Process Safety System Market: Technological Growth Map Over Time To Understand The Industry Growth Rate
Some prominent participants in the global process safety system market are ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., HIMA Paul Hildebrandt GmbH, Intergraph Corporation, Schneider Electric SE, Rockwell Automation Inc., Siemens AG, and Yokogawa Electric Corporation among others.
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As per estimates of TMR report, the global process safety system market will be valued at US$5,287.8 mn by 2025 progressing at a CAGR of 7.0% between 2017 and 2025.
The key application segments of the global process safety system market include burner management system (BMS), high integrity pressure protection system (HIPPS), emergency shutdown (ESD), turbo machinery control (TMC), and others. Of them, ESD held the leading market share in 2016 and is also expected to display the leading CAGR over the forecast period.
In terms of end-use, oil and gas currently accounts for the leading share in terms of revenue and is anticipated to hold on to its leading position over the forecast period. Geography-wise, North America stood as the most lucrative market for process safety system amongst all in 2016.
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Efforts to Maximize Efficiency, Output in Process Industries Boosts Demand
The global process safety system market is primarily driven by measures for safe operational practices in process industries. Process safety ensures prevention of explosions, accidental chemical releases, and fires in chemical or other hazardous industries. The adoption a of process safety system safeguards operational disruption due to spills, equipment malfunction, over-temperature, over-pressure, metal fatigue, corrosions, leaks, and other similar conditions.
As per standards defined by the Occupational Safety and Health Administration (OSHA) and Environmental Protection Agency (EPA), process safety systems are significant for end to end operational efficiency and safety consideration of business processes. Due to this, process safety management is a regulation that is endorsed by the U.S. Occupational Safety and Health Administration. In particular, for industries that stores and processes hazardous materials, a good safety plan is mandatory to reduce risk of accidents.
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Negligence to Adopt Contingency Measures for Process Pitfalls Crimps Growth
However, lack of awareness of accidents due to process pitfalls and insufficient efforts for the deployment of process safety system to reduce process-safety related accidents is challenging this market’s growth. Nevertheless, ample opportunities for process safety system providers to raise awareness among end users about the significance of process safety system will bode well for the market’s growth.
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