Safety system market expected to rebound in 2011

More companies are expected to invest in safety systems next year, spur-ring a rebound in the safety system market, a recent study reveals.

The ARC Advisory Group report, entitled “Process safety system world-wide outlook”, reveals that a changing attitude in safety system users across the globe, along with a trend towards closer integration of safety and security, will result in good news for the market.

Global acceptance and the enforcement of safety standards, the growth of industries, such as oil and gas, power generation, and chemical, and the increased safety awareness after major industrial accidents are leading rea-sons for growth in this market sector, the study says.

In the same token cyber security, which is fast gaining importance in our daily activities, is going to be a major factor for the safety and security of manufacturing processes, according to the study.  Many companies are dis-covering that adopting a common methodology or lifecycle approach to safety and security is more efficient as it reduces duplication of effort, minimizes the possibility of omissions, and helps develop a safer and more secure system.  That is leading to a closer integration of  safety and security in control systems. 

The study also revelas that the process safety system market in the Asia Pa-cific region is growing at a higher rate than other regions in the world.  Oil and gas, major refinery, and chemical projects in this area will keep the market buoyant in this region.  Suppliers with strong presence in the Asian market are making strides.