A growing oil & gas industry, the need to replace aging systems, and new end-user attitudes toward safety are driving growth in the worldwide process safety system market, according to a research report published by ARC Advisory Group.
Process safety systems protect people, equipment, and the environment when unsafe conditions occur in industrial processes, such as oil refining, petrochemical production, or power generation. The oil & gas industry is the largest user of process safety systems, and the industry has been growing worldwide due to projects for new unconventional resources and large complex offshore projects.
The ARC report forecasts the safety system market will exceed $3 billion worldwide in 2017.
Dedicated process safety systems emerged about 30 years ago, which creates a replacement market opportunity as older systems have become difficult to support.
ARC research indicates that plant owner-operators are beginning to adopt a new attitude toward safety system investments. The severity of recent accidents and incidents in the process industries, combined with recognition of the need for greater operational integrity, has led many end-user companies to take a broader view of safety and re-visit their existing processes, procedures, and systems.
“The need for higher operational integrity is becoming widely recognized, and owner-operators are re-thinking their policies for both new and existing assets,” according to ARC Senior Analyst Harry Forbes, the principal author of ARC’s new Process Safety Systems Global Market Research Study. “Huge new offshore projects and unconventional oil and gas resources bring the challenge of managing safety for critical assets and systems in very remote locations. The practices developed for these new projects will end up being adopted elsewhere across industry.”