Safety System market growth, which has been tempered by the world economic downturn, especially in the developed economies in North America and Western Europe, is expected to rebound next year, according to a new ARC Advisory Group study.
“The two major Asian economies, China and India, are in recovery mode. They will experience above average growth in the process safety systems market over the next five years,” according to ARC Vice President Asish Ghosh, the principal author of ARC’s “Process Safety System Worldwide Outlook.”
Change in attitude among safety system users
Global acceptance and the enforcement of safety standards, the growth of industries, such as oil and gas, power generation, and chemical, and the increased safety awareness after major industrial accidents are leading reasons for growth in this market sector. From counting the costs the safety system users are now considering the potential expenses from unforeseen incidents.
Closer integration of safety and security
Cyber security, which is fast gaining importance in our daily activities, is going to be a major factor for the safety and security of manufacturing processes. Adopting a common methodology or lifecycle approach to safety and security is more efficient as it reduces duplication of effort, minimizes the possibility of omissions, and helps develop a safer and more secure system. That is leading to a closer integration of safety and security in control systems.
Suppliers are making strides in Asian and Mid East markets
The process safety system market in the Asia Pacific region is growing at a higher rate than other regions in the world. Oil and gas, major refinery, and chemical projects in this area will keep the market buoyant in this region. Suppliers with strong presence in the Asian market are making strides.
The Middle East will also show a high level of growth because of new grass root chemical plants and oil refineries and also because of the restoration and revamping of existing facilities in places like Iraq.