Global Process Safety Services Market – Industry Trends and Forecast to 2030

Process Safety Services Market Analysis and Size

The process safety services market has witnessed high growth due to the increasing adoption of safety norms and standards in various industry verticals such as oil and gas, pharmaceuticals, food and beverages, and others. The industries have become more stringent towards safety norms as the incidents can incur a high loss to the industry both in terms of life and property. The industries focus on incorporating safety solutions and conducting hazard analysis to determine the risk factors and further processes to mitigate those risks. Moreover, with increasing digitalization, the development of process safety systems provides automation in compliance and easy integration with the organizations' control systems. This enables fail-safe control of the entire process and helps to optimize productivity and profit.

Data Bridge Market Research analyses that the global process safety services market is expected to reach a value of USD 36,336.96 million by 2030, at a CAGR of 10.4% during the forecast period. The global process safety services market report also comprehensively covers pricing analysis, patent analysis, and technological advancements.     

Market Definition

Process safety is a framework for managing the integrity of operating systems and processes that handle hazardous substances. It relies on good design principles, engineering, and operating and maintenance practices. It deals with the prevention and control of events that can release hazardous materials and energy. Process safety services and management include designing, certifying, inspecting, and testing processes in concerned industries or organizations to prevent hazardous accidents, quality issues, supply chain damages, and equipment damages. Process safety services aid in assisting clients in meeting their process safety and risk management needs. Process safety services assist clients in all aspects of process safety, from setting up complete process safety management programs and assisting with the execution of various elements.

Global Process Safety Services Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:

DRIVERS

• Rising need for improvement in manufacturing management and product efficiency

Process safety services aid in managing the integrity of operating systems and processes that handle hazardous materials. It can help in identifying, understanding, controlling, and preventing process-related incidents. If any incident occurs, it can cause an adverse effect on the manufacturing process and product efficiency in case of any incident during the ongoing process. The product may get leaked or damaged in case of an accident. However, with the implementation of process safety solutions, the loss of product can be minimized, and manufacturing efficiency can be enhanced, leading to high growth of the process safety services market.

• Surging growth in the number of hazardous incidents

A hazardous incident refers to a spill or release of chemicals, radioactive materials, or biological materials inside a building or the environment, which causes a huge loss of people, infrastructure, or the environment. Hazardous materials can cause hazardous incidents, including explosives, flammable and combustible substances, poisons, and radioactive materials.

Many industries, such as chemical and pharmaceutical plants, mining, consumer goods, pulp and paper, automotive, oil and gas, and manufacturing operations, contain hazardous environments where fire and explosions are major safety concerns. A small spark in an oil & gas industry, refinery, or chemical plant triggers fires, or explosions blast, which could damage machinery and the environment and, even worse, loss of lives.

Thus, due to the increasing number of hazardous incidents or accidents and explosions, manufacturers were implementing and opting for various process safety services to ensure the safety of workers, manufacturing plants, and the environment, which is driving the growth of the market.

OPPORTUNITIES

• Rising demand for process safety services in pharmaceutical and food processing industries

With the growing global population, standard of living, and urbanization, the demand for quality food, medicines, and medical care is also rising. Unforeseen outbreaks of epidemics and pandemics have alerted the governments of the world of the lack of healthcare infrastructure. Governments are investing highly in the healthcare sector and the research and development of modern pharmaceuticals. Food processing needs to be properly supervised, and several quality checks and inspections need to be catered to create a new window of opportunity for the growth of the global process safety services market.

RESTRAINT/CHALLENGE

• Complexities associated with implementation standards

Industries heavily rely on a useful set of tools for reducing the likelihood of incidents and injuries in the workplace. These include several rules, policies, procedures, and various mechanical safeguards, such as personal protective equipment and machine guards. These are highly useful to incorporate but can also be highly insufficient. No matter how well designed or assimilated, these devices cannot prevent all incidents in complex workplaces. Moreover, several complexities can arise while implementing safety standards. All the equipment and systems need to be aligned with the safety systems.

Industrial safety standards can mitigate the risk and protect from probable risk. However, implementing those standards can lead to several changes in the industry and incur additional costs that can act as a major restraint for the growth of process safety services market.

• Lack of awareness among industries for process safety

Industries need to implement process safety services in their business operation for multiple reasons, such as compliance with regulations, securing supply chains, preventing accidents and hazardous events, compliance with pollution prevention and standardizing and certifying packaging, distribution, and product quality, among others.

Many small and medium-sized enterprises lack the awareness and resources to hire services to ensure process safety. Due to this, their ability to compete in the market is hindered, where consumers mostly look for vendors who are certified in compliance with regulations and quality. Companies developing products without following safety protocols and regulations laid down by the government risk their product being discontinued.

Thus, the lack of awareness among various manufacturing companies to implement adequate safety systems and solutions can restrict the growth of the process safety services market.

Recent Development

• In October 2020, ABB digitalized process safety lifecycle management with the launch of ABB Ability Safety Insight which is a suite of digital software applications which supports companies across the energy and process sectors throughout the entire lifecycle of process safety management. This has helped the company to enhance its process safety management offerings in the market.
• In August 2018, Honeywell International Inc. entered into a reseller agreement with Applied Engineering Solutions, Inc. Under this agreement, the company integrated Applied Engineering Solutions, Inc's aeSolutions' software and aeShield into their new process safety suite. This integration paired the HAZOP/LOPA, SRS, and SIL Verification requirements from aeShield with Honeywell's Safety Builder, Process Safety Analyzer, and Trace into a Process Safety Suite. This has helped the company to enhance its process safety suite in the market.

Global Process Safety Services Market Scope

The global process safety services market is segmented on the basis of offering, safety integrity level, and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

By Offering

• Solution
• Services

On the basis of offering, the process safety services market is segmented into solution and services.

By Safety Integrity Level

• Level 1
• Level 2
• Level 3
• Level 4

On the basis of safety integrity level, the process safety services market is segmented into level 1, level 2, level 3, and level 4.

By End User

• Process manufacturing
• Automotive and Discrete Manufacturing
• Utilities
• Government
• Construction and Real Estate
• Retail
• Others

On the basis of end user, the process safety services market is segmented into process manufacturing, automotive and discrete manufacturing, utilities, government, construction and real estate, retail, and others.

Global Process Safety Services Market Regional Analysis/Insights

The global process safety services market is analyzed, and market size insights and trends are provided by region, offering, safety integrity level, and end user as referenced above.

The countries covered in the global process safety services market report are U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Switzerland, Netherlands, Belgium, Russia, Turkey, Rest of Europe, Japan, China, South Korea, India, Australia, New Zealand, Hong Kong, Taiwan, Singapore, Thailand, Indonesia, Malaysia, Philippines, Rest of Asia-Pacific, South Africa, U.A.E., Saudi Arabia, Israel, Egypt, Rest of the Middle East and Africa, Brazil, Argentina, and Rest of South America.

In 2023, North America is expected to dominate the global process safety services market due to an increased focus on workplace safety and regulatory compliance.    

The region section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Process Safety Services Market Share Analysis

The global process safety services market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global process safety services market.

Some of the major players operating in the global process safety services market are Siemens, Johnson Controls, Honeywell International Inc., Emerson Electric Co., Schneider Electric, Bureau Veritas, SGS SA, Rockwell Automation, ABB, DEKRA, OMRON Corporation, Intertek Group plc, TÜV SÜD, SOCOTEC, MISTRAS Group, HIMA, Ingenero, Inc., Smith & Burgess Process Safety Consulting, Process Engineering Associates, and LLC, ioKinetic, LLC, and others.

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