The global process safety system in the oil and gas market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The oil and gas industry involves high-risk activities, including exploration, production, and processing of highly flammable & explosive materials. The global process safety system in the oil and gas market is growing due to the rising incidence of accidents in the oil and gas industry. The global market is also growing as the process safety system can increase productivity and decrease labor cost and at the same time provides greater safety. Additionally, the oil and gas industry has to rely on its communication network for its manufacturing and production chain. These day-to-day operation networks which were privately maintained had many emergency crises. Many product parts were unavailable in the market and some of them were mission-critical. Therefore, the oil and gas industry is moving towards a process safety system integrated with IoT, which in turn boosts the growth of the global process safety system in the oil and gas market.
The most common process safety system used in the oil and gas industry is the SCADA system. This system works in all three sectors of the oil and gas refining process which include upstream, midstream, and downstream. In all three processes, the SCADA system gathers data and information from remote locations which reduces the supervisors visiting the sites multiple times. This saves time and money at the same time as well as manages a high volume of output from the refineries. These systems can work in extreme conditions, including explosive atmosphere, high vibration, electromagnetic interface, and extreme operating conditions which are very common in the oil and gas industry.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In July 2021, Schneider Electric announced the improved version of its EcoStruxur Triconex Safety View, the industry’s first dual safety- and cybersecurity-certified bypass and alarm management software application. EcoStruxure Triconex Safety View allows operators to see both the bypass status that impacts the level of risk reduction in place, as well as the critical alarms required to operate the plant safely when risks are high.
- In October 2020, ABB announced the launch of SafetyInsight helping customers operate high hazard processes to reduce production losses, lower maintenance costs, and optimize safety and compliance. It is a digital software application that supports companies across the energy and process sectors throughout the entire lifecycle of process safety management.
- In February 2019, Rockwell Automation, Inc. announced its partnership with Schlumberger to create a new joint venture, Sensia, the first fully integrated digital oilfield automation solutions provider.
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Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Siemens AG, Emerson Electric Co., Rockwell Automation, Inc. , Honeywell International Inc. and Schneider Electric SE among others.
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Global Process Safety System in the Oil and Gas Market Report by Segment
By Type
- Hardware
- Software
- Service
By Application
- Emergency Shutdown
- Fire & Gas Systems
- Burner Management
- Turbo Machinery Control (TMC)
- HIPPS
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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