Global Process Safety Lifecycle Management Market - 2023-2030

Process Safety Lifecycle Management Market The global process safety lifecycle management market is expected to reach at a high CAGR during the forecast period 2024-2031.

Process safety lifecycle management controls the safety processes to ensure they operate as intended over their useful life. It is an essential part of a successful enterprise risk management program. One of the essential points in the company is to devote well-balanced attention to each phase to optimize the efficiency and effectiveness of process safety lifecycle management. Poor process safety performance is extremely detrimental to a company's bottom line. To minimize risk and unlock savings in process design, analysis, and operations, plant owners/operators must close the loop on the safety lifecycle through operations and maintenance and back to revalidation with the plant's actual historian and maintenance data.

In the wake of several incidents, the process industry started to look at how to best address the risk by publishing various standards such as IEC61151 and ISA-84. Leveraging a process safety lifecycle during capital project execution includes the following advantages: Increasing copy factor between equipment and SIFs, Virtually eliminating transcription errors, Reducing costs for functional safety engineering, improving risk-based business decisions, and enhancing the ability to validate design assumptions.

Market Dynamics

The rising demand for digitalizing process safety lifecycle management operations boosts the market demand.

Rising demand for digitalizing process safety lifecycle management operations

The demand to decrease man-hours, drive uniformity and assure process compliance has increased across the industrial sector. Operating organizations must devise effective monitoring performance methods, identify undesirable actors and ensure minimal risk. In today's demanding industrial world, functional safety is costly. Following recent tragedies, businesses allocate a larger portion of their budget to installing process safety measures. The traditional approach to safety is inefficient in most circumstances and the documents produced provide complex and insufficient information.

Leading industrial technology providers now offer process safety systems that automate the safety lifecycle to decrease errors, lower costs, and continually monitor operations for hazard conditions while also providing timely safety alarms. The cutting-edge, end-to-end solutions offer a real-time comparison of safety system performance to original design assumptions. The current industrial focus is on digitizing the process safety lifecycle, creating a long-term digital twin for safety, and improving performance through more efficient operations. To eliminate errors and enhance consistency, automating the safety lifecycle is essential. It can also save up to 45% on engineering time.

Experience has demonstrated that a linked, digitized approach to process safety management allows industrial firms to do more with data. It entails transforming data from process historians into useful safety insights. The company can increase monitoring of operational hazards and expedite operations to improve functional safety by using a single data system for all process safety risk management information and analysis.

Lack of protocols and awareness in the market

Government regulations for standard process safety management systems have encouraged extensive deployment of the management systems to approach process safety management in Europe, the U.S., and internationally over the last 20 years. However, many firms' process safety management operations appear to have plateaued following an early burst of activity. Inadequate management system performance has been identified as a major contributor to the incident in subsequent investigations. Furthermore, audits indicate a pattern of recurring findings indicating chronic issues whose symptoms are resolved repeatedly without properly addressing the technical and cultural fundamental causes. The lack of adequate process safety protocols and standards in various manufacturing businesses has been demonstrated by several mishaps.

Most people in these industries know the occupational risks, but recognizing and controlling process risks necessitates adequate safety management systems. As a result, developing countries must devise ways to strengthen their safety management systems. Despite the availability of information and resources on process safety management, companies in developing countries are slow to adopt these process safety lifecycle management standards and good engineering practices. As a result, employees and the environment in these developing countries are in greater danger.

COVID-19 Impact on Market Growth

The market has been stable during the COVID-19 pandemic as companies looked for digitalizing their operations. The market has applications in pharmaceutical & biotech, chemical, electric power generation, oil & gas, and refining sectors. COVID-19 has necessitated transformational shifts in how various industry organizations approach risk management and work practices. Before COVID-19, organizations were experiencing digital transformation but at varying paces. As the companies enter into the next normal, digital transformation is no prolonged process or future end goal. Driven by COVID-19, the new digitalized solution launched by the leading companies and improving standards can streamline traditional process safety lifecycle management.

Market Segment Analysis

The global process safety lifecycle management market is segmented based on type, deployment, application, end-user, and region.

Updated laws & regulations on chemical production safety have boosted the need for process safety lifecycle management solutions

Based on end-user, the global process safety lifecycle management market is segmented into pharmaceutical & biotech, chemical, electric power generation, oil & gas, refining, and others.

