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.

05/23/2012


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.

The World Market for Process Safety Systems by Geographic Location, Source: IMS ResearchKiran 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.”



No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
Each year, a panel of Control Engineering editors and industry expert judges select the System Integrator of the Year Award winners.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Learn how to create value with re-use; gain productivity with lean automation and connectivity, and optimize panel design and construction.
Go deep: Automation tackles offshore oil challenges; Ethernet advice; Wireless robotics; Product exclusives; Digital edition exclusives
Lost in the gray scale? How to get effective HMIs; Best practices: Integrate old and new wireless systems; Smart software, networks; Service provider certifications
Fixing PID: Part 2: Tweaking controller strategy; Machine safety networks; Salary survey and career advice; Smart I/O architecture; Product exclusives
The Ask Control Engineering blog covers all aspects of automation, including motors, drives, sensors, motion control, machine control, and embedded systems.
Look at the basics of industrial wireless technologies, wireless concepts, wireless standards, and wireless best practices with Daniel E. Capano of Diversified Technical Services Inc.
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
This is a blog from the trenches – written by engineers who are implementing and upgrading control systems every day across every industry.
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Case Study Database

Case Study Database

Get more exposure for your case study by uploading it to the Control Engineering case study database, where end-users can identify relevant solutions and explore what the experts are doing to effectively implement a variety of technology and productivity related projects.

These case studies provide examples of how knowledgeable solution providers have used technology, processes and people to create effective and successful implementations in real-world situations. Case studies can be completed by filling out a simple online form where you can outline the project title, abstract, and full story in 1500 words or less; upload photos, videos and a logo.

Click here to visit the Case Study Database and upload your case study.