Global Process Safety System Market Poised to Grow Significantly: Oil and Gas to Remain Attractive End-use Segment Through 2025

It has been observed that despite the application of a wide variety of safeguarding measures, process industries are continually prone to accidents. This results in the increased need for the application of a variety of technical and non-technical layers of protection, such as process safety system. The key objective of process safety management of hazardous chemicals is to prevent explosion, fires, and unwanted release of such hazardous chemicals. According to the latest study findings, the foremost factor currently driving the global process safety system market is the adoption of safe operational practices in process industries. To elaborate further, Market Research Hub (MRH) has announced the inclusion of a new study to its wide repository, which is titled as “Process Safety System Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025”. This 200-page precise study provides a holistic perspective on the PSS markets growth throughout the above-mentioned forecast period in terms of revenue (in US$ Mn), across different geographies, including North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and South America.

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Employees are the main assets of any company and process safety management plays a pivotal role in ensuring the security, health, and safety of the employees. Further, deployment of process safety system inhibits operational disruption due to equipment malfunction, over-temperature, metal fatigue, over-pressure, spills, leaks, and other factors. Presently, the increasing adoption of process safety system technology by small and medium enterprises in the Asia-Pacific region is contributing substantially to the growth of this market. According to the key highlights, the global process safety system market to expand at a CAGR of 7.0% between 2017 and 2025, for the market to be evaluated at US$5,287.8 mn by the end of 2025.

Segmental Analysis
• 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. This is mainly because safety systems in the oil and gas industry are aging that needs to be replaced by new ones.
• Based on application, the segments into which the process safety system market is categorized are emergency shutdown (ESD), burner management system (BMS), high integrity pressure protection system (HIPPS), turbo machinery control (TMC), and others. Of them, ESD held the leading market share in 2016 and is also expected to display impressive growth until 2025.
• On the basis of geography, North America raised as the most lucrative market for process safety system amongst other regions in 2016. The region is also anticipated to rule amongst other key regions for process safety system over the forecast period.

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The final section of the report deals with the competitive landscape which highlights the key players that are operating in the process safety systems market along with details such as business positioning, financial standing, and SWOTs. Some of the key players operating in PSS market include ABB Ltd., Emerson Electric Co., General Electric Co., HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Intergraph Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation among others. In this competitive market, chief players are hard-focused on formulating new and innovative technologies in a bid to offer differentiator process safety system (PSS) products.

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This release was published on openPR.