Process Safety Services Market is Segmented By Solution (Compliance Management, Process Hazard Analysis (PHA), Safety Instrumented Systems (SIS), Dust Hazard Analysis (DHA), Risk Management Programs (RMP), Facility Siting, Audits, Incident Investigation and Response, Mechanical Integrity, SM Program Implementation, Others), By Services(Consulting, Training, Certification, Auditing), By End-User(Automotive and Discrete Manufacturing, Process Manufacturing, Government, Utilities, Construction, and Real Estate, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Process Safety Services Market Overview
The Global "Process Safety Services Market" is Predicted to reach at a high CAGR during the forecast period (2023-2030). 179 pages report analyses the Process Safety Services market shares, recent trends, competitive intelligence and future market outlook. Process Safety Services usage is on the rise. Demand from (pharmaceuticals & commercial infrastructure) in ‘Asia Pacific’ is booming. Competitive rivalry intensifies with Bureau Veritas, RRC Global, ABB, HIMA and others operating in the market.
Process safety refers to safeguarding property and people from catastrophic and episodic events that can occur due to unplanned or unexpected changes in process conditions. Customers can use process safety services to meet their health, safety, and environmental compliance requirements systematically. Consulting, auditing, training, and certification are significant assistance provided by the process safety services sector. Process safety service providers aid in increasing productivity and dependability, improving safety and security, and improving overall corporate performance by providing a method for identifying and controlling the risks associated with processes.
Process Safety Services Market Scope
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Metrics |
Details |
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CAGR |
High |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (USD ) |
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Segments Covered |
Solution, Service, End-User, and Region |
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Regions Covered |
North America, Latin America, Europe, Asia Pacific, Middle East, and Africa |
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Fastest Growing Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and other key Insights. |
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Source: DataM Intelligence Analysis (2023)
Process Safety Services Market Dynamics
The growing number of industrial accidents and the associated demand to reduce the number of these accidents tend to drive the process safety services market. However, the unavailability of skilled labor and proper budget allocations restrict the market growth.
The increasing number of industrial accidents
As modern industries are focused on producing maximum results and manufacturing efficiency rather than safe production, the number of accidents and catastrophic events has increased over the years. Several variables frequently cause accidents, each depending on the situation. It could be a combination of risky work practices and an unsafe working environment, or it could be both.
As per data, in the EU-27 in 2018, 3.1 million non-fatal accidents resulted in at least four calendar days off work and 3,332 fatal incidents, resulting in a ratio of approximately 940 non-fatal accidents for every deadly accident. The overall number of non-fatal workplace accidents in the EU-27 increased by 8,137 between 2017 and 2018, indicating an upward trend equivalent to a growth of 0.3 percent. There were 60 more fatal workplace accidents in the EU-27 in 2018, equivalent to an increase of 1.8 percent. Men were far more likely to be involved in workplace accidents than women. Men were involved in more than two out of every three (68.4%) non-fatal workplace accidents in the EU-27 in 2018.
Since Europe is a highly industrialized region, which could be considered a case study to understand modern global industrialization, the trend marked by the stats could indicate a global direction in industrial accidents. Nevertheless, as workplace incidents are growing over the years, the need for a medium to curtail accidents becomes the need of the day. The respective factor would drive the process safety market.
Lack of skilled labor and Budget allocations
The lack of proper budget allocation schemes and a scarcity of skilled labor are just a few of the significant market restraints. Labor skills play an essential role in ensuring the safety of any industrial processes despite their dangers. So unavailability of skilled labor could increase the number of accidents. Additionally, budgets set aside by small and mid-sized businesses for paramount safety do not include funds for precise and timely event monitoring. As a result, the budget scope may not effectively handle information security, technology, and workplace wellness, resulting in competing goals and a lack of teamwork. As a result, the unavailability of skilled labor and lack of budget allocation for safety process management in small to medium industries act as significant market restraints.
COVID-19 Impact on Process Safety Services Market Growth
The pandemic COVID-19 has resulted in a global setback that could be ascribed to severe disruptions in the respective manufacturing and supply-chain operations due to various precautionary lockdowns and other limitations imposed by governments globally. A similar trend could be witnessed in the process safety services market, as the entire industry witnessed a downfall during the pandemic.
