Market study on safety & critical control systems released
Dedham, Mass. - The recently published ARC market study titled "Safety and Critical Control System Worldwide Outlook-Market Analysis and Forecast Through 2006", forecasts growth in Safety Systems despite a general showdown in the process automation market.
Dedham, Mass. – The recently published ARC market study titled ‘Safety and Critical Control System Worldwide Outlook – Market Analysis and Forecast Through 2006′, forecasts growth in Safety Systems despite a general showdown in the process automation market.
Asish Ghosh, ARC vice president and author of the study said, ‘An increased awareness of safety standards and increased environmental concerns are fueling the growth of the safety system market.’
Other factors cited in the report include increased cost of litigation in case of an accident along with increased pressure from insurance companies is also fueling the need for safety systems. Regulations allowing programmable safety systems to be used in the nuclear power industry by the Nuclear Regulatory Commission (NRC) and the Electric Power Research Institute (EPRI) are going to increase the use of these systems. More pressing is the impact of various agencies and organizations on safety system functionalities and standards although many large manufacturers in petroleum, chemical, and other industries have been using these systems for a long time. In the United States, for example, plants with on-site storage of toxic, reactive, flammable, or explosive chemicals are uncovering the need for safety systems as they perform process hazard analysis required by OSHA and quantitative risk analysis called for by EPA. Countries in Europe have similar regulatory laws in place.
Continuing, Mr. Asish said, ‘In North America and Western Europe, where there will be little investment in large grassroots manufacturing facilities in the next five years, the need for new safety systems in existing manufacturing facilities and the updating of the installed systems will keep the market alive.’ Even though there is slow economic recovery in Southeast Asia and stagnation in Japan; China, India, and Latin America countries are making significant investments in large power plants, oil fields, and refining facilities, which are fueling the demand for the safety systems market.
Further information on this study can be found at: https://www.arcweb.com/arcweb/Advisory/Studies/Auto/safetysystems.asp
ARC Advisory Group provides strategic planning and technology assessment services to leading manufacturing companies, utilities, and global logistics providers, as well as to software and solution suppliers worldwide.