Market Trends of Safety Programmable Controller Industry
This section covers the major market trends shaping the Safety Programmable Controllers Market according to our research experts:
Oil and Gas Industry to Witness a Significant Growth
- In the oil and gas industry processes, there is usually a great demand for safety and reliability and according to the US Energy Information Administration, the world’s annual energy consumption of oil and gas is projected to increase steadily from less than 200 quadrillion BTU in 2015 to nearly 250 quadrillion BTU by 2040.
- The oil and refinery gas industry is a mostly manual system with many risks, such as explosion hazards, fire hazards, lightning, radiation, etc.
- With demand continuing to grow, oil and gas producers need to find new and better ways to capture the energy and their increment in capital spending is mainly on new control equipment for better safety, reliability, and low energy consumption.
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North America to Register a Significant Growth Rate
- North America is estimated to hold a major share in the market, owing to rise in industrial investment in the mining and oil and gas sectors, which fueled the utilization of safety programmable controllers, thereby propelling the market growth.
- The current trend of adopting automation and specific benefits, such as better diagnostics capabilities and reduced machine downtime, are other drivers, which are expected to contribute to the growth of the market over the forecast period, in this region.
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