The global safety instrumented system market size was valued at USD 2.9 billion in 2020 and is anticipated to expand at a significant CAGR during the forecast period, 2021-2028. Growth of the market is attributed to adoption of industry version 4.0 that points the technical enhancements in the safety system and a book has been announced by International Society of Automation (ISA) covering the whole safety instrumental system (SIS).
Government regulatory such as US occupational safety and health administration (OSHA), and environmental protection agency as well as some insurance companies keep highest priorities for the safety of communities, company personnel, and the environment. In the cluster of all the regional market China is considered as the rapid growing followed by South Korea, India, and Australia.
Safety instrumented system plays an important factor in providing the multiple layer of protection in several industrial processes and automation system. Safety system depicts a systematic and a disciplined approach which has a built-in threat identification software, safety requirement specification, and maintenance & operation of system during the entire lifespan of the plant.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing awareness about the vulnerability of data stored in cloud by the companies is one of the factors driving the market.
- Rising demand for multi layered security solution is expected to create a lucrative opportunities for the key players in the market.
- Rapid growth of the automotive manufacturing industry is one of the major factors in boosting the market.
- Growing awareness about following the government regulations and industry safety standards is expected to drive the market during the forecast period.
- Awareness among the professional working in oil & gas and energy generation industry towards enforcing safety measures is anticipated to drive the market.
- High production & operation and low response rate is projected to hinder the market growth in the coming years.
Scope of Safety Instrumented System Market
The report on the global safety instrumented system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Safety Instrumented System Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Components (Switches, Sensors, Programmable Devices, Actuators & Valves, and Others), Applications (Emergency Shutdown System (ESS), Fire and Gas Monitoring and Control (F&GC), Burner Management System (BMS), High Integrity Pressure Protection System (HIPPS), Turbo Machinery Control, and Others), End-users (Food & Beverages, Oil & Gas, Pharmaceuticals, Power Generation, Chemical and Petrochemicals, and Others)
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Regional Scope
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North America, Latin America, Europe, Asia Pacific, Middle-East & Africa.
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ABB Ltd; Rockwell Automation Inc.; Honeywell International Inc.; Emersion Electric Company; and Yokogawa Electric Corporation
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Safety Instrumented System Market Segment Insights
The sensors segment is anticipated to exhibit a high CAGR
On the basis of components, the market is fragmented into switches, sensors, programmable devices, actuators & valves, and others. The sensors segment is anticipated to exhibit a high CAGR during the forecast period owing to the integrated system such as hazard identification, safety requirement identification, and identification of operational and maintenance lifespan of power plant.
The emergency shutdown system is expected to hold large share of the market
Based on the applications, the market is segregated into emergency shutdown system (ESS), fire and gas monitoring and control (F&GC), burner management system (BMS), high integrity pressure protection system (HIPPS), turbo machinery control, and others. The emergency shutdown system segment is expected to hold large share of the market owing to its advanced system in detecting the threat and reacting swiftly before it create a large scale catastrophe.
The food & beverages segment represent key share of the market
Based on end users, the market is segregated into food & beverages, oil & gas, pharmaceuticals, power generation, chemical and petrochemicals, and others. The food and beverages segment holds a key share of the market owing to rising adoption of automation, unavailability of cheap labors, advanced robots to work more efficiently & precisely, and safety and health laws as well as industry is more reliant on computer-based system for the process including supply chain as well. However the chemical and petrochemicals segment is anticipated to grow at a rapid pace due to increasing investment in downstream equipments of oil & gas sector and transition of safety measures.
Asia Pacific is anticipated to dominate the market
In the terms of the regions, the market is categorized into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period owing to rising investment towards renewable energy, food & beverages, pharmaceuticals in countries such as China and India.
Segments
The safety instrumented system market has been differentiated on the basis of
Components
- Switches
- Sensors
- Programmable Devices
- Actuators & Valves
- Others
Applications
- Emergency Shutdown System (ESS)
- Fire and Gas Monitoring and Control (F&GC)
- Burner Management System (BMS)
- High Integrity Pressure Protection System (HIPPS)
- Turbo Machinery Control
- Others
End-users
- Food & Beverages
- Oil & Gas
- Pharmaceuticals
- Power Generation
- Chemical and Petrochemicals
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key players
Competitive Landscape
Key players competing in global safety instrumented system market include ABB Ltd; Rockwell Automation Inc.; Honeywell International Inc.; Emersion Electric Company; Yokogawa Electric Corporation.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
In April 2019, Rockwell Automation Inc. launched its ControlLogix 5580 for industrial control system security which provides security based on the global security standards, to protect control level communication and overall systems.
In April 2019, Honeywell International Inc. introduced automated robot system for unloading packages from trucks trailers and shipping containers at distribution centers. Smart robots help users to improve workplace safety.
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