Asia-Pacific market for process safety systems leaps ahead

IMS Research forecasts the Asia Pacific market for process safety systems is set to overtake the Europe, Middle East and Africa region (EMEA), with revenues 38% of the global total in 2016.


IMS Research, recently acquired by IHS Inc., forecasts the Asia Pacific market for process safety systems is set to overtake the Europe, Middle East and Africa region (EMEA), with revenues 38% of the global total in 2016.

In 2011, EMEA was the largest market for process safety systems, accounting for 41% of the world total. Since there is already a large installed base of safety systems, revenue growth is projected to be slower than the global average. The market in Asia Pacific will grow faster than the average. Key market drivers include the 2010 revision of the international standards (IEC 61508 and IEC61511), large corporations seeking conformity of safety products across all regions, and large emerging economies (China and India) seeking to address increasing power and energy requirements.

The World Market for Process Safety Systems by Geographic Location, Source: IMS ResearchKiran Patel, analyst at IMS Research, elaborates on this trend: “The 2010 revision of the International standards (IEC 61508 and IEC 61511) has played a big part in the increase of process safety awareness over the past two years; they are now seen as the benchmark in process safety guidelines. Large corporations expanding operations in Asia Pacific are therefore keen to portray an image of adhering to these standards both for public perception as well as for uniformity across all regions.”

Patel continues: “Market growth in EMEA and the Americas will not be as fast as in Asia Pacific, because of their already large installed base and lack of greenfield projects. Asia Pacific on the other hand is seeing plenty of investment, as a growing and wealthier population has led to a demand for better healthcare, and more power and energy. Regarding the nature of the systems that will lead the growth, Patel explains “Initially, the demand in Asia Pacific will mostly arise from hardware requirements. In time will come a point where developing countries will turn their attention to the services sector as the need for training and efficiency develops.”

No comments
Consulting-Specifying Engineer's Product of the Year (POY) contest is the premier award for new products in the HVAC, fire, electrical, and...
Consulting-Specifying Engineer magazine is dedicated to encouraging and recognizing the most talented young individuals...
The MEP Giants program lists the top mechanical, electrical, plumbing, and fire protection engineering firms in the United States.
Salary survey: How much are you worth?; Dedicated outdoor air systems; Energy models and lighting
Fire, life safety in schools; Fire protection codes; Detection, suppression, and notification; 2015 Commissioning Giants; Emergency and standby power in hospitals
HVAC and building envelope: Efficient, effective systems; Designing fire sprinkler systems; Wireless controls in buildings; 2015 Product of the Year winners
Designing positive-energy buildings; Ensuring power quality; Complying with NFPA 110; Minimizing arc flash hazards
Implementing microgrids: Controlling campus power generation; Understanding cogeneration systems; Evaluating UPS system efficiency; Driving data center PUE, efficiency
Optimizing genset sizing; How the Internet of Things affects the data center; Increasing transformer efficiency; Standby vs. emergency power in mission critical facilities
As brand protection manager for Eaton’s Electrical Sector, Tom Grace oversees counterfeit awareness...
Amara Rozgus is chief editor and content manager of Consulting-Specifier Engineer magazine.
IEEE power industry experts bring their combined experience in the electrical power industry...
Michael Heinsdorf, P.E., LEED AP, CDT is an Engineering Specification Writer at ARCOM MasterSpec.