Data Bridge Market Research analyses that the Global Process Safety Services Market is expected to grow at a CAGR of 10.4% from 2023 to 2030 and is expected to reach USD 36,336.96 million by 2030. High benefits offered by process safety solutions and services propel market growth.
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Key Findings of the Study
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 products can be minimized, and manufacturing efficiency can be enhanced, leading to the high growth of the global process safety services market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in Million, Pricing in USD
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Segments Covered
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By Offering (Solution and Services), Safety Integrity Level (Level 2., Level 3, Level 1, and Level 4), End User (Process Manufacturing, Automotive and Discrete Manufacturing, Utilities, Government, Construction and Real Estate, Retail, and Others)
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Countries Covered
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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
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Companies Covered
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Siemens (Germany), Johnson Controls (Ireland), Honeywell International Inc. (U.S.), Emerson Electric Co. (U.S.), Schneider Electric (France), Bureau Veritas (France), SGS SA (Switzerland), Rockwell Automation (U.S.), ABB (Switzerland), DEKRA (Germany), OMRON Corporation (Japan), Intertek Group plc (U.K.), TÜV SÜD (Germany), SOCOTEC (France), MISTRAS Group (U.S.), HIMA (Germany), Ingenero, Inc. (U.S.), Smith & Burgess Process Safety Consulting (U.S.), Process Engineering Associates LLC (U.S.), and ioKinetic, LLC (U.S.) among others.
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The global process safety services market is segmented into three notable segments, which are based on offering, safety integrity level, and end user.
- In 2023, the solution of the offering segment is anticipated to dominate the global process safety services market
In 2023, the solution segment of the offering segment is expected to dominate the global process safety services market. It is expected to dominate the market as it examines the process involved in handling, storing, and manufacturing highly hazardous chemicals, gases, and products. It includes standards for equipment operation, regulations for storing and mixing hazardous process materials, and others.
- On the basis of offering, the global process safety services market is segmented into solution and services. In 2023, the solution segment is expected to dominate the global process safety services market with a 58.49% market share and is expected to reach USD 21,934.21 million by 2030, growing with a CAGR of 10.9% in the forecast period of 2023 to 2030.
- On the basis of safety integrity level, the global process safety services market has been segmented into level 1, level 2, level 3, and level 4. In 2023, the level 2 segment is expected to dominate the global process safety services market with a 40.95% market share and is expected to reach USD 15,065.69 million by 2030, growing with a CAGR of 10.5% in the forecast period of 2023 to 2030. However, the level 3 segment is growing with the highest CAGR of 10.9%.
- On the basis of end user, the global process safety services market has been segmented into process manufacturing, automotive and discrete manufacturing, utilities, government, construction and real estate, retail, and others. In 2023, the process manufacturing segment is expected to dominate the global process safety services market with a 31.51% market share and is expected to reach USD 11,565.15 million by 2030, growing with a CAGR of 10.5% in the forecast period of 2023 to 2030. However, the automotive and discrete manufacturing segment is growing with the highest CAGR of 11.0%.
Major Players
Data Bridge Market Research recognizes the following companies as the major global process safety services market which are Siemens (Germany), Johnson Controls (Ireland), Honeywell International Inc. (U.S.), Emerson Electric Co. (U.S.), Schneider Electric (France), Bureau Veritas (France), SGS SA (Switzerland), Rockwell Automation (U.S.), ABB (Switzerland), DEKRA (Germany), OMRON Corporation (Japan), Intertek Group plc (U.K.), TÜV SÜD (Germany), SOCOTEC (France), MISTRAS Group (U.S.), HIMA (Germany), Ingenero, Inc. (U.S.), Smith & Burgess Process Safety Consulting (U.S.), Process Engineering Associates LLC (U.S.), and ioKinetic, LLC (U.S.) among others.
Market Developments
- In April 2022, TÜV SÜD announced the collaboration with ioMosaic. This collaboration will help the company to offer a wide range of services with digital applications and broader efficiency to the customers, which will result in the growth of brand value in the market.
- In May 2022, Honeywell International Inc. announced the development of a new real-time location solution (RTLS) to boost safety and security in the workplace. This new solution will help the company to offer modern industrial operations through instrumentation, control, and mobile devices.
- In September 2021, Siemens announced its partnership with Zscaler. This partnership will help the company to secure access to OT applications and systems and enables users to manage and control quality assurance or diagnosis issues remotely.
- In November 2020, Rockwell Automation, Inc. announced the acquisition of Fiix Inc., which is a cloud software company. This acquisition has helped the company to integrate its safety products with software and develop automation solutions with better efficiency.
- In July 2018, Honeywell International Inc. signed an agreement with aeSheild for software solutions. This agreement has helped the company integrate process safety with the software, improving performance and upgrading Honeywell's Safety Builder, Process Safety Analyser, and Trace Solutions.
Regional Analysis
Geographically, the countries covered in the global process safety services market report are North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France, Italy, Spain, Turkey, Russia, Netherlands, Belgium, Switzerland, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Singapore, Taiwan, Malaysia, Thailand, Indonesia, Philippines, New Zealand, Vietnam, and the rest of Asia-Pacific), South America (Brazil, Argentina, and the rest of South America), and the Middle East and Africa (Saudi Arabia, U.A.E., Israel, Egypt, South Africa, and rest of the Middle East and Africa).
As per Data Bridge Market Research analysis:
North America is the dominant region in the global process safety services market during the forecast period 2023 -2030
In 2023, North America is expected to dominate the global process safety services market as U.S. is the dominating country in the region, primarily due to the increased focus on workplace safety and regulatory compliance. In recent years, there has been a greater emphasis on ensuring that companies are operating in a safe and secure manner to protect employees and the environment. This has led to increased regulatory scrutiny and the need for companies to implement and maintain effective process safety management systems.
North America is expected to be the fastest-growing region with the highest CAGR in the global process safety services market during the forecast period 2023 -2030
Another reason for the rising demand for process safety services in North America is the growth of the industrial sector. The region has a large and diverse industrial base, which includes sectors such as oil and gas, chemicals, and manufacturing for the forecast period 2023 -2030.
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