Safety Instrumentation Systems Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028


#14339

Future Market Insights

$ 5000

Safety Instrumentation systems (SIS) are independent systems comprising sensors, actuators and logic solvers that successfully measure temperature, water level, and pressure to ensure the safety of the process. Moreover, safety instrumentation systems provide safety by reducing the risk not to the unrealistic ideal of zero, but to a low level, which can be bearable or can be solved later.

  • Safety Instrumentation systems are used in various industries, such as chemicals, oil, and gas, pharmaceuticals, paper and pulp, metal and mining, water treatment, food and beverages and power generation.
  • The rise in automotive manufacturing across the globe is a major factor expected to drive the safety instrumentation systems market over the forecast period.
  • Moreover, labor unions insisting on suitable safety measures in oil and gas and power generation industries will further drive the safety instrumentation systems market over the forecast period.
  • That apart, safety regulations executed by governments and increasing adoption of safety instrumentation systems in power generation will also add to the growth of the market. Additionally, high demand for SIS in developing regions and arrival of new technologies, such as the Internet of Things (IoT), is expected to further boost the market.
  • Similarly, the high cost and low response rate of safety instrumentation systems (SIS) will act as major restraining factors for the growth of safety instrumentation systems market during the forecast period.
  • Lack of awareness and complexity of standards in different applications are some of the factors, which may hamper the growth of the safety instrumentation systems market over the forecast period.

Safety Instrumentation Systems (SIS) play a vital role in energy industries and global processes where they are used to provide extra safety to workers and equipment as well as for protecting the environment and nearby communities. When safe operating conditions are violated or safety limits are exceeded, safety instrumentation systems (SIS) are used to return the process to a safe state. Safety Instrumentation systems (SIS) are independent systems comprising sensors, actuators and logic solvers that successfully measure temperature, water level and pressure to ensure the safety of the process. Moreover, safety instrumentation systems provide safety by reducing the risk not to the unrealistic ideal of zero, but to a low level which can be bearable or can be solved later. Safety Instrumentation systems are used in various industries, such as chemicals, oil and gas, pharmaceuticals, paper and pulp, metal and mining, water treatment, food and beverages and power generation.

Safety systems use a systematic approach which revolves around safety requirement specifications, hazard identification and system operation and maintenance during the entire life of a plant. Due to increasing investments in oil and gas production, the oil and gas sector is expected to be the biggest sector responsible for the growth of the safety instrumentation systems market. Moreover, the safety instrumentation systems market is expected to witness prominent growth due to an increase in adoption of safety instrumentation systems (SIS) in power generation.

Safety Instrumentation Systems Market: Market Dynamics

Drivers                                    

Rise in automotive manufacturing across the globe is a major factor expected to drive the safety instrumentation systems market over the forecast period. Moreover, labor unions insisting on suitable safety measures in oil and gas and power generation industries will further drive the safety instrumentation systems market over the forecast period. That apart, safety regulations executed by governments and increasing adoption of safety instrumentation systems in power generation will also add to the growth of market. Additionally, high demand for SIS in developing regions and arrival of new technologies, such as Internet of Things (IOT), are expected to further boost the market.

Restraint

Lack of awareness and complexity of standards in different applications are some of the factors which may hamper the growth of the safety instrumentation systems market over the forecast period. Similarly, the high cost and low response rate of safety instrumentation systems (SIS) will act as major restraining factors for the growth of safety instrumentation systems market during the forecast period.     

Safety Instrumentation Systems Market: Segmentation

The global safety instrumentation systems market can be segmented on the basis of component type, product type and application.

On the basis of component type, the safety instrumentation systems market can be segmented into:

  • Safety Switches

  • Safety Sensors

  • Emergency Stop Devices

  • Programmable Safety Devices

  • Valves

On the basis of product type, the safety instrumentation systems market can be segmented into:

  • Emergency Shutdown System (ESD)

  • Safety Interlock System

  • Safety Shutdown System (SSD)

  • Fire and Gas Monitoring and control

  • Burner Management System (BMS)

  • Turbo Machinery and Control (TMC)

On the basis of application, the safety instrumentation systems market can be segmented into:

  • Chemical

  • Oil and Gas

  • Pharmaceutical

  • Paper and Pulp

  • Metal and Mining

  • Wastewater Treatment

  • Food and Beverages

  • Power Generation

Safety Instrumentation Systems Market: Region-Wise Outlook

The European region is expected to be largest growing market due to rising demand for industrial safety measures to minimize accidents in case safety limits are exceeded. North America is expected to dominate the safety instrumentation systems market due to growing consumer awareness and expansion of medical industrial market. Asia Pacific region is expected to witness highest CAGR during the forecast period owing to the growing awareness regarding safety, emergence of new technologies and high demand for safety instrumentation systems in developing countries.

Safety Instrumentation Systems Market: Market Participants

Some of the market participants identified across the value chain of the global safety instrumentation systems market include:

  • ABB Ltd.

  • Emerson Process Management

  • Honeywell International Inc.

  • Schneider Electric SE

  • General Electric Company

  • Rockwell Automation Inc.

  • Siemens AG

  • Yokogawa Electric Corporation

  • OMRON Corporation

  • Johnson Control, Inc.

  • Tyco International Plc.

  • HIMA Paul Hildebrandt GmbH

MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.

The report provides the following information:

  • Tailwinds and headwinds molding the market’s trajectory
  • Market segments based on products, technology, and applications
  • Prospects of each segment
  • Overall current and possible future size of the market
  • Growth pace of the market
  • Competitive landscape and key players’ strategies

The main aim of the report is to:

  • Enable key stakeholder’s in the market bet right on it
  • Understand the opportunities and pitfalls awaiting them
  • Assess the overall growth scope in the near term
  • Strategize effectively with respect to production and distribution

MRR.BIZ is a leading provider of strategic market research. Our vast repository consists research reports, data books, company profiles, and regional market data sheets. We regularly update the data and analysis of a wide-ranging products and services around the world. As readers, you will have access to the latest information on almost 300 industries and their sub-segments. Both large Fortune 500 companies and SMEs have found those useful. This is because we customize our offerings keeping in mind the specific requirements of our clients.