positive impact on the Global Process Safety System Market in the Oil and Gas Industry.
“Companies in the oil and gas sector are looking to maintain existing process safety systems, as well as replace and repair old and broken systems in order to save on costs. This has opened up opportunities for vendors in these difficult economic conditions,” says Faisal Ghaus, Vice President of TechNavio.
The need for integration in operations has also been recognized by oil and gas producers, which has led to the development of integrated solutions. These new solutions aid in operational design and implementation, thereby reducing the chance of system failure.
“Integrated safety solutions help end-users to optimize their overall operational costs and improve operational efficiency, thus propelling the overall market,” says Ghaus.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
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