Jan 30 2011
Frost & Sullivan has released a new report ‘Strategic Analysis of the European Process Safety Market’.
Analysts of Frost & Sullivan have reported strong emphasis on process safety segment along with an increased growth of the industrial automation market. End users favor integrated safety systems for sustained industrial productivity and to avoid failure of processes and controls.
According to the report, the process safety segment of Europe showcased a profit of $459 million in 2010 and by 2016 it will be more than $632 million.
Katarzyna Owczarczyk, Research Analyst with Frost & Sullivan, has stated that regulatory bodies pose severe pressure on peripheral users to cope with strict security norms for ensuring protected working conditions. She added that this enhanced awareness drives the improvement of the safety systems segment.
Providers of safety systems have launched tailored solutions, which can link plant control with security systems. This approach effectively reduces human intervention and significantly brings down error probability. Centralized control for plant asset monitoring across several locations is also gaining wider acceptance. Rising of new segments is facilitated by implementing individual layers of safety and stipulating proper maintenance.
The report highlights that the developers of safety solutions have taken steps to publicize safety instrumented system (SIS), instead of traditional safety methods. Various advantages of SIS are lower maintenance cost, and lesser plant blackouts for quicker investment returns.