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Process Safety System Market in Oil & Gas to Grow by USD 151.9 Million from 2024-2028, Driven by Operational Efficiency Gains and AI-Driven Market Trends – Technavio

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NEW YORK, Nov. 5, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global process safety system market in the oil and gas industry  size is estimated to grow by USD 151.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.2%  during the forecast period. Improvement in operational efficiency is driving market growth, with a trend towards development of customized safety systems. However, cybersecurity risks  poses a challenge.Key market players include ABB, Bureau Veritas SA, Emerson Electric Co., General Electric Co., Halma Plc, Hexagon AB, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Intertek Group Plc, Johnson Controls International Plc., OMRON Corp., Pentair Plc, Primatech Inc, Rockwell Automation Inc., RTP Co., Schneider Electric SE, SGS SA, Siemens AG, TUV SUD AG, and Yokogawa Electric Corp..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Onshore and Offshore), Product (Hardware, Software, and Service), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)

Region Covered

North America, APAC, Europe, Middle East and Africa, and South America

Key companies profiled

ABB, Bureau Veritas SA, Emerson Electric Co., General Electric Co., Halma Plc, Hexagon AB, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Intertek Group Plc, Johnson Controls International Plc., OMRON Corp., Pentair Plc, Primatech Inc, Rockwell Automation Inc., RTP Co., Schneider Electric SE, SGS SA, Siemens AG, TUV SUD AG, and Yokogawa Electric Corp.

Key Market Trends Fueling Growth

In the Oil and Gas Industry, the importance of process safety systems is paramount in refining and petrochemical plants. End-users require customized safety systems due to their unique needs, yet the high capital investment for automation systems often hinders adoption. Vendors respond by expanding their product offerings and collaborating with end-users to create tailored solutions. Outdated and imprecise process safety information can lead to cost escalation and operational inefficiencies, making it crucial to have reliable, up-to-date information. Siemens’ Process Safety Information Manager software addresses this need by providing an easy-to-use and maintain system with instant access to critical information. The trend towards customized safety systems will drive market growth in the coming years. 

The Process Safety System market in the Oil and Gas industry is witnessing significant growth due to the increasing focus on ensuring safety and efficiency in plant operations. One trend in this market is the adoption of advanced technologies for temperature control in greenhouses used for building exotic plants in agriculture and horticulture. These greenhouses use various types like span-type and lean-to, and are equipped with glazing, heating, ventilation, and cooling systems to maintain optimal conditions. Climate change, greenhouse gases, carbon dioxide, solar radiation, and volcanic or tectonic activity are key factors influencing greenhouse design and operation. Energy efficiency, microclimate control, and temperature and humidity adjustment are essential for maintaining a productive and cost-effective greenhouse. The market is also driven by the need to mitigate the environmental impact of greenhouse operations and the greenhouse effect on climate history. Proxy evidence from natural archives and paleoclimatology provides valuable insights into climate variability and seasonal cycles, helping to inform best practices for greenhouse design and management. 

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Market Challenges

The process safety system market in the oil and gas industry faces substantial cybersecurity risks during the forecast period. With the increasing digitization and connectivity of process safety systems, they become more susceptible to cyber threats. Hackers and malicious actors may exploit vulnerabilities in digital infrastructure to gain unauthorized access, disrupt operations, or compromise safety controls. The oil and gas industry is a prime target due to its critical role in energy supply and economic stability. A successful cyberattack could lead to catastrophic accidents, environmental damage, and financial losses. Sensitive data related to equipment performance, operational procedures, and safety protocols are at risk of exposure in a data breach. Interconnected supply chains introduce additional risks, as third-party suppliers or contractors could be targeted to gain access. Cybersecurity risks will hinder the growth of the process safety system market in the oil and gas industry during the forecast period.

