Market Overview:
The global process safety system market is expected to grow from USD 9.5 billion in 2018 to USD 16.8 billion by 2030, at a CAGR of 6.5% from 2018 to 2030. The growth of the market can be attributed to the increasing demand for process safety systems in oil & gas, energy & power, food processing, pharmaceuticals, and chemical industries. Moreover, the increase in adoption of Industrial Internet of Things (IIoT) and big data analytics is also fueling the growth of this market. However, high installation and maintenance costs are restraining the growth of this market. Based on type, the global process safety system market has been segmented into hardware, software services,, and others). The hardware segment is expected to hold a larger share than other segments during the forecast period owing to its ability to provide real-time monitoring and control over plant operations.7%from2018to2030 .
Product Definition:
A process safety system is a set of tools and techniques used to protect workers, the public, and the environment from harm due to chemical accidents. The most important use of a process safety system is to prevent releases of hazardous materials that could cause injury or death.
Hardware:
Hardware is the part of process safety system which includes all the devices and tools used to monitor, record & control process parameters. Hardware components are used in a number of industries such as chemical, oil & gas, power generation and food processing among others.
Hardware plays an important role in enhancing plant efficiency by reducing operating costs while improving product quality. It also helps to improve productivity by providing increased monitoring capability with reduced human intervention which further helps to reduce errors and downtime during production processes.
Software:
Software and it's usage in process safety system is used for providing a platform for the collection, analysis, and display of real-time data related to the hazardous operations. It helps in preventing accidents by providing information about potential hazards. The software also provides information regarding corrective actions that can be taken to prevent any further accidents.
Application Insights:
The oil & gas, energy & power, and chemical processing industries led the global process safety system market in 2017. These industries are characterized by high risk involved in their production and storage operations. The implementation of a robust process safety management system is essential to prevent accidents from occurring at any point in time during the manufacturing or supply chain stages of an operation.
The pharmaceutical industry also falls under this category as it processes highly hazardous chemicals and biologicals that may cause harm if not handled properly. The food processing industry includes meat processing plants where contamination during handling or production can lead to severe injuries or even death of consumers owing to poisonous substances present in raw materials used for preparing foods like beef products, poultry products etcetera.
Regional Analysis:
North America dominated the global process safety system market in 2017. The growth can be attributed to various factors such as stringent regulatory framework, high awareness among employees, and implementation of new or upgraded systems by companies. In addition, rising need for improvement in existing processes is anticipated to drive regional demand over the forecast period.
Asia Pacific is expected to witness significant growth over the next eight years owing to increasing industrialization and rapid urbanization across countries such as China and India. Furthermore, growing pharmaceutical industry coupled with a large number of manufacturing facilities will also contribute towards regional demand during the forecast period.
Growth Factors:
- Increasing demand for Process Safety Systems from the oil and gas industry as a result of the increase in exploration and production activities
- The increasing number of industrial accidents, which has led to an increased focus on process safety by regulatory agencies
- The growing popularity of inherently safer processes, which are often supported by Process Safety Systems
- The increasing use of automation and instrumentation in process plants, which can help improve safety performance
- The growing awareness among plant operators about the benefits of using Process Safety Systems
Scope Of The Report
Report Attributes
Report Details
Report Title
Process Safety System Market Research Report
By Type
Hardware, Software, Service
By Application
Oil & Gas, Energy & Power, Food Processing, Pharmaceutical, Chemical, Others
By Companies
ABB Ltd., Siemens AG, Rockwell Automation, General Electric Company, Emerson Electric, Honeywell International, HIMA Paul Hildebrandt, Yokogawa Electric Corporation, Integraph Corporation, Schneider Electric
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
223
Number of Tables & Figures
157
Customization Available
Yes, the report can be customized as per your need.
Global Process Safety System Market Report Segments:
The global Process Safety System market is segmented on the basis of:
Types
Hardware, Software, Service
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Oil & Gas, Energy & Power, Food Processing, Pharmaceutical, Chemical, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABB Ltd.
- Siemens AG
- Rockwell Automation
- General Electric Company
- Emerson Electric
- Honeywell International
- HIMA Paul Hildebrandt
- Yokogawa Electric Corporation
- Integraph Corporation
- Schneider Electric
Highlights of The Process Safety System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware
- Software
- Service
- By Application:
- Oil & Gas
- Energy & Power
- Food Processing
- Pharmaceutical
- Chemical
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Process Safety System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A process safety system (PSS) is a comprehensive, integrated system of management that addresses the hazards and risks associated with the operation of a plant or process. PSSs are designed to prevent accidents and injuries by identifying potential problems early, implementing effective risk management strategies, and monitoring plant operations.
Some of the key players operating in the process safety system market are ABB Ltd., Siemens AG, Rockwell Automation, General Electric Company, Emerson Electric, Honeywell International, HIMA Paul Hildebrandt, Yokogawa Electric Corporation, Integraph Corporation, Schneider Electric.
The process safety system market is expected to grow at a compound annual growth rate of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Process Safety System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Process Safety System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Process Safety System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Process Safety System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Process Safety System Market Size & Forecast, 2020-2028
4.5.1 Process Safety System Market Size and Y-o-Y Growth
4.5.2 Process Safety System Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Service
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Oil & Gas
6.2.2 Energy & Power
6.2.3 Food Processing
6.2.4 Pharmaceutical
6.2.5 Chemical
6.2.6 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Process Safety System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Process Safety System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Service
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Oil & Gas
9.10.2 Energy & Power
9.10.3 Food Processing
9.10.4 Pharmaceutical
9.10.5 Chemical
9.10.6 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Service
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Oil & Gas
10.10.2 Energy & Power
10.10.3 Food Processing
10.10.4 Pharmaceutical
10.10.5 Chemical
10.10.6 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Service
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Oil & Gas
11.10.2 Energy & Power
11.10.3 Food Processing
11.10.4 Pharmaceutical
11.10.5 Chemical
11.10.6 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Service
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Oil & Gas
12.10.2 Energy & Power
12.10.3 Food Processing
12.10.4 Pharmaceutical
12.10.5 Chemical
12.10.6 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Service
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Oil & Gas
13.10.2 Energy & Power
13.10.3 Food Processing
13.10.4 Pharmaceutical
13.10.5 Chemical
13.10.6 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Process Safety System Market: Competitive Dashboard
14.2 Global Process Safety System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ABB Ltd.
14.3.2 Siemens AG
14.3.3 Rockwell Automation
14.3.4 General Electric Company
14.3.5 Emerson Electric
14.3.6 Honeywell International
14.3.7 HIMA Paul Hildebrandt
14.3.8 Yokogawa Electric Corporation
14.3.9 Integraph Corporation
14.3.10 Schneider Electric
