SYDNEY - Feb. 21, 2023 (GLOBE NEWSWIRE) -- Hexagon's Asset Lifecycle Intelligence division announced it has been recognized as a leading provider of Alarm Management software by the ARC Advisory Group in its annual Alarm Management market research study.
Designed to deliver current market analysis plus a five-year market and technology forecast, the Alarm Management market research study identified Hexagon as the leading supplier of alarm management software and services worldwide. Combined, Hexagon and its nearest competitor represent about half of the overall market revenue.
"Reliable alarm management capabilities are a must-have for our customers, which is why we dive in head-first to provide the best software and services to our customers," said Bill Hollifield of Hexagon's Asset Lifecycle Intelligence division, author of The Alarm Management Handbook and Alarm Management: Seven Effective Methods for Optimum Performance and a key member of the International Society of Automation (ISA) 18.2 alarm management standards committee since its inception in 2003. "For well over a decade, we've been recognized experts in alarm management and overall operations risk management. We build that expertise into our software and deliver that expertise through comprehensive services."
The market's recognition of Hexagon's expertise has made it the largest alarm management software supplier globally, commanding a larger market share than the next three competitors combined. Not only is Hexagon the largest, but also the fastest-growing company in the alarm management software market.
PAS PlantState Integrity™ from Hexagon drives significant gains in safety, reliability and cost effectiveness with real-time remote monitoring of operations, says one of the largest APAC oil and gas companies.
Contact Energy, the second-largest power producer in New Zealand, has also reduced alarm load by 60% for Heterogenous Control Systems since implementing the software.
The PAS PlantState Integrity™ platform includes solutions for alarm management, boundary management, control loop monitoring and tuning, and managing Independent Protection Layers (IPL) that work together to ensure safe, reliable and compliant industrial operations. With the PlantState Integrity platform, you can gain holistic insights into core areas of your operations so you can strengthen your operational foundation and achieve new levels of process safety, control, operational resiliency and effectiveness.
"Hexagon has experienced substantial growth and we're pleased to see the company flourishing since acquiring PAS in 2020," said Mark Sen Gupta, Director of Research, ARC Advisory Group. "ARC maintains a longstanding relationship with the team and is consistently impressed with its performance in the alarm management market."
