New ARC Advisory Group research on the Process Safety Systems market continues to show that factors such as increasing regulatory pressure, standards compliance, and system obsolescence are all combining to drive end users to make increased investments in process safety. The market shows signs of recovery from the effects of the pandemic. With an emphasis on safety, cybersecurity, sustainability, and remote operations, the market for process safety systems continues to be stable, although supply chain pressures are particularly evident this year.
"The growing pressure to be a good corporate citizen from both government and capital investment firms will continue to focus investment on technologies like process safety systems that can reduce environmental impact and risks to personnel. As CEOs are increasingly held accountable for the safety and environmental lapses, ARC is witnessing greater willingness to invest and improve the safety and reliability of their plants," according to Mark Sen Gupta, Research Director and key author of ARC's Process Safety Systems Market Research Report.
Process Safety Systems Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- End users are slow to embrace remote monitoring solutions
- Investment in key process safety markets drastically affected revenues as the COVID pandemic upended economic dynamics
- Supply chain issues affecting the overall economy will continue to affect process safety system delivery
- Sustainability efforts positively affect process safety system investment
- The shift away from carbon-fired power generation will continue to affect process safety revenues
Leading Suppliers to the Process Safety Systems Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: ABB, Honeywell, Rockwell Automation, Schneider Electric, and Yokogawa.
About the Process Safety Systems Research
The Process Safety Systems report explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts and 5 years of historical analysis segmented by Revenue Category, Sales Channel, World Region, Industry, Service Revenues by Type, Application, Project Type, and Hardware by Safety Integrity Level.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- Market Intelligence Workbook (Excel Power Pivot): A standard Workbook includes the base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports. Available with 5 years of historical analysis.
- Concise Market Analysis Report (PDF): This wide-screen presentation format makes it much easier to find detailed information on a market. This new format provides executives, business unit managers, and other authorized users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.