In a recent comprehensive report by ARC Advisory Group, several key factors driving the market for process safety systems have been identified. Shortage in safety system expertise, increasing focus on safety and reliability, and aging infrastructure are all combining to drive end users to make increased investments in process safety systems. Sustainability efforts are positively affecting investments in process safety systems. Suppliers are beginning to incorporate ESG messaging - this, however, still amounts to “selling insurance” as there is no demonstrable return on investment unless an event is avoided.
"There is a growing emphasis on managing operational risks across multiple industries, which is driving the growth of the market for SIS. Companies are recognizing that operational issues can impact their productivity, profits, and reputation. As a result, there is an increasing trend to invest in comprehensive safety protocols such as SIS to effectively mitigate these risks. The increasing governmental recommendations and regulations for improving the safety and security of industrial processes are creating a positive impact on the process safety systems market by increasing awareness and demand, encouraging innovation and development, enhancing competitiveness and reputation, and creating new markets and segments for process safety systems,”according to Vidya Prasad, Senior Analyst and key author of ARC's Process Safety Systems Market Research.
Process Safety Systems Market Trends
In addition to providing detailed competitive market share data, the research also addresses key market trends as follows:
- Sustainability efforts positively affect process safety system investment
- End users are slow to embrace remote monitoring solutions
- Supply chain issues affecting the overall economy will continue to affect process safety system delivery
- The shift away from carbon-fired power generation will continue to affect process safety revenues
Leading Suppliers to the Process Safety Systems 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: ABB, Honeywell, Rockwell Automation, Schneider Electric, Yokogawa.
About the Process Safety Systems Research
The Process Safety Systems research 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, five-year market forecasts, and three years of historical analysis. The research segmentation includes Industry, World Region, Sales Channel, Service Revenues by Type, Project Type, Revenue Category, Application, Overall Scope.
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