LONDON, Sept. 6, 2013 /PRNewswire/ -- European process and discrete industries are bouncing back from the economic downturn and focus on improving their production. The improving market conditions encourage them to invest in new automation technologies and production innovations, including safety instrumented systems (SISs).
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Analysis of European Safety Instrumented Systems Market, finds that the market earned revenues of $510.1 million in 2012 and estimates this to reach $665.4 million in 2017.
Greater production creates a need for more intensive control of the process, especially its efficiency and safety. SISs allow users to control the health of the plant's equipment and shut down the process, in case the preset conditions have been violated.
There has been a marked shift in attitude among manufacturers towards workplace safety. They acknowledge that the implementation of safety solutions and prevention of work-related injuries is more economical than incurring legal and hospitalizations costs. They also realise that SISs will help them reduce downtime and comply with environmental norms.
"Current SISs are more reliable, easy to extend due to their modular construction, and can flawlessly integrate with other control systems," said Frost & Sullivan Industrial Automation & Process Control Research Manager Sivakumar Narayanaswamy. "Owing to their technological refinement, demand is increasing not only among previously conservative end users, but also among those who are dissatisfied with their existing SISs."
Meanwhile, the publication of the IEC 61508 and IEC 61511 standards has enhanced end-user awareness of the benefits of performing risk analysis. The guidelines for assessing hazards and planning safety management are prompting end users to be more accountable for the safety of their workers and plants and conducting rigorous analysis to prevent possible plant breakdowns.
Despite these obvious advantages, some process and discrete industries in southern Europe tend to consider industrial automation, including SISs, a nonessential expenditure. At a time when users are looking to reduce operating and maintenance costs, there is a reluctance to invest in new technologies that require additional service and support from the supplier.
"SISs suppliers need to concentrate on regions that have not been particularly affected by the Euro zone crisis," noted Narayanaswamy. "They will do well to target the Benelux countries, central and eastern Europe and Scandinavia due to their high growth potential."
If you are interested in more information on this research, please send an email to Julia Nikishkina, Corporate Communications, at email@example.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
Analysis of European Safety Instrumented Systems Market is part of the Industrial Automation & Process Control Growth Partnership Service program. Frost & Sullivan's related research services include: European packaging machinery market and global pump services, flux cored wires and digital manufacturing markets. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Analysis of European Safety Instrumented Systems Market
Corporate Communications – Europe
P: +7 (499) 213 0156
SOURCE Frost & Sullivan