Energy Efficiency Push Spurs Pacific’s Chemical Industry
Automation World, January 8, 2014With significant energy consumption built into production, the chemical industry has been pushing to improve energy efficiency through improved processes, recycled waste, new renewable raw materials and more. Like other parts of the world, the chemical and petrochemical industry in Southeast Asia, Australia and New Zealand is seeing a move toward improving energy efficiencies drive the growth of the automation and software market.
Recent analysis from Frost & Sullivan points to a number of trends affecting the region’s chemical and petrochemical industry. In addition to the energy efficiency drive coming from producers, other factors steering market direction include increasing environmental regulations, a growing focus on safety, continued shift of production to lower-cost countries, and a lack of skilled labor. All in all, Frost & Sullivan expects market earned revenues of $195 million in 2012 to reach more than $270 million in 2019.