The Process Safety System Market in the Oil and Gas Industry faces various challenges related to climate change and its impact on greenhouse operations. The unpredictable weather patterns, caused by greenhouse gases like carbon dioxide and solar radiation, pose risks to tropical and warm greenhouses. Volcanic and tectonic activities, orbital variations, and climate variability further add to these challenges. Feedbacks from human activities, such as deforestation and increased carbon emissions, intensify the effects. To mitigate these risks, greenhouse operators must focus on energy efficiency and microclimate control through temperature and humidity adjustment. Disease and pest protection, sealing, and increased production during off-seasons are essential for profitability. Smart greenhouses, utilizing technology optimization, can help manage climate variability and seasonal cycles, providing valuable insights from climate history and natural archives. Ultimately, the integration of proxy evidence and ecosystem studies into greenhouse operations will ensure long-term sustainability and biodiversity preservation.

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Segment Overview 

This process safety system market in the oil and gas industry report extensively covers market segmentation by

Application 1.1 Onshore1.2 OffshoreProduct 2.1 Hardware2.2 Software2.3 ServiceGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Onshore-  In the oil and gas industry, the process safety system market focuses on implementing measures and technologies for onshore applications to prevent and minimize hazards during production, refining, and processing. These systems are essential for safeguarding personnel, the environment, and assets. Onshore facilities involve various processes, from drilling and production to refining and distribution. Adherence to safety regulations and standards, which may differ by location, is crucial. With increasing energy demand, the need for safe and efficient onshore oil and gas operations grows. The process safety system market for onshore applications is vital for ensuring safe and sustainable operations, contributing to the expansion of the onshore segment and the market as a whole during the forecast period.

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Research Analysis

The Process Safety System Market in the Oil and Gas Industry plays a crucial role in ensuring the safe and efficient operation of plants, particularly those involved in the production and processing of hydrocarbons. These systems help monitor and mitigate potential hazards, such as temperature fluctuations, pressure, and the release of greenhouse gases. Temperature control is a key aspect of process safety systems, with both warm and cool greenhouses employing similar technologies for maintaining optimal conditions. Glass, a common component of greenhouses, is essential for allowing sunlight in while regulating temperature through insulation. Heating and ventilation systems help maintain desired temperatures, while glazing materials can be selected based on their insulation properties. Climate change, greenhouse gases, carbon dioxide, solar radiation, and various natural phenomena like volcanic activity and tectonic activity can impact process safety systems in the oil and gas industry. Human activities, such as deforestation, and climate variability, including seasonal cycles and paleoclimatology, also influence these systems. Feedbacks from these factors can lead to complex interactions, necessitating continuous monitoring and adaptation.

Market Research Overview

The Process Safety System Market in the Oil and Gas Industry focuses on ensuring the safe and efficient operation of plants and facilities, particularly those involving temperature control and energy management. This market encompasses various systems such as span-type and lean-to greenhouses, which utilize glazing for light distribution and climate control. These structures are used in a wide range of applications, from agriculture and horticulture to controlled environments for exotic plants. Factors influencing the market include climate change and greenhouse gases, solar radiation, volcanic and tectonic activity, orbital variations, and human activities like deforestation and climate variability. Feedbacks from ecosystems, weather, and environmental impact are also considered. The greenhouse effect, biodiversity, climate history, and natural archives are essential elements of the market’s research and development. Energy efficiency, microclimate control, temperature and humidity adjustment, disease and pest protection, sealing, and increased production are key benefits of process safety systems. Off-season production, crop cycles, and environmental control are also essential considerations. Technology optimization, including smart greenhouses, aims to improve profitability and investment return for businesses in the oil and gas industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationOnshoreOffshoreProductHardwareSoftwareServiceGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Novo AI and discovermarket partner to take Embedded Insurance to the next level

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SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Novo AI joins forces with discovermarket, a leading embedded insurance platform, to revolutionize the future of digital insurance. This new partnership aims to enhance the efficiency and accessibility of embedded insurance offerings.

