San Francisco, California, January 29, 2019 : Process safety system encompasses the systems that help to lower the occurrence of accidents in the manufacturing plant such fires, explosions, and chemical discharge. Mainly in the industries such as oil & gas and paints & coatings, the hazardous chemicals are used. Leakage or accidental discharge of these chemicals can lead to major fire or blast. Thus, the chemical industries are increasingly deploying process safety systems. This demand is a key factor boosting growth of the global process safety systems market.
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Despite presence of these safeguarding measures, these safety systems are not effective in every case. The failure of these systems is hampering the adoption of the process safety systems market. Additionally, growing demand for the effective and efficient safety systems is leading to encourage numerous players in the market to invest more on research and development of the existing process safety systems. These efforts is increasing number of new product launches and propelling prospects of the growth.
Additionally, the process safety systems include several layers of technical as well as non-technical protection. Especially the chemical and oil & gas industries are adopting these systems and measures for minimizing the social and emergence of economic damage with stringent regulations are positively impacting on the adoption of the process safety systems and likely to propel growth of the global process safety systems market. Additionally, knowledge and awareness about the importance of safe guarding safety and growing revenue of industry is enhancing their budgets of adopting the safety measures. This is a key factor boosting growth of the process safety systems market.
Some of the leading companies in the global process safety system market are Siemens AG, ABB Ltd., Rockwell Automation Inc., E.l.du Pont de Nemours and Company, and Honeywell International Inc. These key players operating in the market have well-established distribution networks across all geographies. The global presence of these companies is helping them to acquire higher profit margins as well as widespread customer base.
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