New ARC Advisory Group research on the alarm management market reveals that despite the pandemic, alarm management in general continues to be a focus in hydrocarbon processing plants, chemical plants, power plants, and other industrial process plants around the world. This is driven largely by the need to conform to current standards and best practices like ISA 18.2, EEMUA 191, and IEC 62682. The primary goal of these standards and practices is to develop a continuous improvement approach to alarm management and ease the alarm burden on operators, so they only see the information they need to see, particularly during process upsets or other abnormal situations.
"A new or upgraded alarm management solution could potentially help support many transformative technologies. Two technologies that come to mind are Big Data analytics and procedural automation. As one end user told ARC, ‘The information from a new alarm management system implementation can be used in the context of a data analytics solution. Many large plants are finding hidden value in some of these masked abnormal situations – ones that are near misses, degrading situations. To find those near misses, you must have event context'," according to Mark Sen Gupta, Research Director and key author of ARC's Alarm Management Market Research Report.
Alarm Management Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- Continuous Improvement Initiatives for Alarm Management
- Drive for Standardization
- Installed Base in Need of Upgrades
- Third-party Specialists Have Emerged
- Users More Receptive to Alarm Management
Leading Suppliers to the Alarm Management Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: Emerson Automation Solutions, Honeywell, PAS, TiPS, Yokogawa.
About the Alarm Management Research
The Alarm Management report explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts and 4 years of historical analysis segmented by World Region, Industry, Revenue Category, Sales Channel, Customer Type.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- Market Intelligence Workbook (Excel Power Pivot): A standard Workbook includes the base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports. Available with up to 4 years of historical analysis.
- Concise Market Analysis Report (PDF): This wide-screen presentation format makes it much easier to find detailed information on a market. This new format provides executives, business unit managers, and other authorized users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.