Process Safety System Market- Trends, Share and Growth Rate from 2017 to 2025
The number of safeguarding measures implemented today is very high on account of the increasing concerns over safety. However, the results are still not very positive. This is especially true for the various process industries that are vulnerable to accidents. Thus, the demand for process safety systems is expected to rise in the coming years for the application of several layers of protection. Process safety systems comprise several layers of both technical and non technical protection. These include safety instrumented systems (SIS), which not only safeguards the processes but also fuels the productivity. This in turn enables high quality product production at lowered costs. Owing to these benefits, the global demand for process safety systems is anticipated to scale high during the period from 2017 to 2025.
The process safety system market will especially flourish in the Asia Pacific region on account of growing demand for power and energy in the highly populated countries of this region, which in turn is driving the demand for these systems. The thriving chemical, oil and gas, and petrochemical industries in Asia Pacific will also be a key factor driving the market’s growth in the region. The market is consolidated with many mergers and acquisition activities being observed among players. Key players in the market have established their distribution networks. Most leading players have their reach across all geographies and this is helping them to acquire higher profit margins as they have a widespread customer base. Most leading players have long years of expertise in automation.
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Global Process Safety System Market: Overview
Process safety system involves preventing fires, explosions, and accidental release of chemicals in chemical industries or the accidental release of hazardous materials in industries such as oil and gas and paints and coatings. The deployment of process safety systems is aimed at providing the necessary measures that are needed to minimize or overcome hazard to the environment or to personnel.
In oil and gas operations, the discovery of new oil fields leading to changing fortunes has high operational hazards that can be fatal as well. According to statistics from the Centers for Disease Control and Prevention (CDC), the oil and gas industry in the U.S. had fatality rate seven times higher than for workers in all other industries between 2003 and 2010.
The research report provides useful insights into growth trends, process innovation, and competitive landscape of the global process safety system market. This includes a detailed assessment of the vital market parameters such as market drivers, market restraints, and growth trends in the past and projections for the 2017-2025 period.
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The report is compiled after gathering data from industry-centric databases and valuable insights received from industry experts about their viewpoint on the development trends in the global process safety system market. The report analyzes the market from a competitive standpoint as well. The leading companies are profiled for their distinguishing business attributes and indices of strengths, weakness, opportunities, and threats of these companies are gauged until the end of the forecast period in 2025.
Global Process Safety System Market: Trends and Opportunities
In oil and gas operations, measures to minimize social and economic damage combined with stringent governmental regulations are having a positive impact on the growth of the global process safety system market. This is because workplace safety is of paramount importance converting into higher revenue for any industry.
Global Process Safety System Market: Market Segmentation
The global process safety system market can be analyzed on the basis of end user and geography. The end-user segments of the market are oil and gas, chemical, pharmaceuticals, refining, and power generation. Other than these, process safety systems are displaying a significant demand from other industries that have potentially hazardous operations and have a considerable utilization of volatile compounds and toxic chemicals.
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On the basis of geography, the regional segments of the global process safety system market are North America, Europe, Asia Pacific, and Rest of the World. The major countries that have process safety system capabilities are the U.S. and Canada in North America; Russia, France, Germany, and the U.K. in Europe, Japan, South Korea, Malaysia, China, Australia, and India in Asia Pacific; Brazil, South Africa, Venezuela, and the Middle Eastern nations in the Rest of the World. These countries are identified based on their process safety systems capabilities installed for economic and social welfare predominantly in petroleum operations, manufacturing, and chemical industries.
Major Companies Mentioned in Report
Some of the leading companies in the global process safety system market are ABB Ltd., Siemens AG, E.l.du Pont de Nemours and Company, Rockwell Automation Inc., Honeywell International Inc., Yokogawa Electric Corp, and Integraph Corporation.
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