Safety Instrumented Systems play a crucial role in controlling hazardous processes by taking corrective actions to avoid unsafe conditions. They are employed across industries like oil & gas, chemical, food & beverages to safeguard life, assets and the environment. The global Safety Instrumented System Market is estimated to be valued at US$ 4.42 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of IoT and Industry 4.0 across process industries is one of the major trends driving the growth of the Safety Instrumented System market. IoT enables real-time monitoring of processes and remote operation and maintenance of SIS. Industry 4.0 makes facilities highly automated by integrating smart sensors and IoT with SIS. This improves the effectiveness of SIS in preventing hazardous situations. With rapid digitization, there is rise in the sophistication of cyber attacks on industrial control systems. This has prompted industries to reinforce their SIS with advanced cybersecurity solutions. Many companies are investing in developing functionally safe and secure SIS solutions integrated with capabilities like predictive maintenance. They aim to offer complete safety lifecycle management from a single platform. With continued growth in process industries and increasing focus on operational safety, the demand for upgraded SIS is expected to rise substantially over the forecast period.
Segment Analysis
Safety Instrumented System market size is dominated by the Emergency Shutdown segment which accounts for more than 35% of the total market share. This is because Emergency shutdown systems are critical safety instrumented systems used across various process industries like oil & gas, chemicals etc. to shutdown the plant automatically in case of any emergency or abnormal situation to prevent hazards.
Key Takeaways
The global Safety Instrumented System market is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis shows that North America is currently the largest as well as the fastest growing regional market. This is attributed to stringent safety regulations for process industries in the region complemented by high adoption of digital transformation among end-use industries.
Key players operating in the Safety Instrumented System market are Collins Aerospace, Thommen Aircraft Equipment, Mid-Continent Instruments & Avionics, Mikrotechna Praha, Barfield, AeroControlex, Falcon Gauge, UMA Instruments, Aircraft Spruce & Specialty Co., Kelly Manufacturing, Mitchell Aircraft Products, Ahlers Aerospace, Suzhou Changfeng Instruments, LX navigation, MAV Avionics, Suzhou Changfeng Instruments Co. Ltd., Mid-Continent Instrument Co. Inc., J.D.C. ELECTRONIC INDUSTRIES, Falcon Gauge, Sigma Tek, Inc.
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