Since process safety services are widely employed in industries that deal with hazardous raw materials, environments, and finished products, the downfall in consumers due to the non-essential budget cuts has negatively impacted the market. Further, the devastation of the supply-demand dynamic in the market due to delays and damages in the supply chain of toxic raw materials and finished products also diminished the market prospects of the respective market. The antecedent factors are likely to weigh the global process safety services market's revenue trajectory and potential revenue generation.
However, the global process safety services market would rebound as regional and global authorities curb the lockdowns and global trade restrictions. Further, the growing global awareness associated with the environment and workplace health would also help boost the global process safety market's financial and demand prospects in the post-COVID-19 market scenario.
Process Safety Services Market Segment Analysis
The global process safety services market is segmented based on solutions, services, industries, and regions.
Stringent governmental regulations for certification
Based on services, the global process safety services market is segmented into consulting, training, certification, and auditing. Among the services, certification is expected to dominate the global process safety services market during the forecast period due to growing process safety awareness among people and governments. The governments of modernity are mandating several certifications for process safety that needs to be fulfilled by the company to operate without facing any scrutiny or repercussions. As a result, the certification segment of the global process safety market is expected to witness a global hike during the forecast period.
Source: DataM Intelligence Analysis (2023)
Process Safety Services Market Geographical Share
The paradigm shift in production and associated technologies in the Asia-pacific
The Asia-Pacific is expected to witness considerable growth in the global process safety services market. During the forecast period, the area is expected to have a significant market share, with China, Japan, and India accounting for most of the region's revenue. The increased use of new technologies by emerging countries such as China, India, and Malaysia is driving the process safety services market in Asia-Pacific. As the production environment changes, process safety services develop to meet new technology expectations and demands. The primary factor driving the demand for process safety services in the manufacturing sector is the growing need to increase factory management and production efficiency.
The process safety market in Europe is being driven by the growth of consulting services for better project management and claims management. Furthermore, European regulations and policies are stringent and industry verticals must respect them. Europe has a high awareness and safety regarding the firm, processes, and assets. Germany and France boast the best automobile manufacturing industry globally. As a result, this region's process safety service market is expected to exert dominance.
Source: DataM Intelligence Analysis (2023)
Process Safety Services Companies and Competitive Landscape
The global process safety services market is highly competitive and accommodates several local and global brands. Some key players in the market are Bureau Veritas, RRC Global, ABB, HIMA, Intertek Group plc, SGS SA, Rockwell Automation, Inc, Johnson Controls, Smith & Burgess Process Safety Consulting, and Process Engineering Associates, LLC, among others.
The major players in the market are known to incorporate numerous market strategies to achieve growth in the global process safety services market; these include mergers, acquisitions, product launches, contributions, and collaborations
Bureau Veritas
Overview: Bureau Veritas is a business-to-business service company considered a significant market player in inspection, laboratory testing, and certification services. The company focuses on offering clients services and solutions to make sure the products manufactured by the clients meet the necessary qualifications and regulatory standards. The company was established in 1828 and has a presence the world over, with more than 1,600 offices in 140 countries. The company currently interacts with 400,000 and generates a revenue of US$ 5,210 million in 2020.
Product Portfolio:
- PROCESS SAFETY MANAGEMENT (PSM) SERVICES: Bureau Veritas uses global best practices to distinguish its consulting services and continues to innovate to assure world-leading results. The company's PMS services offer productivity, dependability, and quality improvement, as well as considerable reductions in direct and indirect expenses associated with safety accidents. PSM expertise from the company is used in a wide range of industries, including oil and gas, manufacturing, power and utilities, nuclear, and pharmaceuticals.
Key Development:
- In June 2020, Bureau Veritas announced that it had joined hands with Nexus Malls to test, inspect and certify the various Nexus malls to ensure the safety of multiple processes to guarantee customer safety as per the WHO guidelines. Nexus Mall’s Esplanade One in Bhubaneswar, Orissa, is the first one to be assessed as per the new partnership.
Why Purchase the Report?
- Visualize the segmentation of the process safety services market by solution, services, industry, and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the process safety services market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of process safety services market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Component mapping in excel for the critical product of all major market players
The global process safety services market report would provide approximately 61 tables, 69 figures, and almost 180 pages.
Target Audience 2024
- Process Safety Services System Developers/ Buyers
- Industry Investors/Investment Bankers
- Distributors/Suppliers
- Emerging Companies
