According to an ARC Advisory Group report, process safety system market shows unprecedented growth. ARC Advisory Group reports in Process Safety System Worldwide Outlook – Market Analysis and Forecast Through 2012 strong growth of the Safety Instrumented Systems (SIS) market. But due to the economic downturn in North America, the growth rate will be tempered after 2008. The worldwide market, around $1.4 billion last year, is expected to grow at a compounded annual growth rate of more than 12 percent per year to beyond $2.5 billion in 2012.
“The safety system market has experienced unprecedented growth for the last two years. Increased demand for oil and gas due to the economic growth of China and India along with the high price of crude oil is fueling investments in oil and gas production and in refining, leading to increased demand for safety systems,” said the principal author of the study ARC vice president, Asish Ghosh.
The greatest demand for safety systems is in the EMEA region, followed by Asia and North America. With booming economies in China and India, Asia will show the highest growth. EMEA will also grow substantially as the high price of crude oil leads to significant investments in grass-root facilities in the Middle East and parts of Europe.
Source: Control Engineering