surge in usage in oil and gas, chemical, and other industries is driving the Safety Instrumented Systems Market

Latest News:- Safety Instrumented Systems Market: Emergency shutdown systems is expected to lead the Application segment during 2024-2028

Technavio analyzes that the Safety Instrumented Systems Market is expected to grow at a CAGR of 5.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1123 million.There are various factors that contribute to the growth of the market. The Safety Instrumented Systems (SIS) market has experienced significant growth, driven primarily by the oil and gas, chemical, and other industries. These sectors rely heavily on SIS to ensure process safety and comply with regulatory requirements. The increasing demand for enhanced safety measures and the integration of advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), are further fueling market expansion. SIS are essential components in critical infrastructure, providing reliable protection against potential hazards and ensuring the safety of personnel and the environment.

The global Safety Instrumented Systems (SIS) market experienced significant growth in 2023, with key industries such as Wastewater Treatment Plants, Industrial Processes, Hazard Identification for Environmental Protection, Energy, Oil and Gas, Food and Beverages, and Automotive Manufacturing capturing the highest market share. The increasing complexity of manufacturing and industrial applications, coupled with the rise in global catastrophic accidents, has fueled the demand for advanced safety systems. In particular, the Oil and Gas sector, which is susceptible to geopolitical risks such as insurgent attacks and pipeline theft, has shown a surging need for automated and robust emergency shutdown systems. These systems enable remote operations and are essential for ensuring business continuity and protecting assets in high-risk environments. The market is expected to continue its upward trajectory during the forecast period due to these factors. 

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Safety Instrumented Systems Market Segmentation

• Application
  • Emergency shutdown systems
  • Fire and gas monitoring and control
  • Others
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• ABB
• Emerson Electric Co.
• General Electric Co.
• HIMA Paul Hildebrandt GmbH
• Honeywell International Inc.
• Indian Devices & Engineering Corp.
• INTECH Process Automation Inc.
• Johnson Controls International Plc.
• Mitsubishi Electric Corp.
• OMRON Corp.
• Pilz GmbH and Co. KG
• Rockwell Automation Inc.
• Schlumberger Ltd.
• Schneider Electric SE
• SGS SA
• Siemens AG
• SIS-TECH Solutions
• Yokogawa Electric Corp.

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Research Analysis Overview

The Safety Instrumented Systems (SIS) market caters to various industries, including manufacturing units in sectors like chemicals and petrochemicals, power generation, oil and gas, food and beverages, automotive manufacturing, and industrial processes. SIS ensures industrial safety management through safety regulations by implementing safety measures such as safety switches, sensors, and emergency shutdown systems (ESD). Hazard identification is crucial in preventing accidents, particularly in toxic gas incidents. Advanced technologies like IIoT, artificial intelligence (AI), remote monitoring, and cloud-based solutions enhance SIS capabilities, providing real-time data analysis and improved safety. Industrial automation integrates SIS into processes, safeguarding environmental protection and machine safety.

Market Research Overview

The Safety Instrumented Systems (SIS) market is a significant segment of the larger industrial machinery and supplies and components market. This market caters to companies specializing in the production of safety-critical systems, including safety regulations compliance, industrial safety management, and safety switches. The global industrial machinery and supplies and components market size is determined by Technavio based on the combined revenue generated by manufacturers of machinery and components used in industrial settings. Key growth drivers for this market include increasing industrial output leading to capacity expansions in process and discrete industries, as well as the demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries. Additionally, the regulatory environment, with a focus on accidents prevention in sectors such as power generation, oil and gas, and environmental pollution, further bolsters market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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