Process safety system market to see double-digit growth

A greater awareness, understanding and adoption of safety system standards, along with the increasing demands of manufacturing expansion into China and India are fueling healthy growth in safety systems. The worldwide market, which was over $920 million in 2005, is expected to grow at a compounded annual growth rate (CAGR) of over 10% per year to over $1.5 billion in 2010, according to a new ARC Advisory Group study, “Safety and Critical Control System Worldwide Outlook – Market Analysis and Forecast Through 2010.”

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Safety and Critical Control Systems Market

According to researchers at ARC Advisory Group, the worldwide market for  safety and critical control systems will grow to more than $1.5 billion by 2010.

“Safety systems have been a buoyant market for the last two years. Increased demand for oil and gas due to the economic growth of China and India along with the other BRIC countries [Brazil and Russia] is fueling investments in oil and gas production and in refining, leading to increased demand for safety systems,” according to ARC Vice President Asish Ghosh, the principal author of the study. 

Today, a majority of established process safety instrumented system (SIS) suppliers such as ABB, General Electric, Honeywell, Invensys, Rockwell Automation, Siemens and Yokogawa are also basic control system suppliers (BPCS). Newcomers in this field include Emerson, RTP and MTL. 

Europe, Middle East and Africa are the largest markets for safety systems, followed by Asia and North America. The North American market size is declining, whereas the Asian market, led by China and India, is growing rapidly. Most of the Asian market is growing much faster than Europe, but as the European market is much larger, it will take a number of years for the Asian market to catch up with Europe in size.

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