It is anticipated that alarm management system sales would total US$ 2 Bn. Sales in the market are anticipated to grow at a rate of 11–13% CAGR during the projected period due to rising need to handle alarm overload in manufacturing plants.
Nowadays, alarm overload has become a common issue in most manufacturing plants. The reason behind this overload is formerly integrated independent systems for effective operations with fewer operators. Thus, each operator has to deal with more alarms by monitoring a wider area.
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Alarm management systems help customers by rationalizing these alarms in manufacturing plants. Alarm management systems help to overcome the situation of inaccurate alarms, disabled alarms and alarm floods. Hence, alarm management systems help to increase situation awareness, which further positively impacts plant production and safety.
Alarm management systems are generally used for grouping, classifying alerts, prioritizing and enabling event notifications used in SCADA (Supervisory Control And Data Acquisition). Alarm management systems function in a similar manner in other applications as well, such as in medical care and IT.
Alarm management systems reduce fatigue and improve focus and readability for the individuals monitoring SCADA. In complex factory automation and industrial controls systems that use SCADA, alarm management systems reduce the use of alarms for events. These systems also prioritize events and alarms and then route them towards those in need of a response.
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Global Alarm Management System Market: Dynamics
Alarm management systems reduce alarm flooding through near real time alerts, which is one of the major factors driving the growth of the market during. That apart, these systems help to keep processes safe and profitable through a DCS (Distributed Control System) which maintains and creates a master alarm database. Thus, this factor will also propel the growth of the alarm management system market over the projected period.
Furthermore, these systems improve decision support, operator effectiveness and situation awareness. This is another factor that will also contribute towards the growth of the alarm management system market during the forecast period. Increasing need to conform with current industry standards and best practices, such as EEMUA 191, ISA 18.2 and IEC 62682, will also create demand space for alarm management systems during the forecast period.
However, some implementation and technical challenges, such as configuration issues, redefining KPIs (Key Performance Indicators) and alarm philosophy development, are expected to restrain the growth of the alarm management system market during the forecast period. Some other factors, such as implementation of dynamic alarming, need to keep alarm rationalization up to date, etc. are also likely to hinder the growth of the alarm management system market during the forecast period.
Global Alarm Management System Market: Competition Landscape
Key Vendors
Some of the key vendors in the alarm management system market are PAS Global, LLC, exida.com LLC, Honeywell International Inc., KLAS Research, Yokogawa India Ltd., Vocera Communications, Ascom Holdings, GE Healthcare, Masimo Corporation, Koninklijke Philips and Spoke, Inc.
Key Segments Profiled in the Alarm Management System Market
Component:
- Services
- Software
Industry:
- Oil and Gas
- Chemical
- Automotive
- Agriculture
- Research and Development
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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