Recent analysis by Frost & Sullivan, Analysis of the Europe and former Soviet Union (FSU) Oil and Gas Personal Protective Equipment (PPE) Market, has found that the future of the (PPE) market in these regions is extremely promising.
Increased adoption levels have been reinforced by stricter safety regulations and heightened awareness in regards to worker safety. The research has found that the market generated revenues of US$ 1.07 billion in 2012 are set to increase to approximately US$ 1.37 billion by 2017. Based on current trends, Frost & Sullivan anticipates that protective gloves, protective footwear and gas detectors will experience the highest growth rates.
Rising global demand for oil has been cited as the major driver behind PPE market expansion; ongoing offshore projects in the North Sea and Caspian Sea are poised to trigger sizeable employment opportunities, directly driving the uptake of PPE.
Sharper focus on worker safety is also inciting a higher adoption rate. Frost & Sullivan’s Chemicals & Materials Research Analyst, Aparna Balasubramanian, has outlined how growing awareness about worker safety in the FSU will enhance quality standards for PPE; this, in turn, is set to push up prices and facilitate easier market penetration for global PPE suppliers.
Balasubramanian has additionally outlined the need for market participants to build a broad product portfolio that reflects this trend, enabling them to meet the diverse needs of the oil and gas industry; staying at the forefront of technological innovations and modifying generic products to suit changing working conditions and customer preferences will allow companies to gain the competitive edge.
A broad distribution network spanning multiple regions is also a crucial criterion of supplier selection for multinational oil companies. Customer service is also ranked as a key factor in making purchasing decisions.
Edited from various sources by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/05072013/oil_and_gas_industry_growth_boosts_ppe_demand_figures_461/