Process Safety Services Market- Enhancing Overall Business Performance

Posted by Monali Raghuwanshi on August 13th, 2019

Process Safety Services Market – Snapshot

Process safety refers to the protection of property and people from catastrophic and episodic incidents that may result from unexpected or unplanned deviations in process conditions. Process safety services help customers in meeting their health, safety, and environmental compliance needs in a systematic manner. Major services offered by the process safety services market include consulting, auditing, training, and certification. Process safety service providers offer a mechanism for understanding and controlling the risks associated with processes as well as assistance in increasing productivity and reliability, improving safety and security, and enhancing overall business performance. The process manufacturing segment is expected to account for a significant share of the process safety services market over the forecast period. The global process safety services market is currently driven by increasing global awareness regarding employee and process safety.

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The global process safety services market was valued at US$ 18,337.7 Mn in 2018 and is expected to expand at a CAGR of 4.9% during the forecast period.

Growing safety demands in the oil & gas and chemical industry is expected to drive the process safety services market. However, operational silos, budget allocation models, and lack of skilled labor are some of the major factors restraining the market. Budget allocated by small and mid-size industries specifically for primary safety does not cover allocation for precise and on time monitoring of incidents. Thus, the budget scope may not address the safety of information, technology, and workplace health adequately, leading to competing priorities and lack of collaboration. Shifting focus toward safety in APAC is anticipated to present significant opportunities for the process safety services market. In the Asia Pacific (APAC) region, attitude toward process safety has been of some concern especially in emerging economies such as India and China. A replacement worker is easily available in case of injury or accident in the region due to low labor cost and a fast growing population. Moreover, serious incidents in the past in the region such as the Bhopal Gas Tragedy, and the Fukushima earthquake have raised concerns about process hazards.