Global Alarm Management System Market: Overview
Alarm management refers to the effective maintenance, operation, implementation, and design of industrial process/ manufacturing plant alarms. It is essential that alarm management is installed in a process plant whose environment is controlled by an operator making use of various control systems, such as programmable logic controller (PLC) or direct control system (DCS). With the main objective of minimizing or preventing economic or human or physical loss through intervention of the operator in response to cause or condition for which the alarm was raised. Growing importance of the system is likely to bolster growth of the global alarm management system market in the years to come.
Alarm management assists in the maintenance, monitoring, designing, documentation, and determination of alarm messages from safety and process automation systems.
Component, industry, and region are the three important parameters based on which the global alarm management system market has been classified.
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Global Alarm Management System Market: Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global alarm management system market is mentioned as below:
- In August 2018, Swiss Telecommunications Company, Ascom Holding AG, and Drägerwerk AG, German manufacturer of safety and medical technology products, together launched solutions of integrated clinical alarm management in North America. This system is expected to better patient care in the region. Complete integration of Dräger Infinity patient monitoring systems with Ascom Unite Connect for clinical systems will give waveform images, customized alarm filtering, and alert notifications on mobile.
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Some of the prominent organizations in the global alarm management system market comprise the below-mentioned:
- Koninklijke Philips N.V.
- Honeywell International Inc.
- PAS Global, LLC
- Masimo Corporation
- Yokogawa India Ltd.
- Ascom Holding AG
Global Alarm Management System Market: Key Trends
The global alarm management system market is characterized by the presence of the following restraints, drivers, and opportunities.
Technological Advancement and Increased Awareness to Support High Demand
Alarm management systems help in diminishing the alarm flooding via near real time alerts thereby generating augmented demand for alarm management systems. These systems also assist in keeping the processes profitable and safe through distributed control system (DCS), which creates and maintains a master alarm database. This factor is likely to encourage growth of the global alarm management system market over the timeframe of analysis, from 2024 to 2030.
In addition to that, several improvements have been made in the system, in the effectiveness of the operator, and awareness about the situation, which is likely to augur well for the global alarm management system market over the timeframe of analysis. With the rising need to adhere to the best practices and existing industry standards, such as IEC 62682, ISA 18.2, and EEMUA 191 are estimated to drive the demand for alarm management system in the years to come.
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Global Alarm Management System Market: Geographical Analysis
North America is likely to dominate the global alarm management system market over the timeframe of analysis, from 2024 to 2030. In addition, rising demand for integrated healthcare IT systems so as to guarantee reliability and increasing initiatives by the government agencies to diminish alarm fatigue is expected to important role in the growth of the alarm management system market in North America.
Asia Pacific is likely to emerge as another rapidly growing region in the global alarm management system market over the timeframe of analysis. The Asia Pacific market is expected to witness growth at an accelerated rate, thanks to the increasing demand and use of the alarm management system in countries like India, Japan, and China.
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