Improving oil and gas industry, changing regulations, and adoption of new technologies drive fresh growth opportunities, finds Frost & Sullivan
SANTA CLARA, Calif., Sept. 10, 2019 /CNW/ -- The outlook for the uptake of personal and protective equipment (PPE) in the oil & gas (O&G) industry looks promising with the expansion of O&G activities through new global projects, improved stability and the presence of many occupational hazards. Vendors should focus on developing a global presence, multiproduct offerings, and close customer interactions to harness current growth opportunities. Frost & Sullivan expects the mature O&G PPE market to grow at a compound annual growth rate (CAGR) of 3.7% to reach $7.59 billion by 2023.
"The competitive structure of the PPE market is expected to be highly dynamic as market participants scramble to gain market share through aggressive consolidation, adopting smart and wearable PPE, and investing in connected work technologies," said Arun Ramesh, Research Manager, Visionary Science, Frost & Sullivan. "The creation of distribution networks, product differentiation, and better post-purchase services will be critical to secure growth opportunities and provide a competitive edge."
Frost & Sullivan's recent analysis, Global Oil and Gas Personal Protective Equipment Market, explores the factors and trends that have shaped the global oil and gas PPE landscape, the challenges that lie ahead, and the opportunities that can be tapped. The market is analyzed in terms of seven product segments: above-the-neck protection, respiratory protection, hand protection, protective clothing, protective footwear, fall protection, and gas detection.
For further information on this analysis, please visit: http://frost.ly/3qs
From a regional perspective, North America remains the largest market for O&G PPE and generated $1,831.0 million in revenues, followed by APAC with revenues of $1,048.1 million in 2018. North America and APAC are expected to grow at CAGRs of 4.2% and 4.1%, respectively, during the 2018–2023 period.
"Owing to the rise in shale gas exploration, North America will continue to contribute the highest revenue in the O&G PPE market for the next three or four years," stated Ramesh. "Protective clothing and footwear segments are expected to witness robust growth while the demand for high-visibility clothing and fire-retardant garments remains strong."
O&G PPE vendors can make the most of the growth opportunities in the market by:
- Leveraging online portals to give customers more direct access to the entire product portfolio and capturing data-driven insights.
- Forming strong partnerships between small and mid-sized companies or strategic acquisitions to create product differentiation and a sustainable brand.
- Focusing on countries or regions that offer high potential for growth in the oil and gas sector.
- Capturing end-user feedback in the form of voice of consumer analysis to help charter the direction of research and development and growth of the company.
Global Oil and Gas Personal Protective Equipment Market, Forecast to 2023 is part of Frost & Sullivan's global Future of Personal Protective Equipment (PPE) Growth Partnership Service program.
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Global Oil and Gas Personal Protective Equipment Market,
Forecast to 2023
SOURCE Frost & Sullivan