HOME Research Insight New Revenue Pockets: Safety Instrumented Systems Market

New Revenue Pockets: Safety Instrumented Systems Market

Across the global process and energy industries, the safety instrumented system plays an essential role in protecting workers and equipment as well as nearby communities and the environment from harm. Safety instrumented systems provide safety in a holistic, multi-layered approach designed to reduce risk, not to the unrealistic ideal of zero, but to a level low enough to be deemed reasonably practicable. The IEC standards outline a holistic methodology for managing every stage of a safety systemís lifecycle from risk analysis and design engineering through operations, management of change and decommissioning.

Many established conglomerates are aiming to enter this attractive market. Major automation companies such as Schneider Electric SE (France), Rockwell Automation (U.S.), Yokogawa Electric Corporation (Japan), and Honeywell International, Inc. (U.S.), among others, are aggressively trying to capture new opportunities in the SIS market.

The emergency shutdown system (ESD) accounted for the highest market share in the SIS market in 2013 and is expected to dominate this market till 2020 as this system is used in all the application industries of SIS. The fire and gas systems are expected to grow at the highest rate as it has wide applications in various industries such as oil and gas, chemical, pharmaceutical, mining and metal processing.

Geographically, the demand for SIS from the European market was the largest in 2013, owing to the need for replacing the existing safety systems and the focus of European countries on reducing their carbon footprint, which could be achieved by using the SIS in their plants. However, some process industries in southern Europe tend to consider industrial automation, including SIS, a nonessential expenditure; this hampers the growth of the market in the European region. APAC is expected to grow at the highest rate during the forecasted period, mainly due to the growing industrialization in the developing nations such as India and China in this region.

The various applications of SIS include chemical, refining, oil & gas, pharmaceutical & biotech, paper & pulp, metal and mining, water & wastewater, food & beverage manufacturing and power generation. The oil and gas application is expected to grow at a higher rate in comparison with other applications.

Related Reports:

Safety Instrumented Systems Market by Component (Switches, Sensors, and Programmable Safety Devices)by Product(ESD, F&G, and HIPPS), by Application (Chemical, Oil & Gas, and Power Generation), and by Geography - Global Trends & Forecasts to 2014 - 2020

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