Technology

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

Published

3 weeks ago

November 5, 2024

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 Outdated and imprecise process safety information can lead to cost escalation and operational inefficiencies, making it crucial to have reliable, up-to-date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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SOURCE Technavio

Technology

PASHA Holding forges global connections at COP29

Published

2 hours ago

November 23, 2024

BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — PASHA Holding, a leading Azerbaijani company, successfully participated at COP29, reaffirming its dedication to climate action. As an Impact Partner at the event, PASHA Holding actively engaged in meaningful discussions, collaborated with global stakeholders, and shared its vision for a sustainable future.

The holding’s presence included a tailored booth in the Green Zone, alongside multiple thought-provoking sessions led by PASHA Holding companies, including PASHA Bank, Kapital Bank, PASHA Insurance, PASHA Life, AgroDairy, and PASHA Real Estate. These sessions addressed critical issues such as climate finance, sustainable agriculture, and the role of private sector leadership in fostering inclusive green transitions.

Through its participation, PASHA Holding leveraged the opportunity to exchange ideas, build relationships with regional and global peers, and learn from diverse experiences in tackling climate challenges. By engaging with stakeholders from government, international organizations, and the private sector, PASHA Holding enhanced its capacity to drive sustainable development initiatives in Azerbaijan and beyond.

Aytaj Mukhtazada, Head of PR and Communications at PASHA Holding, remarked:

“COP29 has been an extraordinary platform for us to amplify our sustainability vision and forge valuable connections. The insights gained and partnerships established here will enable us to align our strategies with global climate objectives while addressing the unique needs of our region. This experience underscores the importance of collaboration in creating impactful, long-term solutions to the challenges we all face.”

Key elements of PASHA Holding’s sustainability strategy include minimizing the environmental impact of its own operations, investing in projects that support the transition to net zero, and investing in technological innovation to address the challenges presented by climate change. In the near future, the group plans to conduct comprehensive diagnostics and gap analysis across its subsidiaries to set specific goals to decrease our carbon footprint, including supply chain, support the customers in their transition journeys and increase investments in green initiatives. Additionally, PASHA is committed to empowering its stakeholders through education and collaboration, ensuring that sustainability is embedded across the wider economy. These plans include supporting the development of a sustainable SME landscape in the country, aiding farmers in their green transition, and supporting innovation for developing decarbonization solutions.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pasha-holding-forges-global-connections-at-cop29-302314735.html

SOURCE PASHA Holding

Technology

Global Times: China vows to promote steady growth of foreign trade

Published

3 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Officials from five Chinese departments including the Ministry of Commerce (MOFCOM), the Ministry of Foreign Affairs and the People’s Bank of China vowed to promote the steady growth of foreign trade at a press conference held on Friday in a move experts said is part of a package of policy measures to inject impetus and confidence into stabilizing the economy and help realize its annual economic targets.

Meanwhile, at the same press conference, the vice commerce minister highlighted China’s capacity in dealing with external shocks in the first explicit, publicly known response by a senior commerce official to the impact of the US’ potential 60 percent tariffs on Chinese imports. He stressed tariffs will only lead to high costs for consumers, and a stable, healthy and sustainable development of China-US economic and trade relations will benefit peoples of both countries and the world.

The press conference came after MOFCOM, together with the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the People’s Bank of China and the General Administration of Customs rolled out nine measures to support foreign trade, involving support and guidance in insurance, financing, cross-border trade settlement, expanding scope on imports and exports, optimization of trade structure, visa facilitation and transportation.

Analysts noted that the latest move will further enhance the confidence of Chinese foreign trade enterprises, thereby injecting a stable and strong impetus to economic development, helping the country navigate the complexities of the global market.

Policy support

During the press conference, Chinese Vice Commerce Minister Wang Shouwen noted that the policy is aimed at responding to changes in the international trade situation and promoting solutions to practical difficulties faced by foreign trade enterprises in financing and maritime transport.

The raft of policy measures aimed at promoting the steady growth of foreign trade was deliberated and adopted by a State Council executive meeting on November 8.

