Global Process Safety Systems Market 2015-2019 - Increased Demand from Oil and Gas Industry with ABB, Honeywell, Rockwell, Siemens & Yokogawa Dominating

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Apr 15, 2015, 12:28 ET

DUBLIN, Apr. 15, 2015 /PRNewswire/ --Research and Markets

(http://www.researchandmarkets.com/research/m3h756/global_process) has announced the addition of the "Global Process Safety Systems Market 2015-2019" report to their offering.

The Global Process Safety Systems market to grow at a CAGR of 6.77% over the period 2014-2019

Process safety systems protect personnel and property in processing industries. They are generally used to prevent fires, explosions, and accidental release of chemicals or other hazardous materials in industries such as Oil and Gas, Chemicals and Petrochemicals, and Power. A safety system typically comprises engineered hardware and software controls.

The report, Global Process Safety Systems Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the APAC region, the Americas, and the EMEA region; it also covers the Global Process Safety Systems market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Growth in the main automation contractor concept is one major trend upcoming in the market. This creates huge opportunities for automation manufacturers. End-users are increasingly banking on automation manufacturers to be Main Automation Contractors that can provide them with complete solutions to all their automation requirements. The MAC is responsible for coordinating, installing, and maintaining all automation and related activities for end-users, including installation of process safety systems.

According to the report, the Global Process Safety Systems market is mainly driven by the growing demand for safety systems from the Oil and Gas industry. Also, increased process automation by end-users has resulted in huge opportunities for the market.

Further, the report states that end-user market maturity in Europe and North America pose a threat to the growth of this market. Lack of skilled labor to operate and maintain automation systems that include process safety systems affect automation providers. However, the presence of multinational automation providers in these regions reduces the effect of this challenge.

The Global Process Safety Systems market can be segmented into the following: