Attitudinal Change: From Cost to Potential Liabilities
Safety system market growth has been tempered by the world economic downturn, especially in the developed economies in North America and Western Europe.
Major industrial disasters are causing attitudinal change� from counting the costs to potential expenses from unforeseen incidents.
The two major Asian economies, China and India were affected by the recession in 2008 and 2009 but they are in a strong recovery mode.
The factors contributing to the growth of this market include:
- Global acceptance, implementation, and enforcement of safety standards
- Economic growth of heavily regulated industries
- Increased safety awareness after major incidents
- Increased demand for energy and products in China and India
- Aging of automated safety platforms and infrastructures
- Adoption of advanced technologies for manufacturing processes
- Need for more efficient and environment friendly power plants
The factors retarding the growth of this market include:
- World financial crisis and recession
- Perceived high cost of safety systems
- Complexity and cost of safety lifecycle implementation
- Lack of understanding of the safety standards
- Dearth of qualified and competent personnel
Strategic Issues
In order for a supplier to take advantage of the many opportunities that lie ahead in this growing market, it is crucial to determine the appropriate strategic business plan. The following are some of the key strategic issues for success of the suppliers who deal with safety and critical control systems:
- Penetrate the life science industry
- Offer integrated Foundation Fieldbus SIS function at an early date
- Offer certified safe sensors
- Integrate security with safety
- Follow ISA guidelines for fire and gas monitoring applications
