Process safety system market set for rebound

Dedham, Massachusetts – Safety system market growth, which has been hit by the world economic downturn, especially 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 Asish Ghosh, ARC vice-president and author of “Process Safety System Worldwide Outlook” .

Global acceptance and 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, according to the study.

Cyber security is also set to be a major factor for the safety and security of manufacturing processes, noted the ARC report. This, it said, will lead to more common approaches to reduce duplication of effort and possible mistakes, as well as closer integration of safety and security in control systems.

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, according to the ARC forecast.

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 such as Iraq, the study added.