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Safety Instrumented Systems Market Witnesses Impressive Growth with Rising Demand

Safety Instrumented Systems Market Witnesses Impressive Growth with Rising Demand 2017-07-17 19:48:21
In an increasingly multidisciplinary engineering atmosphere, and in the face of ever growing system difficulty, there is a growing need for engineers and technicians involved in the process of engineering to remain aware of the implications of operating and design safety-related systems. This also includes the knowledge of related safety standards. Safety instrumented systems play a vital role in providing the protective layer functionality in various industrial processes and automation systems. Safety systems engineering describes a disciplined and systematic approach, which incorporates hazard identification, safety requirement specification, and systems maintenance and operation during the entire lifetime of the plant. The growth of the safety instrumented systems market is highly reliant on the growth of the petrochemical and energy sector.

For purpose of in depth analysis, the safety instrumented systems market has been segmented on the basis of components, products, and end users. Based on component type, the market has been segmented into five types - sensors, switches, programmable devices, actuators and valves, and others. Based on product type, the market has been segmented into seven types, comprising emergency shutdown system, safety interlock system, safety shutdown system, fire & gas monitoring and control system, burner management system, turbo machinery control, and high integrity pressure protection system. By end user, the market has been segmented into six types - energy & power, pharmaceutical, mining, oil & gas, chemical & petroleum refinery, and others. The report also provides cross functional analysis of all the above mentioned segments across different regions such as North America, Europe, Asia Pacific, Middle East &Africa, and Latin America.

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Rise in global automotive manufacturing is one of the major drivers of the safety instrumented systems market. Growing need to follow industry safety standards and government protocols are also key factors anticipated to catalyze the growing demand for safety instrumented systems during the forecast period from 2017 to 2025. In addition, labor unions enforcing safety measures in energy & power industry and oil & gas industry is expected to increase the demand for safety instrument systems in the coming years. In turn, this is projected to impact the market of safety instrumented systems in a positive manner during the forecast period.

Despite many driving factors, the safety instrumented systems market is expected to show little fluctuation in growth rate because of lack of awareness and complexity of standards in different end user industries. Low response rate, and high operation and product cost are major restraining factors for the global safety instrumented systems market. The growing demand for technological advancement in the safety segment and very strong safety instrumented system service growth is likely to create significant opportunity for the safety instrumented systems market in the coming years.

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By end user, the chemical & petroleum refinery segment held the dominant market share because of increasing investment in oil & natural gas production and exploration. Rising investment in downstream equipment in the oil & gas sector and transition of safety systems is a major factor responsible for the dominance of this sector.

Geographically, the global safety instrumented systems market is mainly driven by the European region. Growing demand for industrial safety to minimize accidents when safety conditions are violated is driving the market in Europe. The Asia Pacific region is expected to witness the highest CAGR during the forecast period. High demand from developing regions, emergence of new technology like Internet of Things (IoT), and growing awareness about safety are some of the main drivers for the growth of the safety instrumented systems market.

Some of the leading players operating in the safety instrumented systems market include Emerson Process Management (the U.S.), Rockwell Automation (the U.S.), Johnson Controls, Inc. (the U.S.), General Electric Company (the U.S.), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), HIMA Paul Hildebrandt GmbH (Germany), ABB Ltd. (Switzerland), and Tyco International Plc (Switzerland).

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Published by
Rohit Bhisey

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