This Safety Instrumentation Systems market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Safety Instrumentation Systems market.
Safety Instrumentation Systems (SIS) play a vital role in energy industries and global processes where they are used to provide extra safety to workers and equipment as well as for protecting the environment and nearby communities. When safe operating conditions are violated or safety limits are exceeded, safety instrumentation systems (SIS) are used to return the process to a safe state. Safety Instrumentation systems (SIS) are independent systems comprising sensors, actuators and logic solvers that successfully measure temperature, water level and pressure to ensure the safety of the process. Moreover, safety instrumentation systems provide safety by reducing the risk not to the unrealistic ideal of zero, but to a low level which can be bearable or can be solved later. Safety Instrumentation systems are used in various industries, such as chemicals, oil and gas, pharmaceuticals, paper and pulp, metal and mining, water treatment, food and beverages and power generation.
Safety systems use a systematic approach which revolves around safety requirement specifications, hazard identification and system operation and maintenance during the entire life of a plant. Due to increasing investments in oil and gas production, the oil and gas sector is expected to be the biggest sector responsible for the growth of the safety instrumentation systems market. Moreover, the safety instrumentation systems market is expected to witness prominent growth due to an increase in adoption of safety instrumentation systems (SIS) in power generation.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Rise in automotive manufacturing across the globe is a major factor expected to drive the safety instrumentation systems market over the forecast period. Moreover, labor unions insisting on suitable safety measures in oil and gas and power generation industries will further drive the safety instrumentation systems market over the forecast period. That apart, safety regulations executed by governments and increasing adoption of safety instrumentation systems in power generation will also add to the growth of market. Additionally, high demand for SIS in developing regions and arrival of new technologies, such as Internet of Things (IOT), are expected to further boost the market.
Lack of awareness and complexity of standards in different applications are some of the factors which may hamper the growth of the safety instrumentation systems market over the forecast period. Similarly, the high cost and low response rate of safety instrumentation systems (SIS) will act as major restraining factors for the growth of safety instrumentation systems market during the forecast period.
Safety Instrumentation Systems Market: Segmentation
The global safety instrumentation systems market can be segmented on the basis of component type, product type and application.
Safety Instrumentation Systems Market: Region-Wise Outlook
The European region is expected to be largest growing market due to rising demand for industrial safety measures to minimize accidents in case safety limits are exceeded. North America is expected to dominate the safety instrumentation systems market due to growing consumer awareness and expansion of medical industrial market. Asia Pacific region is expected to witness highest CAGR during the forecast period owing to the growing awareness regarding safety, emergence of new technologies and high demand for safety instrumentation systems in developing countries.
Safety Instrumentation Systems Market: Market Participants
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Future Market Insights.
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On the basis of component type, the safety instrumentation systems market can be segmented into:
- Safety Switches
- Safety Sensors
- Emergency Stop Devices
- Programmable Safety Devices
On the basis of product type, the safety instrumentation systems market can be segmented into:
- Emergency Shutdown System (ESD)
- Safety Interlock System
- Safety Shutdown System (SSD)
- Fire and Gas Monitoring and control
- Burner Management System (BMS)
- Turbo Machinery and Control (TMC)
On the basis of application, the safety instrumentation systems market can be segmented into:
- Oil and Gas
- Paper and Pulp
- Metal and Mining
- Wastewater Treatment
- Food and Beverages
- Power Generation
Some of the market participants identified across the value chain of the global safety instrumentation systems market include:
- ABB Ltd.
- Emerson Process Management
- Honeywell International Inc.
- Schneider Electric SE
- General Electric Company
- Rockwell Automation Inc.
- Siemens AG
- Yokogawa Electric Corporation
- OMRON Corporation
- Johnson Control, Inc.
- Tyco International Plc.
- HIMA Paul Hildebrandt GmbH
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil and Rest of Latin America)
- Western Europe (Germany, Italy, France, U.K, Spain,)
- Eastern Europe (Poland, Russia and Rest of Eastern Europe)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, and Rest of MEA)
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Frequently Asked Questions
What research methodology is used to develop the Safety Instrumentation Systems Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Safety Instrumentation Systems Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Safety Instrumentation Systems Market report?
In addition to up-to-date market figures and customized of the Safety Instrumentation Systems Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.