2014-03-26 08:59:01 - Global Process Safety System Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Process Safety System market is to grow at a CAGR of 11.28 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for safety systems from the Oil and Gas industry. The Global Process Safety System market has also been witnessing the increasing demand of safety system from the APAC region. However, the reluctance to migrate to the latest technology could pose a challenge to the growth of this market.
Development of integrated safety solutions is one of the major factors that drive the Global Process Safety System market. Currently several vendors offer integrated safety solutions, which are more effective than traditional safety systems. These safety solutions consist of basic
process control solutions, which in turn help end-users to optimize their overall operational costs and improve operational efficiency. For instance, Honeywell International Inc. offers integrated process control and a safety system, which is highly effective compared to a legacy system.
One of the major drivers is the increasing demand for safety systems from the Oil and Gas industry. The effective deployment of safety systems helps companies to avoid any hazardous activities during operation, thereby increasing the overall operational efficiency of the plant.
A major challenge in the market is the reluctance in migrating to the latest technology. Several organizations across various process industries across the globe find it difficult to shift from their legacy system to the latest technology because of various technical issues such as interoperability and compatibility with existing systems.
The key vendors dominating this market space are ABB Ltd., Honeywell International Inc., Siemens AG, and Yokogawa Electric Corp.
Other vendors are Emerson Electric Co., General Electric Co., Invensys plc, Rockwell Automation Inc., and RTP Corp.
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