Asia-Pacific market for process safety systems leaps ahead
IMS Research forecasts the Asia Pacific market for process safety systems is set to overtake the Europe, Middle East and Africa region (EMEA), with revenues 38% of the global total in 2016.
IMS Research, recently acquired by IHS Inc., forecasts the Asia Pacific market for process safety systems is set to overtake the Europe, Middle East and Africa region (EMEA), with revenues 38% of the global total in 2016.
In 2011, EMEA was the largest market for process safety systems, accounting for 41% of the world total. Since there is already a large installed base of safety systems, revenue growth is projected to be slower than the global average. The market in Asia Pacific will grow faster than the average. Key market drivers include the 2010 revision of the international standards (IEC 61508 and IEC61511), large corporations seeking conformity of safety products across all regions, and large emerging economies (China and India) seeking to address increasing power and energy requirements.
Kiran Patel, analyst at IMS Research, elaborates on this trend: “The 2010 revision of the International standards (IEC 61508 and IEC 61511) has played a big part in the increase of process safety awareness over the past two years; they are now seen as the benchmark in process safety guidelines. Large corporations expanding operations in Asia Pacific are therefore keen to portray an image of adhering to these standards both for public perception as well as for uniformity across all regions.”
Patel continues: “Market growth in EMEA and the Americas will not be as fast as in Asia Pacific, because of their already large installed base and lack of greenfield projects. Asia Pacific on the other hand is seeing plenty of investment, as a growing and wealthier population has led to a demand for better healthcare, and more power and energy. Regarding the nature of the systems that will lead the growth, Patel explains “Initially, the demand in Asia Pacific will mostly arise from hardware requirements. In time will come a point where developing countries will turn their attention to the services sector as the need for training and efficiency develops.”