Safeguarding measures implemented today are very high because of the increasing concerns over safety. But the process industries still remain vulnerable to incidents, a new report found.
That means the demand for process safety systems is expected to rise in the coming years for the application of several layers of protection, according to a report from TMR Research.
Process safety systems consist of several layers of technical and non technical protection. These include safety instrumented systems (SIS), which not only safeguards the processes but also fuels the productivity. This in turn enables high quality product production at lowered costs. Owing to these benefits, the global demand for process safety systems is anticipated to scale high during the period from 2017 to 2025.
The process safety system market will especially flourish in the Asia Pacific region on account of growing demand for power and energy in the highly-populated countries of this region, which in turn is driving the demand for these systems, researchers said.
The chemical, oil and gas, and petrochemical industries in Asia Pacific will also be a key factor driving the market’s growth in the region. The market is consolidated with mergers and acquisition activities among key players. Most leading users have reach across all geographies and this is helping them to acquire higher profit margins as they have a widespread customer base. Most leading players have long years of expertise in automation.
Among other things, a process safety system involves preventing fires, explosions, and accidental release of chemicals in chemical industries or the accidental release of hazardous materials in industries such as oil and gas and paints and coatings. The deployment of process safety systems is aimed at providing the necessary measures needed to minimize or overcome hazard to the environment or to personnel.
In oil and gas operations, the discovery of new oil fields leading to changing fortunes has high operational hazards that can be fatal as well. According to statistics from the Centers for Disease Control and Prevention (CDC), the oil and gas industry in the U.S. had fatality rate seven times higher than for workers in all other industries between 2003 and 2010.
The report is compiled after gathering data from industry-centric databases and insights received from industry experts about their viewpoint on the development trends in the global process safety system market.
In oil and gas operations, measures to minimize social and economic damage combined with stringent governmental regulations are having a positive impact on the growth of the global process safety system market, researchers said.
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