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.
"Southeast Asia and Australia-New Zealand lay emphasis on safety systems certified by bodies such as TUV and EXIDA," noted Venkatesan. "This will ensure the use of standard safety systems in manufacturing and processing plants."
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Analysis of the Safety Systems Market is part of the Power Transmission Growth Partnership Services program. Frost & Sullivan's related research services include: European Hydraulic Equipment Market for Industrial and Mobile Applications, Southeast Asian Low-voltage Integral Horsepower Motors Market, and North American Servo and Stepper Motors and Drives Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan