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Improving Oil and Gas Industry, Changing Regulations and Rising Awareness Indicates Positive Outlook for PPE
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The global oil and gas PPE market generated a revenue of $6.5 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 market contributing 25.8%, 24.3% and 11.9% product segments which are expected to depicts the highest growth. North America, Asia, Former Soviet Union (FSU), Middle East and EU remains as the key market contributing more than 85% of the total revenue generated by the global market. By Product the market has been segmented into: Head Protection, Eye and Face Protection, Hearing Protection, Respiratory Protection, Protective Clothing, Protective Gloves, Protective Footwear, Gas Detection Equipment and Fall Protection. By Regions the market has beenm segemnted into: Americas (North America and Central & South America), EU and FSU (Europe and Foreign Soviet Union), Middle East and Africa and Asia Pacific.
Two main growth opportunities observed in the market space are mentioned below.
1. Soaring Importance of training:Oil and Gas industry is more prone to high fatalities or accidents. Hence safety of workers is key to its workers. Setting multiple training centers to demonstrate workers to properly use PPE products to upheld health and safety at workplace.
2. Technology and Innovation are vital to challenge market share of competitors : Growing PPE in oil and gas market demands latest technologies and innovation to ensure that the products are complaint as per regulatory bodies. Simultaneously they are safe, durable and comfortable. To develop innovative products like wireless gas detectors with IIOT technologies, light-weight clothes, seamless gloves with better dexterity and increased resistance, helping workers to improve productivity and reduce risk of injury. Increase R&D spends, as greater R&D spends shall leads to better innovation.
Americas : North America with 29.1% remains the largest contributor, owing to US’ constant quest for greater energy security, which is reflected in the rising number of oil and gas exploration activities in the region.
Europe and FSU: In Western Europe, the revenue growth is moderate; the fossil fuel energy is being replaced with more renewable energy, resulting in decreasing employment rates. This has negative impact on the overall oil and gas PPE market, which is expected to grow at a CAGR of 3.3% in the region.
Middle East and Africa : The oil and gas PPE market in Middle East and Africa is evolving rapidly. Despite the continued importance of oil and gas industry in the Middle East, the region has low local capacity to manufacture PPE products and hence heavily rely on imports from different regions.
Asia-Pacific : The major challenge within the region is not the compliance level but the quality of products sold. The region is fragmented with small and middle scale manufacturers manufacturing cheap product which fails to meet the specifications required for the purpose.
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 growth in the PPE market in the global oil and gas industry. North America, Western Europe, Russia, 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 for the PPE market globally, due to a high level of occupational hazards. Global presence, multi-product offerings, and close customer interactions are the key competitivefactors that
could enable companies to compete in this market
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