TechNavio recognizes the following companies as the key players in the Global Process Safety System Market: ABB Ltd., Honeywell International Inc., Yokogawa Electric Corp., and Siemens AG.
Commenting on the report, an analyst from TechNavio’s team said: “Development of integrated safety solutions is one of the major factors that drive the Global Process Safety System market. Currently several vendors offer integrated safety solutions, which are more effective than traditional safety systems. These safety solutions consist of basic process control solutions, which in turn help end-users to optimize their overall operational costs and improve operational efficiency. For instance, Honeywell International Inc. offers integrated process control and a safety system, which is highly effective compared to a legacy system.”
According to the report, one of the major drivers is the increasing demand for safety systems from the Oil and Gas industry. The effective deployment of safety systems helps companies to avoid any hazardous activities during operation, thereby increasing the overall operational efficiency of the plant.
Further, the report states that a major challenge in the market is the reluctance in migrating to the latest technology. Several organizations across various process industries across the globe find it difficult to shift from their legacy system to the latest technology because of various technical issues such as interoperability and compatibility with existing systems.
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 a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-process-safety-system-market-2012…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/engineering-and-automation
Follow us on Twitter @ Technavio
TechNavio Announces the Publication of its Research Report -Global Process Safety System Market 2012-2016
