Process Safety Services Market Forecasts to 2028 – Global Analysis By Service (Consulting, Training, Certification and Auditing), Solution (Compliance Management, Process Hazard Analysis (PHA), Safety Instrumented Systems (SIS), Dust Hazard Analysis (DHA)
Description
Process Safety Services Market Forecasts to 2028 – Global Analysis By Service (Consulting, Training, Certification and Auditing), Solution (Compliance Management, Process Hazard Analysis (PHA), Safety Instrumented Systems (SIS), Dust Hazard Analysis (DHA), Risk Management Programs (RMP), Facility Siting, Incident Investigation & Response , Mechanical Integrity, PSM Program Implementation and Other Solutions), Application, End User and By Geography
According tStratistics MRC, the Global Process Safety Services Market is accounted for $5.53 billion in 2022 and is expected treach $38.17 billion by 2028 growing at a CAGR of 37.98% during the forecast period. Process safety is the safeguarding of assets and people against catastrophic and episodic incidents brought on by unanticipated or unplanned changes in process conditions. Process safety services aid clients in methodically and efficiently completing their health, safety and environmental compliance obligations. Providers of process safety services offer a method for comprehending and managing process risks as well as support for boosting productivity and dependability, enhancing safety and security, and enhancing overall business performance.
According tstatistics from the Ministry of Labor and Social Affairs, in Iraq, the accident rate in the construction industry is 38% of the total industrial accident rate.
Market Dynamics:
Driver:
Presence of numerous organisations
The growth of numerous organisations of various sizes and functions increases investments in advanced technologies. They increase in the number of mergers and acquisitions. The high functioning of organization alsraises complexities of business operations. A safety system provides organisations with a framework timprove employee safety and health, reduce workplace risks and create better, safer working conditions. It enables organisation with continual improvement which is fuelling its demand.
Restraint:
Lack of skilled labour
Lack of skilled workers automatically results in poor safety behaviours due tpoor safety awareness and inadequate knowledge on how twork safely. This poor performance adversely affects the national economy and the bottom line of the organizations. It directly affects the effectiveness at operating facilities. This aspect is hindering the market growth.
Opportunity:
Growing need treduce hazardous events
Safety services are considered as the leading mechanisms in the promotion of health and safety tthe employees. It prevents unwanted hydrocarbon or chemical releases. It reduces exposure tlawsuits, penalties and public liability claims. It provides protection for its corporate image. It ensures and improves operability, productivity, stability and quality. All these aspects drive the growth of the market.
Threat:
Dearth of required infrastructural facilities
Facilities management and infrastructure renewal need tbe recognized as critical aspects in any organization. Both the employer and the workforce are impacted by poor repair and maintenance, challenging resource access, and service delivery scalability. It slows down manufacturing and impacts the company's earnings. While handling hazardous products and working in risky settings, improper facilities might hurt the workers. The growth is being hampered by these possibilities.
Covid-19 Impact
The COVID-19 has an influence on every organization in the world. Due tsocial isolation, limitations on the sale of particular goods, clients cutting costs and postponing projects, sales have suffered a severe fall. Numerous firms shut their doors and went remote tdbusiness. There were several workplace inconveniences and difficulties. Organizations are reclaiming their position and providing a wide range of services ttheir employees in the wake of the epidemic.
The emergency shutdown segment is expected tbe the largest during the forecast period
The emergency shutdown segment is estimated thave a lucrative growth, due tits quick actions. The emergency shutdown is key for providing safe operations which accelerates the resumption of normal operations. They are highly specialized reliable control systems for high risk industries like Oil and Gas, Nuclear Power or other environments with explosion risk. In the event that the process exceeds the control margins, they serve tprotect the people, the equipment and the environment. Its prompt response temergencies and prevention of contamination is promoting the segment's expansion.
