Safety system market expands in Asia and E Europe
An
ARC Advisory Group product story
Edited by the Engineeringtalk editorial team
Apr 16, 2004
A new report predicts a healthy growth of the safety system market for process industries over the next five years.
ARC's newly updated "Safety and critical control system worldwide outlook - market analysis and forecast through 2008" predicts a healthy growth of the safety system market for process industries in the next five years.
The market, which was around $650 million in 2003, will grow at an average annual rate of over 7 percent per year to over $900 million in 2008.
Rapid economic growth has created new opportunities in developing countries around the world, particularly in China and India.
These two larger markets are investing significantly in oil refineries and power plants where safety systems are used extensively.
China and India are the fastest growing market, and emerge as the second largest market for safety systems after Europe.
The region of Europe, the Middle East and Africa is the largest market for critical control and safety shutdown systems in the world.
The Middle East will continue to be a large market.
Eastern European countries are starting to expand and modernise their manufacturing facilities, and are focusing on refineries and other bulk manufacturing areas.
Russia's oil fields and refineries are also good candidates for modernisation and will boost the demand for safety systems in this region.
In North America and Western Europe, where there will be little investment in large grassroots manufacturing facilities during the next five years, suppliers should focus on supplying new safety systems to existing manufacturing facilities and the updating of installed systems.
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