Process safety system is a tool that includes the designing, procedures, and hardware to operate and maintain safety of a given process. Process safety systems are implemented in many sectors such as chemicals, pharmaceuticals, and oil & gas.
Rising demand for process safety systems from oil & gas industry is a key factor driving growth of the global process safety systems market. In addition, growing awareness about safe operational practices in process industries coupled with increasing incidences of fire explosion and gas leaks in petrochemical and oil & gas sectors are factors boosting demand for process safety systems. These are other factors expected to drive growth of the global process safety systems market over forecast period.
High initial investment, maintenance cost, and lack of trained professionals are key factors restraining growth of the global process safety systems market. In addition, health programs and cost of safety are still considered as low added value in many business areas. This factor is expected to hamper growth of the global process safety systems market to a significant extent during the forecast period.
Moreover, technological advancement towards integration of process control system and process safety systems is current trend observed in the market. For instance, Mexican-owned petroleum company Pemex uses ABB Ltd.“s system 800xa and 800xa High Integrity to automate process control and safety in its Burgos complex. Such developments are expected to further create new business opportunities for major players in the global process safety systems market.
The global process safety systems market report has been segmented on the basis of component, application, end user industry, and region. On the basis of region, the global process safety systems market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America dominates the global process safety systems market owing to developed infrastructure and mandatory deployment of process safety systems due to stringent government safety regulations in countries in this region. The market in Asia Pacific is expected to witness fastest growth over forecast period, owing to increasing adoption of safety systems and related technology.
Key players in the global process safety systems market include ABB Ltd, Schneider Electric S.E., Honeywell International Inc., Siemens AG, Rockwell Automation, Inc., HIMA Paul Hildebrandt GmbH, Emerson Electric Co, General Electric Company, Intergraph Corporation and Yokogawa Electric Corporation.
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