The chemical segment is expected thave the highest CAGR during the forecast period
The chemical segment is anticipated twitness the fastest CAGR growth during the forecast period, due tits well inspection and procedures. Process safety is crucial in chemical industry operations, especially when working with substances that are harmful tinfrastructure, the environment, and humans. Chemical companies maintain a clean, well-organized and structured operational environment and procedures for safety reasons. They adhere tregulations for highly hazardous compounds, which are responsible for the market's expansion.
Region with largest share:
Asia Pacific is projected thold the largest market share during the forecast period owing tthe increasing adoption of new technologies by emerging economies. The necessity timprove factory management and production efficiency is forcing manufacturers in this region tadopt new technologies. The adoption of dust hazard analysis (DHA) solutions in the region is driving the growth of the market.
Region with highest CAGR:
Asia Pacific is projected thave the highest CAGR over the forecast period, owing tthe presence of numerous organizations. Due tcheap labor costs and a rapidly expanding population, replacement workers are readily accessible in this region in the event of an accident or injury. In addition, tragic events in this region like the Fukushima earthquake and the Bhopal gas catastrophe have sparked worries about process dangers. These factors are promoting market expansion in this area.
Key players in the market
Some of the key players profiled in the Process Safety Services Market include ABB, Honeywell International Inc, Rockwell Automation, Intertek Group plc, RRC International, SOCOTEC, SGS SA, DEKRA India Pvt Ltd, HIMA, Smith & Burgess Process Safety Consulting, Process Engineering Associates, Bureau Veritas, Emerson Electric Co, Hexagon AB, IngenerInc, Siemens, Schneider Electronic, Yokogawa Electric, Corporation C&W Business and BIOS Middle East Group.
Key Developments:
In March 2023, Otsuka Chemical Co., Ltd. and Yokogawa Electric Corporation announced the establishment of SynCrest Inc., a joint venture that will engage in research, development, and manufacturing in the promising field of middle-molecular pharmaceuticals as a Contract Research, Development and Manufacturing Organization (CRDMO).
In February 2023, Schneider Electric, a global player in energy management, is expanding its India operations with launch of new product lines in one of its manufacturing facilities in Bangalore, tsupport the growing demand for energy management solutions.
In November 2022, Honeywell announced the release of its new operational technology (OT) cybersecurity solutions, designed tassist customers in defending the availability, reliability and safety of their industrial control systems and operations.
Services Covered:
• Consulting
• Training
• Certification
• Auditing
Solutions Covered:
• Compliance Management
• Process Hazard Analysis (PHA)
• Safety Instrumented Systems (SIS)
• Dust Hazard Analysis (DHA)
• Risk Management Programs (RMP)
• Facility Siting
• Incident Investigation & Response
• Mechanical Integrity
• PSM Program Implementation
• Other Solutions
Applications Covered:
• Burner Management System
• Emergency Shutdown
• High Integrity Pressure Protection System
• TurbMachinery Control
End Users Covered:
• Pharmaceutical
• Chemicals
• Energy & Power
• Oil & Gas
• Food & Beverages
• Paper & Pulp
• Paint & Coating
• Water & Waste Water Management
• Automotive
• Construction
• Government
• Aviation & Defense
• Metals
• Mining
• Personal Care
• Electricity
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
According tStratistics MRC, the Global Process Safety Services Market is accounted for $5.53 billion in 2022 and is expected treach $38.17 billion by 2028 growing at a CAGR of 37.98% during the forecast period. Process safety is the safeguarding of assets and people against catastrophic and episodic incidents brought on by unanticipated or unplanned changes in process conditions. Process safety services aid clients in methodically and efficiently completing their health, safety and environmental compliance obligations. Providers of process safety services offer a method for comprehending and managing process risks as well as support for boosting productivity and dependability, enhancing safety and security, and enhancing overall business performance.
According tstatistics from the Ministry of Labor and Social Affairs, in Iraq, the accident rate in the construction industry is 38% of the total industrial accident rate.
Market Dynamics:
Driver:
Presence of numerous organisations
The growth of numerous organisations of various sizes and functions increases investments in advanced technologies. They increase in the number of mergers and acquisitions. The high functioning of organization alsraises complexities of business operations. A safety system provides organisations with a framework timprove employee safety and health, reduce workplace risks and create better, safer working conditions. It enables organisation with continual improvement which is fuelling its demand.