The Ministry of Commerce on Thursday unveiled the policy measures in a notice. Among the nine specific measures, financial institutions are encouraged to increase financing support for micro, small and medium-sized companies based on market-oriented and law-based principles.

Efforts should be made to optimize cross-border trade settlement, promote the development of cross-border e-commerce, expand agricultural product exports, and support the imports of key equipment and energy resources, said the notice.

The overall situation of China’s foreign trade is relatively optimistic, but at the same time we should also see that uncertainties continue to accumulate. Maintaining stable growth in foreign trade and sustained improvement in competitiveness cannot be separated from policy support, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, said on Friday.

“The timely joint efforts by five Chinese departments enhanced the confidence and expectations of Chinese foreign trade enterprises, and the measures will effectively help address problems of current foreign trade and future uncertainties,” Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Friday.

Stable growth in foreign trade can provide more impetus for the domestic economy. The nine measures are part of a package of policy measures to inject growth momentum and confidence into stabilizing the economy, which will help realize the country’s annual economic targets, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said on Friday.

“Consumption, investment, exports and market sentiment all improved in October, and this trend is highly likely to continue in the last two months of the year, as the confidence of enterprises and consumers has been shored up thanks to the support policies,” Wang Peng told the Global Times.

Resilient against external shocks

At the press conference on Friday, Wang Shouwen also stressed that China has the capacity in dealing with external shocks largely owing to its resilient and vibrant economy that has great potential in a response to a question on the impact of the US’ potential 60 percent tariffs on Chinese imports.

China is building a “dual circulation” development pattern, which takes the domestic market as the mainstay while allowing domestic and international markets to reinforce each other. We are capable of resolving and withstanding the impact of external shocks, the official told reporters.

Wang Shouwen noted that history has also shown that the imposition of tariffs on China by a country does not solve the problem of its own trade deficit, on the contrary, it pushes up the prices of the country’s imports from China as well as from other countries.

This is because the tariffs are ultimately paid for by the consumers and the end-users of the importing country, which inevitably leads to an increase in the prices paid by consumers and an increase in the costs to the users, which also leads to inflation, the vice commerce minister further elaborated.

The vice commerce minister said that China and the US are the two largest economies in the world, and have strong complementarities. We believe that if China and the US can maintain a stable, healthy and sustainable development trend in their economic and trade relations, it will be beneficial to both the Chinese people and the American people, as well as the people of all countries in the world, and this is also what the international community expects, he said.

China is willing to engage in dialogue with the US on the basis of the principles of mutual respect, peaceful coexistence and win-win cooperation, in a bid to expand areas of cooperation, manage differences, and promote the stability of the bilateral trade and economic and trade relationship, Wang Shouwen said, noting that China will also firmly safeguard its own sovereignty, security and development interests.

Chinese companies have advantages in ordering, transportation, warehousing and other export-related areas that are difficult for other countries to replace, due to their complete supply chain and high production efficiency, Li said.

“Moreover, the country’s economic resilience provides enough market size to address some of the external risks. In particular, China has continued to promote new dynamics in foreign trade and new quality productive forces, which will cultivate new international competitive advantages,” Li noted.

“Years of China-US trade and investment have made the two sides interdependent. In addition to providing US consumers with cost-effective products, China’s exports of its intermediate products have become embedded in the US supply chain and have become part of the competitiveness of many US industries,” Li said, noting that the US needs to maintain rationality in its economic and trade policy toward China.

View original content:https://www.prnewswire.com/news-releases/global-times-china-vows-to-promote-steady-growth-of-foreign-trade-302314725.html

SOURCE Global Times

Technology

ZICC: Closer China- Honduras Ties

Published

3 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Renato Florentino, vice president of Honduras, accepted an exclusive interview with ZICC in Wuzhen during the 2024 World Internet Conference Wuzhen Summit. He said that China’s advancements in transportation, communication, and computing impressed him a lot. “We hope to continue to promote the cooperation between Honduras and China and maintain close cooperative relations,” he said.

SOURCE ZICC