Feb. 28, 2013
/PRNewswire/ -- Rising industrialization and population are spurring the oil and gas, chemicals and petrochemicals, and power industries in
. The modernization of plants in these industries and plant owners' desire to improve uptime has generated considerable opportunities for the safety systems market.
New analysis from Frost & Sullivan (
Analysis of the Safety Systems Market
, finds that the market earned revenues of
in 2011 and estimates this to reach
in 2018 due to stringent manufacturing regulations and investment in these regions.
"End users are becoming increasingly aware of the importance of protecting their plant assets and personnel from accidents and are aware about the right type of safety systems for their operations," said
Frost & Sullivan Senior Research Analyst
. "To minimize operational costs and decrease their insurance premiums, companies are eager to install safety systems."
In response to this escalating demand for safety systems, automation solution providers are integrating their control systems with safety systems. The offer of advanced technological features and the integrated safety systems has, however, enhanced the need for vendor assistance.
have a shortage of trained and skilled labor, capable of understanding and operating complex safety systems. This reduces the number of installations and pegs back vendors' growth to some extent.
Nevertheless, safety system vendors will get a leg up from numerous government regulations regarding industrial and personnel safety. The green energy production trend is compelling countries to establish regulations for installing standardized safety systems.