Process Safety Services Market Trends and Competitive Landscape Outlook to 2025 | Global Key Players - Honeywell Process Solutions, RRC International, ABB, Bureau Veritas

Global Process Safety Services Market overview:

The growing demand for Process Safety Services has provided a major boost to the Global Process Safety Services Market as more people are shifting their preferences to this growing sector. The market is expected to keep rising at a high CAGR and reach values of high millions by the end of the forecast period of 2020 up to 2024.

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Process safety refers to the protection of property and people from catastrophic and episodic incidents that may result from unexpected or unplanned deviations in process conditions. Process safety services help customers in meeting their health, safety, and environmental compliance needs in a systematic manner. Major services offered by the process safety services market include consulting, auditing, training, and certification. Process safety service providers offer a mechanism for understanding and controlling the risks associated with processes as well as assistance in increasing productivity and reliability, improving safety and security, and enhancing overall business performance. The process manufacturing segment is expected to account for a significant share of the process safety services market over the forecast period. The global Process Safety Services Market is primarily segmented based on Product Type, Application, End-Use Industry and Regions.

Based on Product Type, the market is divided into:

1 Consulting

2 Training

3 Certification

4 Auditing

On the basis of End Use Industry, the market is split into:

1 Automobile Manufacturing

2 Chemical

3 Electric Power

4 Building

Objectives of the Study

To describe and forecast the global Process Safety Services Market on the basis of Product Type, industry verticals, Channel and regions.

To forecast the Process Safety Services Market size of the five main regional segments, namely North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America.

To strategically analyzesubsegments with respect to individual growth trends, future prospects, and contribution to the total market.

To provide detailed information regarding the major factors influencing the growth of the Process Safety Services Market (drivers, restraints, opportunities, and challenges).

To analyze the opportunities in the market for stakeholders and to provide details of competitive landscape for major players.

To strategically profile key players and comprehensively analyze their core competencies and positioning.

To track and analyze competitive developments such as mergers and acquisitions, new product developments, and partnerships, agreements & collaborations in the Process Safety Services Market.

Growing safety demands in the oil & gas and chemical industry is expected to drive the process safety services market. However, operational silos, budget allocation models, and lack of skilled labor are some of the major factors restraining the market. Budget allocated by small and mid-size industries specifically for primary safety does not cover allocation for precise and on time monitoring of incidents. Thus, the budget scope may not address the safety of information, technology, and workplace health adequately, leading to competing priorities and lack of collaboration. Shifting focus toward safety in APAC is anticipated to present significant opportunities for the process safety services market

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Some of the Process Safety Services Market manufacturers involved in the market are Honeywell Process Solutions, RRC International, ABB, Bureau Veritas, HIMA Paul Hildebrandt, Intertek Group, SGS Group, Rockwell Automation, TUV SUD, SOCOTEC Certification International, DEKRA, Smith & Burgess Process Safety Consulting, Process Engineering Associates, Ingenero, Acquisitions and effective mergers are some of the strategies adopted by the Process Safety Services Market manufacturers. New product launches and continuous technological innovations are the Process Safety Services Market strategies adopted by the major players.

Latest Industry Updates:

Honeywell Process Solutions:- Boeing has added more than $1 billion in excess airplane parts to GoDirect Trade, a blockchain platform designed to prove the origin of the parts and ensure they comply with safety standards, according to the manager of the platform, designed by aerospace giant Honeywell. Honeywell general manager Lisa Butters, says the transaction last weekend saw Boeing add the excess parts, or parts they no longer needed, directly to the platform, which connects the layers of the supply chain into a single, shared ledger of transactions that transparently tracks their movement. Boeing could not be reached to confirm the transaction, which was revealed at the Hyperledger Global Forum for enterprises building on blockchain, in Phoenix, Arizona.

Traditionally, aviation parts would each have paper "birth certificates," quality documents, and more attesting to the their original manufacturer and current safety compliance, with each document needing to be physically moved from place to place and re-entered in the new owner's accounts, making them almost impossible to sell online, where the paper documents could easily be forged. But by moving each layer of the supply chain to Blockchain 50 member Honeywell's custom version of Hyperledger Fabric, open source code that anyone can build on, each listing is tied to images of the part and corresponding documents for the exact part being offered for sale, helping not only ensure the part is there, but that the documents it's associated with aren't forged.

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Asia Pacific was a prominent market for Process Safety Servicess in 2016. Among the countries in Asia Pacific, the demand was substantially high in developing countries such as China and India. These countries have been witnessing rapid increase in its population along with expansion of their overall economies, which has led to increase in disposable income. Increased spending on home interiors is fuelling the Process Safety Services market in Asia Pacific.

There are several manufacturers of Process Safety Servicess in Europe and North America. In North America, the demand for Process Safety Servicess is primarily driven by the residential sector. Improved standards of living and rising usage of Process Safety Servicess for flooring purpose are anticipated to drive the market in North America.

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Table of Contents:

Global Process Safety Services Market Report 2020

1 Process Safety Services Definition

2 Global Process Safety Services Market Major Player Share and Market Overview

3 Major Player Process Safety Services Business Introduction

4 Global Process Safety Services Market Segmentation (Region Level)

5 Global Process Safety Services Market Segmentation (Product Type Level)

6 Global Process Safety Services Market Segmentation (Industry Level)

7 Global Process Safety Services Market Segmentation (Channel Level)

8 Process Safety Services Market Forecast 2020-2024

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