What Is The Definition Of The Global Safety Instrumented Systems Market?
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.
Safety Instrumented Systems Global Market Report 2024 provides data on the global safety instrumented systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The safety instrumented systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Safety Instrumented Systems Market Projected?
The safety instrumented systems market has seen robust growth, expanding from $3.92 billion in 2023 to $4.21 billion in 2024 at a CAGR of 7.4%. Growth drivers include industrial accidents, a focus on asset protection, increasing complexity in industrial processes, demand for operational efficiency, and greater awareness of human factors in safety. The market is expected to grow further, reaching $5.64 billion in 2028 at a CAGR of 7.6%. This expansion will be fueled by growing cybersecurity concerns, the development of process industries, rapid urbanization, demand for scalable solutions, and a focus on remote monitoring. Trends for the period include the adoption of IIoT and Industry 4.0 technologies, increasing demand for functional safety solutions, and the implementation of wireless technologies for monitoring and management.
What Are The Primary Growth Drivers In The Safety Instrumented Systems Market?
The rise in industrial accidents is expected to accelerate the growth of the safety instrumented systems (SIS) market. Industrial accidents, which occur in settings like factories, manufacturing plants, construction sites, and refineries, can lead to injuries, illnesses, or property damage. These accidents are rising due to rapid industrialization, workforce growth, technological complexity, and inadequate safety measures. Safety instrumented systems are designed to prevent or mitigate industrial accidents by providing layers of protection, ensuring personnel and asset safety, and ensuring regulatory compliance. According to the Bureau of Labor Statistics, 5,486 fatal work injuries were reported in the U.S. in 2022, a 5.7% increase from 2021. As a result, the increasing number of industrial accidents is driving the growth of the safety instrumented systems market.
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What Is The Segmentation Of The Global Safety Instrumented Systems Market?
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
What Emerging Trends Are Shaping The Safety Instrumented Systems Market Landscape?
In the safety instrumented systems market, companies are focusing on developing advanced tools such as digital isolation systems. These systems are designed to separate electrical circuits while maintaining digital information transfer. Emerson Electric Co., a US-based engineering company, introduced its Fisher Digital Isolation Solutions in October 2021. These systems include SIL 3-certified valve assemblies and are intended for critical applications requiring high safety standards, ensuring compliance with the most stringent safety integrity requirements.
Which Region Has The Fastest Expansion In The Safety Instrumented Systems Market?
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.