Restraint:
Lack of skilled labour
Lack of skilled workers automatically results in poor safety behaviours due tpoor safety awareness and inadequate knowledge on how twork safely. This poor performance adversely affects the national economy and the bottom line of the organizations. It directly affects the effectiveness at operating facilities. This aspect is hindering the market growth.
Opportunity:
Growing need treduce hazardous events
Safety services are considered as the leading mechanisms in the promotion of health and safety tthe employees. It prevents unwanted hydrocarbon or chemical releases. It reduces exposure tlawsuits, penalties and public liability claims. It provides protection for its corporate image. It ensures and improves operability, productivity, stability and quality. All these aspects drive the growth of the market.
Threat:
Dearth of required infrastructural facilities
Facilities management and infrastructure renewal need tbe recognized as critical aspects in any organization. Both the employer and the workforce are impacted by poor repair and maintenance, challenging resource access, and service delivery scalability. It slows down manufacturing and impacts the company's earnings. While handling hazardous products and working in risky settings, improper facilities might hurt the workers. The growth is being hampered by these possibilities.
Covid-19 Impact
The COVID-19 has an influence on every organization in the world. Due tsocial isolation, limitations on the sale of particular goods, clients cutting costs and postponing projects, sales have suffered a severe fall. Numerous firms shut their doors and went remote tdbusiness. There were several workplace inconveniences and difficulties. Organizations are reclaiming their position and providing a wide range of services ttheir employees in the wake of the epidemic.
The emergency shutdown segment is expected tbe the largest during the forecast period
The emergency shutdown segment is estimated thave a lucrative growth, due tits quick actions. The emergency shutdown is key for providing safe operations which accelerates the resumption of normal operations. They are highly specialized reliable control systems for high risk industries like Oil and Gas, Nuclear Power or other environments with explosion risk. In the event that the process exceeds the control margins, they serve tprotect the people, the equipment and the environment. Its prompt response temergencies and prevention of contamination is promoting the segment's expansion.
The chemical segment is expected thave the highest CAGR during the forecast period
The chemical segment is anticipated twitness the fastest CAGR growth during the forecast period, due tits well inspection and procedures. Process safety is crucial in chemical industry operations, especially when working with substances that are harmful tinfrastructure, the environment, and humans. Chemical companies maintain a clean, well-organized and structured operational environment and procedures for safety reasons. They adhere tregulations for highly hazardous compounds, which are responsible for the market's expansion.
Region with largest share:
Asia Pacific is projected thold the largest market share during the forecast period owing tthe increasing adoption of new technologies by emerging economies. The necessity timprove factory management and production efficiency is forcing manufacturers in this region tadopt new technologies. The adoption of dust hazard analysis (DHA) solutions in the region is driving the growth of the market.
Region with highest CAGR:
Asia Pacific is projected thave the highest CAGR over the forecast period, owing tthe presence of numerous organizations. Due tcheap labor costs and a rapidly expanding population, replacement workers are readily accessible in this region in the event of an accident or injury. In addition, tragic events in this region like the Fukushima earthquake and the Bhopal gas catastrophe have sparked worries about process dangers. These factors are promoting market expansion in this area.
Key players in the market
Some of the key players profiled in the Process Safety Services Market include ABB, Honeywell International Inc, Rockwell Automation, Intertek Group plc, RRC International, SOCOTEC, SGS SA, DEKRA India Pvt Ltd, HIMA, Smith & Burgess Process Safety Consulting, Process Engineering Associates, Bureau Veritas, Emerson Electric Co, Hexagon AB, IngenerInc, Siemens, Schneider Electronic, Yokogawa Electric, Corporation C&W Business and BIOS Middle East Group.
