The outlook for the uptake of personal and protective equipment (PPE) in the oil and 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 USD 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,” says 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 analysed in terms of seven product segments: above-the-neck protection, respiratory protection, hand protection, protective clothing, protective footwear, fall protection, and gas detection.