New ARC Advisory Group research on the process safety systems market reveals that the global process safety systems market has officially entered a recovery mode largely due to new construction growth from developing markets in Asia.
“As the major oil companies have adapted to working at oil prices in the $60/barrel range, many of the oil & gas projects that were previously delayed due to the lower oil prices are resuming. Year-over-year growth was seen across all Asian markets, led by China. The developed markets in Asia experienced growth but to a lesser degree than the developing economies,” according to Mark Sen Gupta, Senior Consultant at ARC Advisory Group and key author of ARC’s Process Safety Systems Global Market Research report.
“Despite the recent uptick in new project activity, the short-term outlook is for continued lackluster growth as the global safety instrumented systems (SIS) market continues to face many significant headwinds. Perhaps the most significant headwinds facing this market are the overall reliability of the systems along with a general preference to leave well enough alone amongst the heavy process end user community. End users in the heavy process industries typically do not see the benefit of upgrading their process safety systems unless there is a glaring need. This attitude limits the replacement business opportunities for process safety system suppliers,” added Mark.
About the Process Safety Systems Research
This ARC research explores current and historical market performance and related technology and business trends, identifies leading technology suppliers, and provides five-year global forecasts for the process safety systems market. 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 by revenue category, safety integrity level, world region, industry, sales channel, application, and project 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 a:
- Market Intelligence Workbook (Excel) – personalized spreadsheet includes five years of historical data in addition to the current base year market data and 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.
- Concise Market Analysis Report (PDF) – provides an executive-level summary of the current market dynamics, market forecasts, and competitive analysis, plus an overview of strategic issues. The PDF is available with or without detailed charts.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.