What is Embedded Insurance?

This is a type of product that integrates insurance products directly into the purchasing process of non-insurance items in real-time, enabling consumers to get protection seamlessly during the buying process. The insurance policies are suited to their specific needs, at a fraction of the cost of traditional offerings. With technological advancements, embedded insurance is making low-value items insurable in a cost-effective manner and democratizing the insurance landscape.

What Novo AI Brings to the Table?

This collaboration brings together two innovative companies poised to transform the insurance industry. Given the large volumes and low prices of embedded insurance products, it’s essential to streamline operations, automate processes, and maximize efficiency. Novo AI uses generative AI to make them x100 more efficient than before. Key areas of focus include automating claims processing, implementing systematic fraud detection at scale and enhancing customer support.

Novo AI and discovermarket are rolling out a new product to enhance the customer journey: AI-powered policy creation and management. This AI-agent allows discovermarket to offer a tailored, automated experience where customers can create personalized policies and manage them throughout their lifetime. The agent effectively helps customers understand their insurance coverage, the policy exceptions and assists them with claims submissions.

A Word from the Partners

discovermarket’s CEO, Patrick Bühler states: “Our platform offers a marketplace-as-a-service platform where brokers and insurers can design specific coverage directly, which is automatically configured to operate within our system. We are thrilled to be working with Novo AI to enhance this capability. The addition of AI-driven features will enable us to draft better insurance products autonomously, based on existing policy wording. We believe this is the future of hyper-customized insurance.

Novo AI CEO: “We’re very excited with the unique set of challenges that the digital insurance playground offers and to be partnering with a forward-looking partner like discovermarket on this. The sector operates under very different rules than traditional insurance, with a critical need for scalable, low-cost, differentiated solutions, particularly in policy management. This will enable first access to insurance for less privileged pockets of the population, and we’re in a unique position to make it happen.”

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/novo-ai-and-discovermarket-partner-to-take-embedded-insurance-to-the-next-level-302296583.html

SOURCE Novo AI

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Maytronics Announces Patent Settlement With Chasing

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WASHINGTON, Nov. 6, 2024 /PRNewswire/ — Maytronics, Ltd. (TASE: MTRN) (“Maytronics”), a global leader in the swimming pool industry, is pleased to announce that it has entered into a settlement agreement with Chasing Innovation Technology Co., Ltd. and Chasing Technology (USA), LLC (collectively “Chasing”) resolving claims of patent infringement related to innovative robotic pool cleaning technology covered by Maytronics’ U.S. Patent No. 10,378,229 and European Patent Nos. 2,845,969 and 2,706,170 (“Maytronics’ Patents”).

In October 2023, Maytronics filed a patent infringement complaint against Chasing in the US District Court for the Western District of Washington. As a result of the parties’ settlement, that complaint will be dismissed. In exchange for Maytonics dismissing the lawsuit, Chasing will, among other things, cease production and sales of robotic pool cleaners that utilize the technology and innovations described and claimed in Maytronics’ Patents. The remaining terms of the settlement agreement remain confidential.

Franck Sogaard, Maytronics’ Chief Revenue Officer (CRO) and President of Americas, EMEA and APAC, said: “We are pleased this matter has been resolved. Maytronics invests considerable time and resources to develop and protect technologies that not only differentiate its products in the market but that define trends in the market. With this settlement, Maytronics re-enforces its commitment to protect its intellectual property and maintain its innovative edge in the global pool cleaning market. This settlement will allow us to focus our full attention on the future by innovating and creating consumer-driven, value-minded, integrated pool products that provide our customers with the perfect pool environment.”