Chemical safety accidents caused by a lack of appropriate management are on the rise due to the rapid development of the chemical sector. The governments have been actively improving and updating laws and regulations on chemical product safety and imposing increasingly harsh penalties against any violations of such laws and regulations to effectively prevent serious accidents involving hazardous chemicals and protect lives and property.

Better upfront planning and management can result in safer, more productive procedures at every stage of the process. A standards-based approach to process safety that actively addresses hazards throughout the life cycle of a plant can result in safer chemical processes, fewer safety functions, and lower operating costs. Multiple occurrences were cited in the study where dangers in chemical processing processes went neglected, resulting in fatalities. U.S. Chemical Safety and Hazard Investigation Board also stated that every incident his organization analyzed in the 10 years after the Texas City incident was preventable. Today, as many companies in the chemical process enterprises look to replace decades-old safety-related technologies, they have the opportunity to use efficient software to optimize their process safety lifecycle management.

Market Geographical Share

A growing number of accidents in the process industries has boosted the demand in North America

Process safety has been one of the major concerns in the industry and has led to various financial losses and fatalities. For example, at West Fertilizer Company in Texas, emergency services personnel responded to a fire at the fertilizer facility when the site blasted with the force of a magnitude 2.1 earthquake, killing 15 people and wounding nearly 200 others. The blast, which destroyed hundreds of homes, was named one of the most dangerous incidents ever investigated. It was found that the explosion could have been prevented with appropriate storage of the 40-60 tons of fertilizer-grade ammonium nitrate. With the loss of life, the explosion led to about US$ 230 million in insurance costs and US$ 16 million in federal disaster assistance.

Despite using a range of safeguarding procedures, many accidents still occur in process industries. As a result of the lessons learned from previous incidents, many technical solutions have been developed. The major incidents in the process industry are caused by poor safety management rather than equipment or installation failure. As a result, control and improvement of safety performance should be addressed in safety management rather than technological upgrades to the equipment. Businesses are concentrating on improving the control and organization of safety-related business operations.

Various companies are launching new technologies to help companies manage process safety. For instance, in 2018, Honeywell Process Solutions launched Process Safety Suite, which synchronizes and centralizes disparate process safety data to remove errors and inconsistencies and thereby creates a real-time view of safety risk at every level of an organization. The aeShield and Honeywell technologies worked together to integrate critical steps in the process safety lifecycle management.

Market Companies

The global process safety lifecycle management market is partially consolidated and has the presence of global brands. Major players in the market are Honeywell, ABB Limited, PAS Global, LLC, Mangan Software Solutions, Yokogawa Corporation of America, aeSolutions, Exida, Iqvia, Burrow Global, and mosaic Corporation, among others. Leading suppliers provide best-in-class solutions to ensure a safe and reliable path to digitization. The companies are launching more advanced and continuously running process safety lifecycle management tools for process safety monitoring and analysis.

ABB Limited

Overview: ABB is a leading technology company that energizes the transformation of society and industry to achieve a more sustainable, productive future. By connecting software to its robotics, electrification, automation, and motion portfolio, the company strives to upgrade the push technology to drive performance to new levels. The company has over 110,000 employees in more than 100 countries.

Product Portfolio:
• ABB Ability SafetyInsight: It is a digital approach to process safety management for high-hazard process sectors. It digitalizes early Engineering Technology data to make the process safety digital twin, to which actual plant operations can be compared. Operational data from OT and IT sources is captured through agnostic connectivity.
• Critical Development: In 2020, ABB launched ABB Ability SafetyInsight, a suite of digital software applications that help companies across the energy & process sectors throughout the lifecycle of process safety management.

Why Purchase the Report?
• To visualize the global process safety lifecycle management market segmentation by type, deployment model, application, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities in the global process safety lifecycle management market by analyzing trends and co-development.
• Excel data sheet with numerous data points of process safety lifecycle management market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available in excel consists of key products of all the major market players

The global process safety lifecycle management market report would provide approximately 69 tables, 64 figures, and almost 205 pages.

Target Audience 2023
• Service Providers
• Buyers
• Industry Investors/Investment Bankers
• Processing Companies
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Distributors