Increasing Automation Boosts The Market For Safety Systems In Asia-Pacific, Finds Frost & Sullivan
SINGAPORE, Feb. 28, 2013 /PRNewswire/ -- Rising industrialization and population are spurring the oil and gas, chemicals and petrochemicals, and power industries in Southeast Asia and Australia- New Zealand. 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 ( http://www.motors.frost.com), Analysis of the Safety Systems Market, finds that the market earned revenues of $226.0 million in 2011 and estimates this to reach $368.5 million 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 Vandhana Venkatesan. "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.Southeast Asia and Australia- New Zealand 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV