Process safety system market to see double-digit growth
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.
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.