- Buyer's Guide
Process owners face immense pressure to curtail production costs in order to compete in the global market. Currently, process efficiency, reliability, quality product supplies and hazardous working environments continue to push the process industry to its limits. Despite this challenging environment, the process industry continues to work toward the improvement of operational excellence while remaining competitive in the market by complying with safety regulations. With the global industry witnessing strong double-digit growth rates due to a large number of upcoming worldwide
New analysis from Frost & Sullivan (http://www.industrialautomation&processcontrol.frost.com), “World Safety Systems Markets for Process Industries”, finds that the market earned revenues of $1.0 billion in 2006 and estimates this to reach $2.1 billion in 2013.
“With automation taking huge strides in process industries, safer working environments are inevitable,” says Frost & Sullivan research analyst Muthuraman Ramasamy. “In particular, significant investments have been made in key end-user verticals such as oil and gas, chemical and petrochemicals, and power.”
These long-term investments should have a lesser total cost of ownership (TCO) and faster return on investment (ROI) because end-users feel pressured to reduce costs while simultaneously improving the quality and supply of products.
Therefore, end-users welcome a system that addresses the underlying challenge of minimizing the trade off between process uptime and process safety. In addition, end-users favor vendors that have significant technical experience in installing complex integrated safety solutions that monitor safety and non-safety functions while reducing the costly channels of diversified communication.
“Safety system vendors can respond to this growing need by rapidly developing total integrated solutions to capitalize on this market,” says Ramasamy. “Apart from offering integrated solutions with a superior value-cost proposition, market participants who have the ability to deploy solutions globally and introduce technologically advanced products that address market challenges will garner success in the safety systems for process industries market.”
Additionally, increasing the predictability of safety system failure would enable end-users to prevent costly downtime, thereby strengthening a system’s value proposition. This predictability would have an indirect impact on process efficiency by improving the productivity, process uptime and output.
In order to achieve greater market penetration, market participants must also educate end-users on the benefits of technologically advanced safety systems over homegrown solutions. Furthermore, a regional analysis clearly demonstrates that Asia-Pacific will likely become a booming market for process safety due to strong growth in its scale of economies.
Lucrative opportunities lie in legacy installations and the retrofit market, wherein the demand for safety systems remains largely untapped. Solutions with open architecture and flexibility to adapt to different systems provided by various automation suppliers increase the acceptability level among end users. Hence, market participants should focus on understanding end-user requirements and processes to develop a system that strategically meets their critical safety demands and needs.
“World Safety Systems Markets for Process Industries” is part of the Industrial Automation & Process Control Growth Partnership Service program, which also includes research in the following markets: World Manufacturing Execution System, Safety Systems for Process and Discrete Manufacturing, Automation and Software Solutions in the World Oil and Gas Industry, Automation and Software Solutions in the World Pharmaceuticals, and Automation and Software Solutions in World Automotive.
If you are interested in a virtual brochure, which provides manufacturers, end-users, and other industry participants with an overview of the “World Safety Systems Markets for Process Industries”, send an e-mail to email@example.com, with the following information: your full name, company name, title, telephone number, e-mail address, city, state and country. Frost & Sullivan will send you the information via e-mail upon receipt of the above information.