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Improving Oil and Gas Industry, Changing Regulations, and Rising Awareness Indicate a Positive Outlook for PPE
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The global oil and gas PPE market generated a revenue of $6.3 billion in 2018 and is expected to grow at a CARG of 3.7% between 2018 and 2023. Protective clothing, protective footwear, and gas protection are the major product segments; they accounted for 25.5%, 25.3%, and 11.8%, respectively, and are set to see the highest growth. The Americas, APAC, CIS & EU, and the Middle East remain key regional markets; they together account for more than 85% of the total revenue. The market covers equipment for head protection, eye and face protection, hearing protection, respiratory protection, and fall protection, and includes protective clothing, protective gloves, protective footwear, and gas detection equipment. The geographic scope of this research service is the Americas (North America, and Central, and South America). The O&G PPE market in the Americas generated revenue of $2410.2 million in 2018; the market is expected to grow at a CAGR of 4.0% during the forecast period. Two main growth opportunities observed in the market space are mentioned below:1. The soaring importance of training: The oil and gas industry is more prone to high fatalities or accidents. The industry is actively setting up several training centers to demonstrate the correct use of PPE products and to uphold health and safety standards in the workplace. 2. The need for technology and innovation to expand market share: Growing use of PPE in the oil and gas market requires constant innovation and the use of the latest technologies to ensure that said equipment is not only safe, durable and comfortable to use but also meet the regulatory requirement. Wireless gas detectors with IIoT technologies, lightweight clothes, seamless gloves with better dexterity and increased resistance, help workers improve productivity and reduce risk of injury. However, this may translate into higher R&D spending in the pursuit of innovative solutions.Americas: North America with 29.1% remains the largest contributor, due to the United States’ constant quest for greater energy security, which is reflected in the rising number of oil and gas exploration activities in the region. The competitive structure of the PPE market is expected to be highly dynamic as market participants scramble to gain market share through aggressive consolidation. Respiratory protection, protective footwear, protective clothing, and gas detectors are expected to drive the consumption of PPE in the global oil and gas industry. North America, Western Europe, Russia, the Middle East, and China are the regional markets with the most promising growth opportunities. The oil and gas industry is likely to remain an important end-user sector due to the perceptible level of risk and hazard that accompany jobs in this industry. Global presence, a wider portfolio of products, and closer customer interaction are the key competitive factors that could help companies to stay competent in this market.
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