Dallas, Texas, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The global process safety solution market is expected to hit $28,780.1 billion with an annualized growth rate of 5.47% through the forecast period 2022-2029. Process safety is part of a comprehensive safety management plan and focuses on the major hazards that affect safety due to environmental damage and business loss. It also helps improve usability, productivity, stability, and output quality, and protects against unwanted events. Rising demand for mergers and acquisitions (M&A) among producers is driving the growth of the market.
The growing wants to reduce toxic activities, increasing calls for from corporations to reduce capital costs and working prices, and improvements in manufacturing controls and product efficiencies are a number of the factors driving the process safety solutions marketplace. However, increasing calls from the pharmaceutical and meal processing industries will open new avenues for the growth of the process safety solutions market during the forecast period. The presence of numerous organizations of various sizes, increasing investment in advanced technology, and increasing mergers and acquisitions tend to increase job security, and the increasing complexity of business operations is driving world market growth.
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Protective belongings and people from catastrophic and transient accidents as a result of surprising or unplanned deviations from system conditions is called process safety. Process Safety Solutions supports customers in meeting health, safety, and environmental requirements in a systematic and methodical manner. Process safety solutions providers not only provide mechanisms to understand and control process risks, but also help improve productivity and reliability, enhance safety and security, and improve overall business performance increase.
Report coverage & details:
| Report Coverage | Details |
| Base Year | 2021 |
| Historical Data | 2019-2020 |
| CAGR | 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 |
Skilled labor shortages and budget allocation issues, in addition to operational silos, will act as market constraints for process safety services during the above forecast period. Also, the market broadening rate is questionable due to the absence of necessary infrastructure facilities in developing countries.
The growing attractiveness of the market in emerging industries, especially in the pharmaceutical and food industries, is expected to bring further superior opportunities to the players operating in the process safety solutions market.
The process safety solutions market is based on basis of service, industry, and solution. Based on service, the process safety solution market has been segmented into consulting, training, certification, and auditing. The process safety solution on basis of the industry has been segmented into construction, automotive and discrete manufacturing, government, retail (food), process manufacturing, utilities, and real estate. Automotive and discrete manufacturing has been further segmented into mechanical and plant engineering, aviation, and defense. Process manufacturing has been further segmented into metal, chemicals, pharmaceuticals, oil, gas and mining, pulp and paper, and consumer goods. The process safety solution based on basis of the solution has been segmented as process hazard analysis (PHA), safety instrumented systems (SIS), compliance management, risk management programs (RMP), program implementation, dust hazard analysis (DHA), facility siting, audits, incident investigation and response, mechanical integrity, and others.
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In terms of geographic dominance, APAC dominated the global process safety solution market. The major countries such as India, China, Japan, and others contributed majorly to growth of the region. The manufacturing sector is evolving in this region. Moreover, due to rising business activities in different domains such as automotive, energy, food processing, Information Technology, and Other has raised the demand of process safety solutions.
Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Process Safety Solutions Market by Deployment Model, 2019-2029 (USD Billion)
4.1. Solutions
4.2. Services
5. Process Safety Solutions Market by Industry, 2019-2029 (USD Billion)
5.1. Aviation
5.2. Pharmaceuticals
5.3. Construction
5.4. Chemicals
5.5. Retail
5.6. Automotive
5.7. Food & Beverages
6. Process Safety Solutions Market by End Use, 2019-2029 (USD Billion)
6.1. Auditing
6.2. Training
6.3. Consulting
6.4. Risk Management
6.5. Dust Hazard Analysis
6.6. Process Hazard Analysis
6.7. Certification
7. Process Safety Solutions Market by Price Range, 2019-2029 (USD Billion)
7.1. Starter
7.2. Mid-range
7.3. Enterprise
8. Process Safety Solutions Market by Region, 2019-2029 (USD Billion)
9. Competitive Landscape
10. Company Profiles
11. Appendix
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