LONDON--(BUSINESS WIRE)--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 optimize their overall operational costs and improve operational efficiency, thus propelling the overall market,” says Ghaus.
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TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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