The global process safety systems market to grow at a CAGR of 4.58% during the period 2017-2021.
The report, Global Process Safety Systems Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
One trend in the market is the development of customized safety systems. The emergence of customized safety systems and the customization requirements of the end-users are constantly growing. Safety systems are essential, and the need is more critical in capital-intensive and critical process industries. End-users are unwilling to accept change from old systems to innovative automation systems mostly because of the capital limitations of automation systems, including process safety systems in gauging the exact requirements of end-users. Process safety system vendors are increasing their product range and are also acquiring vendors of related products; they also work along with the end-users to develop products based on their requirements. Working along with end-users has a positive impact on the adoption of process safety systems.
According to the report, one driver in the market is the increase in process automation among end-users. Process automation, which is a high-priority among the end-user industries especially in the developing countries in APAC and EMEA, is undergoing significant developments and operations. Automation is the result of an increasing demand for process safety systems in APAC and EMEA. The OPEC countries are expecting a rise in the value of oil per barrel and are also likely to set up more projects in the coming years. The oil and gas industry will be the key end-user of process safety systems. Most of these end-user industries were skeptical about investing during the economic crisis. The developing countries in APAC are undertaking new projects while countries in the Middle East and Latin America are looking to adopt newer automation technologies in process industries. Thus, the process safety systems market is expected to grow at a high rate.