Dublin, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Safety Instrumented System Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global safety instrumented system market is projected to experience significant growth in the coming years, driven by the integration of safety systems with IoT technology. This allows companies to monitor their operations in real-time and efficiently manage physical systems, leading to improved performance. The expansion of the functional safety market is expected to accelerate due to these developments.
Market Dynamics
Drivers
- Increasing regulatory environment in the industry: Growing regulations and safety standards in various industries are pushing companies to adopt safety instrumented systems to ensure compliance and prevent accidents.
- Presence of strong SIS service ecosystem: The availability of a robust service ecosystem for safety instrumented systems supports their implementation and adoption across different sectors.
Restraints
- High cost maintenance and operational complexity of SIS: The implementation and maintenance of safety instrumented systems can be costly and complex, which may pose challenges for some organizations.
- Growing inclination among end users toward renewable energy sources: The shift towards renewable energy sources in various industries might reduce the demand for safety instrumented systems in traditional sectors.
Opportunities
- Increasing Industrial Internet of Things (IIoT) use: The use of IIoT in conjunction with safety instrumented systems can offer new opportunities for monitoring and optimization, leading to improved safety and efficiency.
Key Features of the Study
- The report provides in-depth analysis of the global safety instrumented system market, including market size and CAGR for the forecast period (2023-2030).
- It identifies potential revenue opportunities across different segments and explains attractive investment propositions in the market.
- The study offers insights into market drivers, restraints, opportunities, trends, regional outlook, and competitive strategies adopted by key players.
- Key players profiled in the report include 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.
- Stakeholders in the industry, including investors, suppliers, manufacturers, distributors, and financial analysts, can benefit from the insights provided in the report.
Detailed Segmentation
The safety instrumented system market is segmented based on application, end-user, and region.
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
By End-user
- Chemicals and Petrochemicals
- Power Generation
- Pharmaceutical
- Food and Beverage
- Oil and Gas
- Other End-users
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Company Profiles
The report includes profiles of key companies operating in the global safety instrumented system market, providing insights into their products portfolio, financial performance, and strategies. The key players include:
- Rockwell Automation Inc.
- Emerson Electric Company
- Honeywell International Inc.
- Yokogawa Electric Corporation
- ABB Ltd.
- Schneider Electric SE
- Siemens AG
- HIMA Paul Hildebrandt GmbH
- SIS-TECH Solutions L.P.
- Schlumberger Limited
Key Attributes
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $4.12 Billion |
| Forecasted Market Value (USD) by 2030 | $7.22 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Key Topics Covered
1. Research Objectives and Assumptions
2. Market Purview
3. Market Dynamics, Regulations, and Trends Analysis
4. Global Safety Instrumented System Market - Impact of Coronavirus (COVID-19) Pandemic
5. Global Safety Instrumented System Market, By Application, 2018-2030, (US$ Mn)
6. Global Safety Instrumented System Market, By End-user, 2018-2030, (US$ Mn)
7. Global Safety Instrumented System Market, By Region, 2018-2030, (US$ Mn)
8. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/amxsx2
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