The foremost factor driving the global process safety system market is adoption of safe operational practices in process industries. The deployment of process safety system ensures prevention of explosions, accidental chemical releases, and fires in chemical and other hazardous industries. Further, deployment of process safety system prevents operational disruption due to equipment malfunction, over-temperature, metal fatigue, over-pressure, spills, leaks, and other factors.
On the downside, negligence to adopt contingency measures to combat process pitfalls is challenging the growth of global process safety system market.
A report by Transparency Market Research (TMR) estimates the global process safety system market to expand at a CAGR of 7.0% between 2017 and 2025, for the market to be evaluated at US$5,287.8 mn by the end of 2025.
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Oil and Gas to Remain Attractive End-use Segment due to Ageing of Existing Safety Systems
The global process safety system market is segmented on the basis of component, safety integrity level, application, end-use, and region in this report. The key component segments include hardware, software, and service. In 2016, hardware led the market vis-à-vis revenue followed by service. However, software segment is anticipated to rise at the leading growth rate during the forecast period owing to higher adoption of software by large industries and to enhance operational capabilities and to integrate safety systems in their processes.
On the basis of safety integrity level, the process safety system market is classified into SIL 1, SIL 2, SIL 3, and SIL 4. Of them, in 2016, SIL 1 led the market holding the leading share due to its widespread use in end use industries.
In terms of application, the segments into which the process safety system market is classified are burner management system (BMS), emergency shutdown (ESD), high integrity pressure protection system (HIPPS), turbo machinery control (TMC), and others. The emergency shutdown segment held the leading market share in 2016; going forward the segment is anticipated to display the leading CAGR over the forecast period.
By end-use, the process safety system market is classified into oil and gas, energy and power, chemical, pharmaceutical, food processing, paper and pulp, and others. Among the end users, oil and gas currently holds the leading market share. This is mainly because safety systems in the oil and gas industry are ageing that needs to be replaced by new ones. Nevertheless, end users of process safety system demand safety lifecycle management software to carry out operations safely.
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Powered by China and India, Asia Pacific to Report Stellar Growth
In terms of geography, the global process safety system market is bifurcated into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. In 2016, North America stood as the leading regional market for process safety system due to a robust infrastructure and government policies that mandate deployment of safety procedure in process industries for timely alerts. The region is also anticipated to dominate amongst other key regions for process safety system over the forecast period. Moreover, enterprises are opting to adopt process safety system technology due to increased awareness for safety processes. Due to this, process safety incidents have dropped by 4.8% between 2015 and 2016 in the U.S., as reported by BASF.
On the other hand, Asia Pacific process safety system market is anticipated to display stellar growth displaying the leading CAGR over the forecast period. The increasing adoption of process safety system technology by small and medium enterprises in the region is contributing substantially to the growth of this market. Increasing investments for technology-driven processes will account China and India to be at the forefront of adoption of process safety system technology over the forecast period.
Key players in the global process safety system market include General Electric Company, Rockwell Automation Inc., ABB Ltd., Emerson Electric Co., Honeywell International Inc., HIMA Paul Hildebrandt GmbH, Integraph Corporation, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation among others.
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