About Maytronics

Maytronics is a global leader in the swimming pool industry, specializing in pool water solutions and offering a wide variety of products such as robotic pool cleaners, pool safety products and water treatment systems. Over the past 40 years, through innovative technology, design and reliability, Maytronics has built its Dolphin pool cleaning robots into a leading global brand. Innovation and creativity are core to Maytronics’ mission and critical to Maytronics’ leadership position and competitive advantage in the market. Consistent with Maytronics’ commitment to leadership through innovation, Maytronics has invested substantial resources in research and development and protection of its intellectual property. Maytronics has developed a global patent portfolio that includes over 100 issued U.S. patents and published patent applications. In addition, Maytronics has numerous international patents protecting its industry-leading innovative technology for pool cleaning robots.  For more information about Maytronics please visit www.maytronics.com

Contact:

Tomer Rubinshtein
Tomer.Rubinshtein@Maytronics.com

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Nium and Partior Partner on Real-Time, Cross-Border Payments, Clearing and Settlement

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Nium becomes first fintech to join the blockchain-based network, enabling faster cross-border payments, added market reach, and greater transaction transparency

SINGAPORE, Nov. 5, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, today announced a partnership with Partior, the blockchain-based fintech for clearing and settlement at the Singapore Fintech Festival 2024. The partnership makes Nium the first fintech payment service provider (PSP) on the Partior network. Financial institutions will be able to connect with Nium via Partior for 24×7, transparent, real-time payouts, clearing, and settlement to over 100 markets worldwide. Importantly, the connection will require no additional API integration work, streamlining what historically took months of resource-intensive work.

This new partnership builds on Nium’s recent strategy to connect more networks to its real-time payments’ infrastructure. By joining the Partior network, Nium is extending its connectivity to one of the most innovative networks in the industry. Partior’s blockchain-powered platform effectively resolves longstanding inefficiencies in global payments, such as settlement delays, high costs, and limited transaction transparency. In today’s global landscape, where companies operate around the clock, effective liquidity management is essential for both corporate and financial institutions. This collaboration allows Nium to offer its clients the ability to execute real-time multi-currency payments and Payments versus Payments (PvP) settlements, further simplifying access to its global payments network.

“Nium’s partnership with Partior brings us closer to becoming the most connected payments network globally. By integrating with advanced networks, such as Partior, we are ensuring that financial institutions can quickly and easily access our real-time payments infrastructure without the need for complex technical integrations,” said Alexandra Johnson, Chief Payments Officer at Nium. “Recognizing how resource-constrained financial institutions are, we’re eliminating barriers to using our network and increasing interoperability to deliver on our mission of having seamless and streamlined real-time payments to anyone, anywhere.”

Humphrey Valenbreder, Chief Executive Officer at Partior said, “Partnering with Nium marks a significant step in our journey to further advance the global payments landscape. By combining Partior’s real-time blockchain settlement network with Nium’s vast global reach, we’re empowering financial institutions to break down long-standing barriers. Imagine a world where cross-border payments are instantaneous, transparent, and accessible to all. This is the future we’re building together.”

As part of its continued expansion, Nium’s partnership with Partior enhances its ability to facilitate frictionless global transactions and unlock new services such as intra-day FX swaps, cross-currency repos, programmable enterprise liquidity management, and Just-in-Time multi-bank payments for financial institutions worldwide.

Nium’s growing network, supported by these strategic partnerships, is setting a new standard for how financial institutions can access and benefit from global payments, paving the way for a more efficient and transparent financial ecosystem.

About Nium

Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.

About Partior

Partior, the blockchain-based fintech for clearing and settlement, is redefining the way value moves globally. Founded in 2021, Partior is backed by founding shareholders DBS, J.P. Morgan, Standard Chartered, and Temasek, and Series B lead investor Peak XV. Partior is addressing the operating inefficiencies experienced by industry players, including settlement delays, limited transaction transparency and high operating costs, and facilitates the movement of liquidity for financial institutions and their customers. Its network offers real-time multi-currency payments, and Payments versus Payments (PvP) settlement. Additionally, it is exploring new services including Intra-day swaps, Delivery versus Payments (DvP) settlement and enterprise solutions.

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