Burlingame, July 17, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global safety instrumented system market is projected to grow from US$ 4.12 billion in 2022 to US$ 7.23 billion by 2030, at a CAGR of 7.3% from 2023 to 2030. A safety instrumented system (SIS) is a system that includes control elements, sensors, and logic solvers to monitor the parameters and values of processes within a plant as well as ensure that they remain within defined limits. The importance of SIS comes from the added value they bring. This system helps reduce risks on and around a site while keeping company assets, employees, and the environment safe. A safety instrumented system (SIS) takes automated action to keep a plant in a safe state, or to put it into safe state, when abnormal conditions are present. The system is designed to monitor dangerous conditions in a plant and take action in the event of a dangerous condition or a condition where if no action is taken it will cause danger.
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Key Trends and Analysis of the Global Safety Instrumented System Market:
Rapid growth of the oil & gas industry is one of the key trends expected to augment the growth of the global safety instrumented system market. For instance, the oil and gas industry industry is one of the major user of safety instrumented system. The industry is growing at the rapid pace, wherein the need for expansion and upgrading of aging safety problems and infrastructures is essential. The oil production capacity is increasing, targeting 5 million barrels per day by 2030, as the oil recovery schemes and ongoing in-fill drilling are expanding due to maturing field development plans of the Abu Dhabi National Oil Company (ADNOC). This in turn is expected to augment the growth of the global safety instrumented system market.
Global Safety Instrumented System Market – Drivers
Stringent industry safety standards to augment market growth
Stringent rules and regulations and increasing need for industry safety standards are increasing the demand for or adoption of safety instrumented systems. For instance, ISO 45001 is an international standard for health and safety at work developed by national & international standards committees’ independent of government. Moreover, a IEC 61511-1:2016 gives requirements for specification, design, installation, operation, and maintenance of the safety instrumented system (SIS), so that it can be confidently entrusted to achieve or maintain a safe state of a process. This in turn is expected to propel the growth of the global safety instrumented system market.
Safety Instrumented System Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 4.12 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.3% | 2030 Value Projection: | US$ 7.23 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Stringent government mandates to boost market growth
Several governments around the world are taking constructive measures to prevent accidents by implementing safety related rules & regulations and installing safety instrumented systems. Many organizations, such as the Occupational Safety and Health Administration (OSHA), International Electrotechnical Commission (IEC), International Standard Organization (ISO), and the American National Standards Institute (ANSI) have implemented safety standards and regulatory measures to monitor and enhance the efficiency of industrial processes. This in turn is expected to aid in the growth of the global safety instrumented system market.
Global Safety Instrumented System Market – Restrain
High cost of the SIS system to hamper the market growth
One of the key factors expected to hamper growth of the global safety instrumented system market is the operational complexity of SIS and high cost of maintenance. The adoption of SIS in small and medium-sized enterprises is very low, as these enterprises are not capable of bearing the cost of the SIS system. The maintenance cost is also high, as timely maintenance of the system is also required. Moreover, the cost of industrial safety components, installation cost, and maintenance & repair costs put the substantial burden on organizational budget. Although large organizations can manage these expenses, it can be difficult for small and medium-sized organizations, resulting in the obligation on organizations to upgrade their safety systems.
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Global Safety Instrumented System Market – Opportunities
High demand for safety instrumented systems across the world is expected to offer significant growth opportunities for players in the global safety instrumented system market.
Owing to stringent industry safety standards and stringent government mandates regarding safety, the demand for safety instrumented systems is also increasing with the rapid pace. For instance, in September 2020, Yokogawa Electric Corp. announced that it had developed the OpreX Managed Service, which supports the remote monitoring and maintenance of chemical plant equipment. This service can prevent unexpected plant shutdowns by identifying and correcting issues with the plant equipment/devices before breaking down. It can be accessed and used in various ways, depending on the requirements of the customers.
Global Safety Instrumented System Market - Key Developments
In June 2021, Intel announced that select SKUs in its Intel Atom x6000E series of processors had obtained IEC61508 SIL2 and ISO13849 certification from TÜV SÜD, a certification agency, for applications that must adhere to strict safety standards.
In March 2021, BASF’s Ludwigshafen, Germany, introduced a new production facility with the capacity to produce 90,000 mt/y of acetylene. BASF has opted for safety technology from HIMA, Brühl, Germany, which consists of hardware, software, and engineering to both protect and secure safety-critical production processes in the complex project.
Key Market Takeaways:
Global safety instrumented system market is expected to exhibit a CAGR of 7.3% over the forecast period. The safety instrumented system market is growing rapidly in response to the growing regulatory environment in the industry and presence of robust SIS service ecosystem.
On the basis of Application, Emergency Shutdown Systems (ESS) Segment is expected to dominate the market during the forecast period and this is attributed to the increasing number of industrial accidents across the globe. Emergency Shutdown System (ESD) is designed to minimize the consequences of emergency situations.
On the basis of End User, Chemicals and Petrochemicals Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the chemical and petrochemical industry and increasing demand for SIS systems.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to stringent industry safety standards, stringent government mandates, and increasing demand for safety instrumented systems in the region.
Key players operating in the global safety instrumented system market include Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, ABB Ltd., Honeywell International Inc., Yokogawa Electric Corporation, Schneider Electric SE, Seimens AG, and HIMA Paul Hildebrandt GmbH, among others.
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Detailed Segmentation:
Global Safety Instrumented System Market, By Application:
- Emergency Shutdown Systems (ESS) Fire and Gas Monitoring and Control (F&GC)
- High Integrity Pressure Protection Systems (HIPPS)
- Burner Management Systems (BMS)
- Turbo Machinery Control Other Applications
Global Safety Instrumented System Market, By End User:
- Chemicals and Petrochemicals
- Power Generation
- Pharmaceutical
- Food and Beverage
- Oil and Gas
- Other End Users
Global Safety Instrumented System Market, By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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