Key Developments:
In March 2023, Otsuka Chemical Co., Ltd. and Yokogawa Electric Corporation announced the establishment of SynCrest Inc., a joint venture that will engage in research, development, and manufacturing in the promising field of middle-molecular pharmaceuticals as a Contract Research, Development and Manufacturing Organization (CRDMO).
In February 2023, Schneider Electric, a global player in energy management, is expanding its India operations with launch of new product lines in one of its manufacturing facilities in Bangalore, tsupport the growing demand for energy management solutions.
In November 2022, Honeywell announced the release of its new operational technology (OT) cybersecurity solutions, designed tassist customers in defending the availability, reliability and safety of their industrial control systems and operations.
Services Covered:
• Consulting
• Training
• Certification
• Auditing
Solutions Covered:
• Compliance Management
• Process Hazard Analysis (PHA)
• Safety Instrumented Systems (SIS)
• Dust Hazard Analysis (DHA)
• Risk Management Programs (RMP)
• Facility Siting
• Incident Investigation & Response
• Mechanical Integrity
• PSM Program Implementation
• Other Solutions
Applications Covered:
• Burner Management System
• Emergency Shutdown
• High Integrity Pressure Protection System
• TurbMachinery Control
End Users Covered:
• Pharmaceutical
• Chemicals
• Energy & Power
• Oil & Gas
• Food & Beverages
• Paper & Pulp
• Paint & Coating
• Water & Waste Water Management
• Automotive
• Construction
• Government
• Aviation & Defense
• Metals
• Mining
• Personal Care
• Electricity
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Table of Contents
175 Pages
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Process Safety Services Market, By Service
- 5.1 Introduction
- 5.2 Consulting
- 5.3 Training
- 5.4 Certification
- 5.5 Auditing
- 6 Global Process Safety Services Market, By Solution
- 6.1 Introduction
- 6.2 Compliance Management
- 6.3 Process Hazard Analysis (PHA)
- 6.4 Safety Instrumented Systems (SIS)
- 6.5 Dust Hazard Analysis (DHA)
- 6.6 Risk Management Programs (RMP)
- 6.7 Facility Siting
- 6.8 Incident Investigation & Response
- 6.9 Mechanical Integrity
- 6.10 PSM Program Implementation
- 6.11 Other Solutions
- 7 Global Process Safety Services Market, By Application
- 7.1 Introduction
- 7.2 Burner Management System
- 7.3 Emergency Shutdown
- 7.4 High Integrity Pressure Protection System
- 7.5 Turbo Machinery Control
- 8 Global Process Safety Services Market, By End User
- 8.1 Introduction
- 8.2 Pharmaceutical
- 8.3 Chemicals
- 8.4 Energy & Power
- 8.5 Oil & Gas
- 8.6 Food & Beverages
- 8.7 Paper & Pulp
- 8.8 Paint & Coating
- 8.9 Water & Waste Water Management
- 8.10 Automotive
- 8.11 Construction
- 8.12 Government
- 8.13 Aviation & Defense
- 8.14 Metals
- 8.15 Mining
- 8.16 Personal Care
- 8.17 Electricity
- 8.18 Other End Users
- 9 Global Process Safety Services Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
- 10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
- 11 Company Profiling
- 11.1 ABB
- 11.2 Honeywell International Inc
- 11.3 Rockwell Automation
- 11.4 Intertek Group plc
- 11.5 RRC International
- 11.6 SOCOTEC
- 11.7 SGS SA
- 11.8 DEKRA India Pvt Ltd
- 11.9 HIMA
- 11.10 Smith & Burgess Process Safety Consulting
- 11.11 Process Engineering Associates
- 11.12 Bureau Veritas
- 11.11 Emerson Electric Co
- 11.14 Hexagon AB
- 11.15 Ingenero Inc
- 11.16 Siemens
- 11.17 Schneider Electronic
- 11.18 Yokogawa Electric
- 11.19 Corporation C&W Business
- 11.20 BIOS Middle East Group
- List of Tables
- Table 1 Global Process Safety Services Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Process Safety Services Market Outlook, By Service (2020-2028) ($MN)
