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The process safety systems market size has the potential to grow by USD 257.63 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (ESS, FG, BMS, and HIPPS), end-user (oil and gas, chemical and petrochemical, power, and others), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Johnson Controls International Plc, OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.
What will the Process Safety Systems Market Size be in 2020?
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Who are the Major Process Safety System Vendors?
The process safety systems market is fragmented with the presence of several regional and global vendors. ABB Ltd., Emerson Electric Co., and General Electric Co. are some of the major market participants. The market has grown significantly in the last two decades and has faced volatility due to some changes in the end-users' markets. All the above vendors have well-established distribution networks and a global presence in all the regions. End-users are increasingly looking for automation manufacturers with well-established experience. Although the need for risk reduction in hazardous operations will offer immense growth opportunities, the risks and threats that impact the oil and gas industry will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this process safety systems market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this process safety systems market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- ABB Ltd.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International Inc.
- Johnson Controls International Plc
- OMRON Corp.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corp.
Which are the Key Markets for Process Safety Systems?
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APAC was the largest process safety systems market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing investments in the end-user segments will significantly drive process safety systems market growth in this region over the forecast period.
53% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for process safety systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
What are the Major Product Segments in the Process Safety Systems Market?
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ESS was the major segment of the market in 2019 of the process safety systems market. A safety instrumented system (SIS) is a discrete, consistent, and dependable system that is used to protect industrial processes to prevent the release of poisonous, combustible, or volatile chemicals. The safety integrity level (SIL) is the numerical representation of the integrity of the SIS when a progress demand occurs. The major purpose of the SIS is to lessen risks so that SIL levels can be defined regarding the risk reduction factor (RRF). This report provides an accurate prediction of the contribution of all the segments to the growth of the process safety systems market size.
How will Risk Reduction in Hazardous Operations Influence Process Safety Systems Market Growth?
The process safety systems market will register a CAGR of over 2% during the forecast period. The need for risk reduction in hazardous operations is one of the major factors driving process safety equipment market growth. It has been observed that despite the application of a wide variety of safeguarding measures, process industries are constantly prone to accidents. This results in the increased need for the application of a variety of technical and non-technical layers of protection, such as safety instrumented systems (SIS) since they will help in boosting the productivity and also help in producing high-quality products at a much lower cost.
What are the Key Factors Covered in this Process Safety Systems Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive process safety systems market growth during the next five years
- Precise estimation of the process safety systems market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the process safety systems industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of process safety systems market vendors
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