A safety instrumented system (SIS) is a set of software and hardware controls that offers a layer of protection that can shut down a nuclear, electrical or mechanical, chemical system, when a threatening condition is spotted. The goal is to protect the safety of plant employees and outsiders by avoiding catastrophic accidents that can result in injury, property damage, environmental impacts, loss of life or even the complete destruction of a plant. As companies link their operations with safety systems, they will have the ability to monitor them in real time exploitation of the economic Internet of Things (IoT). IoT permits quick observance and analysis of physical systems, furthermore, virtual administration of these, which will help in improved performance. This will accelerate the expansion of the functional safety market in the coming years.
Market Dynamics:
Growing awareness for safety across industries is driving the adoption of SIS technology. This in turn is expected to drive growth of the global safety instrumented system market over the forecast period.
However, concerns regarding data security, lack of skilled workforce, and high cost of maintenance are likely to adversely impact adoption of safety instrumented systems. Thus, this is expected to hamper growth of the market during the forecast period.
Key features of the study:
- This report provides in-depth analysis of the global safety instrumented system market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global safety instrumented system market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study 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.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global safety instrumented system market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global safety instrumented system market
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 Geography:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Company Profiles:
- 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 LP
- Schlumberger Limited
