Global Safety Instrumented Systems Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Safety instrumented systems (SIS) refer to specialized control systems designed to automatically respond to potentially hazardous or dangerous situations in industrial processes. These systems are used to lower the risk of accidents, protect personnel, assets, and the environment, and ensure the safe operation of industrial facilities, particularly those involved in high-risk processes like oil refining, chemical manufacturing, and power generation.

Sizing and Forecast

The safety instrumented systems market size has grown strongly in recent years. It will grow from $3.92 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to Industrial accidents and disasters, focus on asset protection and loss prevention, increasing complexity of industrial processes, rising demand for operational efficiency and increasing awareness of human factors in safety.

The safety instrumented systems market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to Increasing focus on cybersecurity, expansion of process industries, rapid urbanization and infrastructure development, demand for modular and scalable solutions and growing emphasis on remote monitoring and maintenance. Major trends in the forecast period include Increasing adoption of iiot and industry 4.0 technologies, rise in demand for functional safety solutions, adoption of wireless technologies, demand for remote monitoring and management.

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Segmentation & Regional Insights

The safety instrumented systems market covered in this report is segmented –

1) By Type: Safety Switches, Safety Sensors, Emergency Stop Devices, Programmable Safety Devices
2) 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
3) By End User: Energy And Power, Pharmaceutical, Mining, Food and Beverage, Oil And Gas, Chemical And Petroleum Refinery, Other End Users

North America was the largest region in the safety instrumented systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the safety instrumented systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing number of industrial accidents is expected to propel the growth of the safety instrumented systems market going forward. Industrial accidents refer to unplanned events or incidents that occur in industrial settings, such as factories, manufacturing plants, construction sites, and refineries, resulting in injury, illness, or property damage. This accident arises because of rapid industrialization, workforce expansion, technological complexity, and a lack of safety culture. Safety instrumented systems (SIS) are used to prevent or mitigate industrial accidents by providing layers of protection against hazardous events and protecting both personnel and assets while ensuring regulatory compliance. For instance, in December 2023, according to the Bureau of Labor Statistics, a US-based government agency, 5,486 fatal work injuries were reported in the US in 2022, up 5.7% from 5,190 in 2021. Therefore, the increasing number of industrial accidents is driving the growth of the safety-instrumented systems market.

Key Industry Players

Major companies operating in the safety instrumented systems market are Siemens AG, General Electric Company, Honeywell International Inc., Schneider Electric SE, Schlumberger Limited, ABB Ltd, Tyco International Plc, Johnson Controls, Inc, Baker Hughes, Emerson Electric Company, Siemens AG, OMRON Corporation, Matrix Technologies Inc, Yokogawa Electric Corporation, Endress+Hauser, SIS-TECH Solutions LP, HIMA Paul Hildebrandt GmbH, Esoteric Automation, SUPCON Group Co. Ltd., Consen Automation Control Ltd, HollySys Automation Technologies, Idec Corporation, General Monitors Ireland Limited, Draegerwerk AG & Co. KGaA, The ESAB Group Inc, Petrotechnics Ltd.

The safety instrumented systems market report table of contents includes:

1. Executive Summary

2. Safety Instrumented Systems Market Characteristics

3. Safety Instrumented Systems Market Trends And Strategies

4. Safety Instrumented Systems Market – Macro Economic Scenario

5. Global Safety Instrumented Systems Market Size and Growth
…

32. Global Safety Instrumented Systems Market Competitive Benchmarking

33. Global Safety Instrumented Systems Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Safety Instrumented Systems Market

35. Safety Instrumented Systems Market Future Outlook and Potential Analysis

36. Appendix

 

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