New ARC Advisory Group research on the Process Safety Systems market continue 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 continues to seek equilibrium after the effects of the pandemic. With an emphasis on safety, cybersecurity, sustainability, and remote operations, the market for process safety systems continues to be soft, and supply chain pressures are particularly evident in 2022.
"Adopting a common methodology or lifecycle approach to safety and security makes sense because it reduces the duplication of effort, minimizes the possibility of omissions, and helps develop a safer and more secure system. Performing the safety and security evaluations concurrently as part of a modified hazard and operability studies (HAZOP) is more efficient and makes it less likely to overlook something important," according to Mark Sen Gupta, Director of Research and key author of ARC's Process Safety Systems Market Research.
Process Safety Systems Market Trends
In addition to providing detailed competitive market share data, the researc also addresses key market trends as follows:
- End users are slow to embrace remote monitoring solutions
- 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, Yokogawa.
About the Process Safety Systems Research
The Process Safety Systems research 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, five-year market forecasts, and five years of historical analysis. The research segmentation includes Revenue Category, Sales Channel, World Region, Industry, Service Revenues by Type, Application, Project Type, Hardware by Safety Integrity Level, Overall Scope.
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:
- MIRA Service: An annual subscription service that provides a unique online environment to each customer, together with all the necessary user interface apps and datasets. MIRA unlocks the full benefits of ARC’s time-tested market intelligence by leveraging the latest analytical tools and technologies to allow you to make more actionable, real-time business decisions. Interactive access to ARC’s qualitative analysis is displayed in context with up-to-date market data, allowing clients to develop customized views of the market to best suit their needs.
- Concise Market Analysis Report (PDF): This wide-screen presentation format provides executives, business unit managers, and other 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.
- Market Intelligence Workbook (Excel Power Pivot, sold with Market Analysis Report PDF): A standard Excel Workbook, including base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate data, making it easier to analyze the latest data for business intelligence and generate custom reports, including up to five years of historical analysis.
For more information on this and other available ARC market research, please visit our Market Analysis Services section.