Improving oil and gas industry, changing regulations, and adoption of new technologies drive fresh growth opportunities, finds Frost & Sullivan.
The outlook for the uptake of personal and protective equipment (PPE) in the oil & gas (O&G) industry looks promising with the expansion of O&G activities through new global projects, improved stability and the presence of many occupational hazards. Vendors should focus on developing a global presence, multiproduct offerings, and close customer interactions to harness current growth opportunities. Frost & Sullivan expects the mature O&G PPE market to grow at a compound annual growth rate (CAGR) of 3.7% to reach $7.59 billion by 2023.
“The competitive structure of the PPE market is expected to be highly dynamic as market participants scramble to gain market share through aggressive consolidation, adopting smart and wearable PPE, and investing in connected work technologies,” said Arun Ramesh, Research Manager, Visionary Science, Frost & Sullivan. “The creation of distribution networks, product differentiation, and better post-purchase services will be critical to secure growth opportunities and provide a competitive edge.”
Frost & Sullivan’s recent analysis, Global Oil and Gas Personal Protective Equipment Market, explores the factors and trends that have shaped the global oil and gas PPE landscape, the challenges that lie ahead, and the opportunities that can be tapped. The market is analyzed in terms of seven product segments: above-the-neck protection, respiratory protection, hand protection, protective clothing, protective footwear, fall protection, and gas detection.
From a regional perspective, North America remains the largest market for O&G PPE and generated $1,831.0 million in revenues, followed by APAC with revenues of $1,048.1 million in 2018. North America and APAC are expected to grow at CAGRs of 4.2% and 4.1%, respectively, during the 2018–2023 period.
“Owing to the rise in shale gas exploration, North America will continue to contribute the highest revenue in the O&G PPE market for the next three or four years,” stated Ramesh. “Protective clothing and footwear segments are expected to witness robust growth while the demand for high-visibility clothing and fire-retardant garments remains strong.”
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