New ARC Advisory Group research on the Process Safety Systems market continue to show that factors such as increasing regulatory pressure, standards compliance, and system obsolescence are all combining to drive end users to make increased investments in process safety. The pandemic has adversely affected two of the main markets, but with emphasis on safety, cybersecurity, sustainability, and remote operations, the market for process safety systems continues to be stable, although pricing pressures are particularly evident in greenfield projects where the competition is especially intense.
"Companies continue to value and invest in process safety equipment despite market uncertainty. The growing emphasis on being a good corporate citizen will continue to bolster investment in technologies like process safety systems that reduce environmental impact and risks to personnel. As CEOs are increasingly held accountable for the safety lapses of major multinational companies, they are becoming more willing to invest and improve the safety and reliability of their plants. This increasing willingness to invest in improving safety and reliability will help drive SIS growth throughout the forecast period. Many older redundant PLC implementations for process safety applications are also at or long past the end of their usable lifespan of roughly 20 years. Per the latest ISA 84 standard, those systems that were grandfathered will likely not meet the heavy scrutiny of insurance underwriters and governing bodies," according to Mark Sen Gupta, Director of Research, and key author of ARC's Process Safety Systems Market Research Report.
Process Safety System Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- Although the focus on process safety hasn’t diminished, investment in key process safety markets drastically affected revenues as the COVID pandemic upended economic dynamics. Supply chain issues affecting the overall economy will continue to affect process safety system delivery with longer lead times and greater expense.
- Sustainability efforts positively affect process safety system investment.
- The shift away from carbon-fired power generation will continue to affect process safety revenues in the sector overall.
Leading Suppliers to the Process Safety Systems Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: ABB, Honeywell, Rockwell Automation, Schneider Electric, Yokogawa.
About the Process Safety Systems Research
The Process Safety Systems report explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts and up to 5 years of historical analysis segmented by World Region, Industry, Application, Hardware by Safety Integrity Level, Project Type, Revenue Category, Service Revenues by Type, Sales Channel.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- Market Intelligence Workbook (Excel Power Pivot): A standard Workbook includes the base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports. Available with up to 5 years of historical analysis.
- Concise Market Analysis Report (PDF): Provides an executive-level summary of the current market dynamics, market forecasts, and competitive analysis, plus an overview of strategic issues. The PDF is available with or without detailed charts.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.