Data Bridge Market Research analyses that the North America process safety services market is expected to reach a value of USD 15,630.61 million by 2030, at a CAGR of 11.4% during the forecast period. The North America process safety services market report also comprehensively covers pricing analysis, patent analysis, and technological advancements.
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Process safety is a framework for managing the integrity of operating systems and processes that handle hazardous substances. It relies on good design principles, engineering, and operating and maintenance practices. It deals with the prevention and control of events that can release hazardous materials and energy. Process safety services and management include designing, certifying, inspecting, and testing processes in concerned industries or organizations to prevent hazardous accidents, quality issues, supply chain damages, and equipment damages. Process safety services aid in assisting clients in meeting their process safety and risk management needs. Process safety services assist clients in all aspects of process safety, from setting up complete process safety management programs and assisting with the execution of various elements.
Key Growth Drivers:
- Rising need for improvement in manufacturing management and product efficiency
Process safety services aid in managing the integrity of operating systems and processes that handle hazardous materials. It can help in identifying, understanding, controlling, and preventing process-related incidents. If any incident occurs, it can cause an adverse effect on the manufacturing process and product efficiency in case of any incident during the ongoing process. The product may get leaked or damaged in case of an accident. However, with the implementation of process safety solutions, the loss of product can be minimized, and manufacturing efficiency can be enhanced, leading to high growth of the process safety services market.
- Surging growth in the number of hazardous incidents
A hazardous incident refers to a spill or release of chemicals, radioactive materials, or biological materials inside a building or the environment, which causes a huge loss of people, infrastructure, or the environment. Hazardous materials can cause hazardous incidents, including explosives, flammable and combustible substances, poisons, and radioactive materials.
Many industries, such as chemical and pharmaceutical plants, mining, consumer goods, pulp and paper, automotive, oil and gas, and manufacturing operations, contain hazardous environments where fire and explosions are major safety concerns. A small spark in an oil & gas industry, refinery, or chemical plant triggers fires, or explosions blast, which could damage machinery and the environment and, even worse, loss of lives.
Thus, due to the increasing number of hazardous incidents or accidents and explosions, manufacturers were implementing and opting for various process safety services to ensure the safety of workers, manufacturing plants, and the environment, which is driving the growth of the market.
The report outlines the involvement of key players, including:
Siemens, Johnson Controls, Honeywell International Inc., Emerson Electric Co., Schneider Electric, Bureau Veritas, SGS SA, Rockwell Automation, ABB, DEKRA, OMRON Corporation, Intertek Group plc, TÜV SÜD, SOCOTEC, MISTRAS Group, HIMA, Ingenero, Inc., Smith & Burgess Process Safety Consulting, Process Engineering Associates, and LLC, ioKinetic, LLC, and others.
Key Market Segmentation
By Offering (Solution and Services), Safety Integrity Level (Level 2., Level 3, Level 1, and Level 4), End User (Process Manufacturing, Automotive and Discrete Manufacturing, Utilities, Government, Construction and Real Estate, Retail, and Others)
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