Process Safety Services Market - Snapshot
Process safety refers to the protection of property and people from catastrophic and episodic incidents that may result from unexpected or unplanned deviations in process conditions. Process safety services help customers in meeting their health, safety, and environmental compliance needs in a systematic manner. Major services offered by the process safety services market include consulting, auditing, training, and certification. Process safety service providers offer a mechanism for understanding and controlling the risks associated with processes as well as assistance in increasing productivity and reliability, improving safety and security, and enhancing overall business performance. The process manufacturing segment is expected to account for a significant share of the process safety services market over the forecast period. The global process safety services market is currently driven by increasing global awareness regarding employee and process safety.
The global process safety services market was valued at US$ 18,337.7 Mn in 2018 and is expected to expand at a CAGR of 4.9% during the forecast period.
Growing safety demands in the oil & gas and chemical industry is expected to drive the process safety services market. However, operational silos, budget allocation models, and lack of skilled labor are some of the major factors restraining the market. Budget allocated by small and mid-size industries specifically for primary safety does not cover allocation for precise and on time monitoring of incidents. Thus, the budget scope may not address the safety of information, technology, and workplace health adequately, leading to competing priorities and lack of collaboration. Shifting focus toward safety in APAC is anticipated to present significant opportunities for the process safety services market. In the Asia Pacific (APAC) region, attitude toward process safety has been of some concern especially in emerging economies such as India and China. A replacement worker is easily available in case of injury or accident in the region due to low labor cost and a fast growing population. Moreover, serious incidents in the past in the region such as the Bhopal Gas Tragedy, and the Fukushima earthquake have raised concerns about process hazards.
The global process safety services market is expected to be driven by significant growth in Asia Pacific. The region is projected to constitute a significant market share during the forecast period, with China, Japan, and India contributing most to the region’s revenue. The process safety services market in Asia Pacific is mainly driven by growing adoption of new technologies by emerging countries such as China, India, and Malaysia. As the manufacturing environment continues to change, process safety services are also evolving to fulfill new technology expectations and demands. Growing requirement to drive manufacturing management and production efficiency is one of the major factors that accelerates the demand for process safety services in the manufacturing sector. Moreover, adoption of Dust Hazard Analysis (DHA) solutions is expected to see high penetration in the Asia Pacific region.The market in Asia Pacific is estimated to expand at a rapid CAGR of 5.8% from 2019 to 2027. Growing consulting services for better project management and claims management is driving the process safety market in Europe. Moreover, regulations and policies in Europe are very stringent and industry verticals are bound to follow these rules. Awareness and safety related to the company, processes, and assets is high in this region. Europe has dominance in the mechanical integrity industry due to dominance of the manufacturing industry vertical in this region. Europe has the world’s best car manufacturing industry especially in Germany and France. This domination in the mechanical sector is driving the process safety service market in this region.
Major players operating in the process safety services market include Honeywell Process Solutions, RRC International, ABB Ltd., Bureau Veritas S.A., HIMA Paul Hildebrandt GmbH + Co KG, Intertek Group PLC, SGS Group, Rockwell Automation, Inc., TUV SUD, SOCOTEC Certification International, DEKRA, Smith & Burgess Process Safety Consulting, Process Engineering Associates, LLC, ioKinetic, LLC., and Ingenero, Inc.
Process Safety Services Market: Overview
The process safety services market report provides analysis for the period 2016–2027, wherein 2019 to 2027 is the forecast period and 2017 is the base year. The report covers all the major technologies and trends playing a significant role in the market’s growth over the prognosis period. It also highlights the market dynamics, which comprise drivers, restraints, and opportunities, along with the impact analysis of the drivers on the market during the given period. The study provides a complete outlook on the evolution of the global process safety services market throughout the above mentioned forecast period in terms of revenue (US$ Mn).
The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that influence the current nature and future status of this market apart from challenges of the market. The market overview section also includes pricing model, which includes analysis of pay-per-unit, and tiered pay-per transaction model offered by process safety services vendors. In addition, market attractiveness analysis has been provided for every segment in the report for all the regions, in order to provide a detailed understanding of the overall scenario in the process safety services market. The report also provides an overview of various strategies adopted by key players present in the market.
Global Process Safety Services Market: Scope of the Report
The report highlights the competitive landscape of the global process safety services market, positioning all the major players according to their presence in different regions of the world and initiated by them in the process safety services market. The complete process safety services market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting the process safety services market growth.
This report provides all the essential information required to understand the key developments in the process safety services market and growth trends of each segment and region. It also includes companies’ strategies, business overview, and business portfolio and financial information, under the company profile section. Furthermore, Porter’s Five Forces analysis explains the five forces namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the process safety services market. This report also provides a comprehensive ecosystem analysis of the process safety services market. It explains the various participants, including software &platform vendors, system integrators, intermediaries, and end-users within the ecosystem of the market. Moreover, various rules and regulations associated with the particular market are also specified according to different regions.
Global Process Safety Services Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, relevant patent, statistical databases and regulatory databases, market reports, government publications, statistical databases, World Bank database, and industry white papers are referred.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the process safety services market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market understandings and authenticate the existing data and analysis. Primary interviews offer firsthand information on important factors such as market trends, market size, competitive landscape, growth trends, outlook etc. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.
Global Process Safety Services Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global process safety services market. Key players profiled in the market include Honeywell Process Solutions, RRC International, ABB Ltd., Bureau Veritas S.A., HIMA Paul Hildebrandt GmbH + Co KG, Intertek Group PLC, SGS Group, Rockwell Automation, Inc., TUV SUD, SOCOTEC Certification International, DEKRA, Smith & Burgess Process Safety Consulting, Process Engineering Associates, LLC., ioKinetic, LLC., Ingenero, Inc.
The global process safety services market is segmented as below:
Global Process Safety Services Market, by Industry
- Automotive & Discrete Manufacturing
- Mechanical & Plant Engineering
- Process Manufacturing
- Oil, Gas & Mining
- Pulp & Paper
- Consumer Goods
- Food and Beverage
- Personal Care Manufacturing
- Government (incl. federal, regional, and local administration, education, etc.)
- Waste disposal
- Retail (food)
- Construction & Real Estate
Global Process Safety Services Market, by Solution
- Compliance Management
- Process Hazard Analysis (PHA)
- Safety Instrumented Systems (SIS)
- Dust Hazard Analysis (DHA)
- Risk Management Programs (RMP)
- Facility Siting
- Audits, Incident Investigation and Response
- Mechanical Integrity
- PSM Program Implementation
- Others (Data Analytics, Special Projects)
Global Process Safety Services Market, by Services
Global Process Safety Services Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of : Asia Pacific
- Middle East & Africa ( MEA )
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America