- Table 3 Global Process Safety Services Market Outlook, By Consulting (2020-2028) ($MN)
- Table 4 Global Process Safety Services Market Outlook, By Training (2020-2028) ($MN)
- Table 5 Global Process Safety Services Market Outlook, By Certification (2020-2028) ($MN)
- Table 6 Global Process Safety Services Market Outlook, By Auditing (2020-2028) ($MN)
- Table 7 Global Process Safety Services Market Outlook, By Solution (2020-2028) ($MN)
- Table 8 Global Process Safety Services Market Outlook, By Compliance Management (2020-2028) ($MN)
- Table 9 Global Process Safety Services Market Outlook, By Process Hazard Analysis (PHA) (2020-2028) ($MN)
- Table 10 Global Process Safety Services Market Outlook, By Safety Instrumented Systems (SIS) (2020-2028) ($MN)
- Table 11 Global Process Safety Services Market Outlook, By Dust Hazard Analysis (DHA) (2020-2028) ($MN)
- Table 12 Global Process Safety Services Market Outlook, By Risk Management Programs (RMP) (2020-2028) ($MN)
- Table 13 Global Process Safety Services Market Outlook, By Facility Siting (2020-2028) ($MN)
- Table 14 Global Process Safety Services Market Outlook, By Incident Investigation & Response (2020-2028) ($MN)
- Table 15 Global Process Safety Services Market Outlook, By Mechanical Integrity (2020-2028) ($MN)
- Table 16 Global Process Safety Services Market Outlook, By PSM Program Implementation (2020-2028) ($MN)
- Table 17 Global Process Safety Services Market Outlook, By Other Solutions (2020-2028) ($MN)
- Table 18 Global Process Safety Services Market Outlook, By Application (2020-2028) ($MN)
- Table 19 Global Process Safety Services Market Outlook, By Burner Management System (2020-2028) ($MN)
- Table 20 Global Process Safety Services Market Outlook, By Emergency Shutdown (2020-2028) ($MN)
- Table 21 Global Process Safety Services Market Outlook, By High Integrity Pressure Protection System (2020-2028) ($MN)
- Table 22 Global Process Safety Services Market Outlook, By Turbo Machinery Control (2020-2028) ($MN)
- Table 23 Global Process Safety Services Market Outlook, By End User (2020-2028) ($MN)
- Table 24 Global Process Safety Services Market Outlook, By Pharmaceutical (2020-2028) ($MN)
- Table 25 Global Process Safety Services Market Outlook, By Chemicals (2020-2028) ($MN)
- Table 26 Global Process Safety Services Market Outlook, By Energy & Power (2020-2028) ($MN)
- Table 27 Global Process Safety Services Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 28 Global Process Safety Services Market Outlook, By Food & Beverages (2020-2028) ($MN)
- Table 29 Global Process Safety Services Market Outlook, By Paper & Pulp (2020-2028) ($MN)
- Table 30 Global Process Safety Services Market Outlook, By Paint & Coating (2020-2028) ($MN)
- Table 31 Global Process Safety Services Market Outlook, By Water & Waste Water Management (2020-2028) ($MN)
- Table 32 Global Process Safety Services Market Outlook, By Automotive (2020-2028) ($MN)
- Table 33 Global Process Safety Services Market Outlook, By Construction (2020-2028) ($MN)
- Table 34 Global Process Safety Services Market Outlook, By Government (2020-2028) ($MN)
- Table 35 Global Process Safety Services Market Outlook, By Aviation & Defense (2020-2028) ($MN)
- Table 36 Global Process Safety Services Market Outlook, By Metals (2020-2028) ($MN)
- Table 37 Global Process Safety Services Market Outlook, By Mining (2020-2028) ($MN)
- Table 38 Global Process Safety Services Market Outlook, By Personal Care (2020-2028) ($MN)
- Table 39 Global Process Safety Services Market Outlook, By Electricity (2020-2028) ($MN)
- Table 40 Global Process Safety Services Market Outlook, By Other End Users (2020-2028) ($MN)
- Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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