Process safety solutions prevent risks, and environmental damage, and boost productivity with high-quality products. It prioritises the workforces' safety and well-being and boosts productivity.
Covid-19 Impact & Market Status
The Covid-19 pandemic resulted in a major setback in many industries including manufacturing, supply chain, and production units due to the physical restrictions imposed. Similarly, as safety process services are widely deployed in vertical industries dealing with hazardous toxins, has resulted in the fall of customers which is impacted negatively. The demand-supply ratio of raw materials to finished products also impacted the market. Needless to say, the market is bouncing back as the government is curbing down the lockdown restrictions, and along with this, the awareness of safety solutions is growing rapidly. Favorable government policies are also playing a part in the development of the market.
Certification for Process Safety to be Mandatory
The Global Process Safety Solutions Market includes services like auditing, consulting, training, and certification. Among these, certification services are highly likely to anticipate market rise by the end of the forecast period. The government has made it mandatory for having the necessary certifications for process safety systems and solutions to operate without any restrictions. This has witnessed a great rise in the growth and efficient daily operations of the business.
Detailed Geographical Analysis of The Global Market
As mentioned, the Asia Pacific market has seen noteworthy rise in the global market. Increased adoption of new technology in Asia Pacific countries is driving the safety solutions market. Production efficiency and factory management are the primary functions of the systems. The process safety solutions services are expected to meet the customer’s expectations.
Further, the European market is driven by factors like quality project management and consulting services. They have a high sense of safety and awareness regarding the processes and its assets. Countries like France and Germany are considered to be key regions in the automobile industry.
Lack of Awareness & Skilled Labour to Obstruct the Market Growth
The pandemic impacted the financial situation of several industries and the process safety solutions market is one of them. The pandemic resulted in a budget restraint and led to a lack of labor who are skilled. This increased the number of accidents in the workplace. Skilled laborers play an important role in ensuring the safety of industrial processes and their dangers. Apart from these, small-scale and SMEs usually do not have high budgets for timely monitoring, handling security information, technology, sound working conditions, and teamwork. These issues are challenging the potential of the process safety solutions along with minor technological bugs. Some of the systems can be highly vulnerable to security and data breaches which puts a restrain on the market growth. The unavailability of these resources can set a major setback in the growth of the global market.
The safety solutions help protect the environment and the systems reduce the potential disasters involving the release of toxic flames & gases, explosive chemicals, and flammable gases.
Manufacturing plants are getting bigger and more complex with time, which requires risk management. Potential disasters are avoided and help manage the growing personnel, rules & regulations, and business growth. Process safety systems are essential for managing daily operations which involve hazardous materials. The safety of workers and their working environment are the main objectives of process safety solutions.
Process Safety Solutions are generally used for auditing, consulting, and training for risk management and reducing potential disasters and accidents.
The rising need for reducing hazardous environments, reducing operational costs, and improving management has led to propelling the global market during the forecast period 2019 to 2029. The Asia Pacific is likely to grow vastly in the forecast period with the acquisition of emerging technologies. Countries like China, India, and Malaysia are adopting these technologies for their solutions systems. Additionally, the DHA (Dust Hazard Analysis) is widely adopted in the Asia Pacific region. Amidst this, the pharmaceutical and food & beverage industries are said to rapidly grow.
Process Safety Solution is referred to as a process used for process maintenance. It is a control process that reduces risk hazards and keeps the working environment for the workers by reducing accidents like the release of toxic substances, flammable gases, and explosive material. The system is designed to prevent any serious damage or injuries resulting from work. The appropriate deployment of these systems is effective and proven to be efficient to reduce risks and people from abnormal working situations.
Protection of employees from the hazardous release of chemicals is the primary function and advantage of the process safety solutions. Other benefits of safety solution systems include prevention of hydrocarbon chemical releases, improve stability, and quality of products/services protects the company’s reputation, and reduces exposure to legal lawsuits. Regular system operators expect the implementation of measures for safe operations and a sound working environment.
The growing need for a safe working environment is boosting the market growth of process safety solutions. However, unskilled labor and budget issues are some of the challenges faced by the market players during the forecast period. Unavailability of labor can rise the number of accidents. Small-scale and SMEs do not have enough budget or funds to effectively handle the monitoring, security systems, and technology. Along with this, the scarcity of required infrastructure and other technical facilities is hampering the global market growth. Moreover, the rapid adoption of new technologies is upscaling the revenue of the market. The Safety Process Solutions Global Market is valued at 28,780.1 billion by 2029 with a 5.47% CAGR.
The major market players in the Global Process Safety Solutions Market are Honeywell International, Bureau Veritas, Rockwell Automation, ABB, Process Engineering Associates, Emerson Electric, Siemens, Fine Telecommunications, Schneider Electric, Intertek Group, and Expedient.
Bureau Veritas is considered to be a player in laboratory inspection and certification services. This company offers client solutions and services and meets customer needs and regulatory standards.
Latest Innovations in the Global Process Safety Solutions Market: A Snapshot
- Bureau Veritas, in June 2020, collaborated with Nexus Malls to test, clarify, and inspect the multiple processes’ safety and guarantee customer success. These are approved by the WHO guidelines.
Process Safety Solutions Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 28,780.1 billion.|
|Growth Rate||CAGR of 5.47 % during 2021-2029|
|Segment Covered||Deployment Model, Industry, End Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Honeywell International, Bureau Veritas, Rockwell Automation, ABB, Process Engineering Associates, Emerson Electric, Siemens, Fine Telecommunications, Schneider Electric, Intertek Group|
Key Segments of the Global Process Safety Solutions Market
Deployment Model Overview, 2019-2029 (USD Billion)
Industry Overview, 2019-2029 (USD Billion)
- Oil & Gas
End Use Overview, 2019-2029 (USD Billion)
- Risk Management
- Dust Hazard Analysis
- Process Hazard Analysis
Regional Overview, 2019-2029 (USD Billion)
- The U.S
- The UK
- Rest of Europe
The Asia Pacific
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa