Safety Instrumented Systems (SIS) provide safety instrumented functions for process automation applications used in oil & gas production, refining, chemical manufacturing and other process industries. SIS helps in monitoring process variables, analyzing the measurements being made and reacting in a way that mitigates process risks if unsafe conditions are detected. They incorporate sensors, logic solver/processor and final control elements along with other components to take the process to a safe state in the event of an emergency. 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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of SIS has been increasing significantly across process industries over the past few years owing to stringent safety regulations and growing risks of process plant accidents. Process automation brings complexity to plant operations and any anomalies detected could result in hazardous situations if not addressed on priority. SIS plays a vital role in continuously monitoring critical process parameters and quickly triggering a safety action to avoid incidents. Evolution of digitalization and IIoT is also driving integration of SIS with advanced systems to enhance efficiency, reliability and performance. Advanced functionalities like detailed subsystem monitoring, remote diagnostic capabilities and predictive maintenance further helps optimize plant uptime and safety. This has accelerated growth of the safety instrumented system market over the forecast period.
Segment Analysis
The global safety Instrumented system market is dominated by module type segment which held around 35% of total market share in 2021. The module type segment includes input/output modules, logic solver/processor modules and other accessory modules. Module type segment is dominating as it forms the core of safety instrumented systems which shuts down critical process operation in case of abnormal conditions.
Key Takeaways
The global Safety Instrumented System Market Share is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis:
North America region held largest market share of over 30% in 2021 due to presence of major end user industries such as oil & gas, chemical, food & beverages. Asia Pacific is fastest growing region due to rapid industrialization and growth in process industries in countries such as China, India. countries are also enforcing stringent safety regulations driving demand.
Key players:
Key players operating in the safety instrumented system market are 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. Players are focusing on new product development and partnerships to gain market share.
For more insights, read- https://www.ukwebwire.com/safety-instrumented-system-market-trends-size-and-share-analysis/
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