by Propelled by digitalization and IoT integration the global safety instrumented system market is estimated to be valued at US$ 4.42 Bn in 2023
A safety instrumented system (SIS) protects process plants and production facilities against uncontrolled and dangerous failures through sensors, logic solvers, final control elements and other components. SIS helps improve plant safety, availability and production through effective monitoring and mitigation. The growing digital transformation and integration of internet of things (IoT) across industries is driving increased deployment of SIS. The global safety instrumented system market is estimated to be valued at US$ 4.42 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digitalization and IoT integration are allowing SIS to be more connected and data-driven. Advanced sensors and communication protocols are enabling real-time monitoring of industrial assets and processes. This collected data is helping drive predictive maintenance and optimize safety operations through analytics. Integrating SIS with analytical tools powered by latest technologies like AI is expected to make systems more responsive and reliable. Automated fault detection and remote access capabilities are also improving due to growing IoT adoption across industries relying on SIS for production and risk mitigation.
SWOT Analysis
Strength: Safety Instrumented System provides safety application for critical process industries such as oil & gas which helps in avoiding major accidents.
Weakness: High initial investment and maintenance cost of Safety Instrumented System. Lack of skilled workforce for operating these advanced safety systems.
Opportunity: Rising investments in process industries to increase focus on safety will drive the demand. Growing adoption of Industry 4.0 technologies will provide opportunities for integrated safety systems.
Threats: Economic slowdowns can impact capital expenditure of companies on safety systems. Stiff competition from local players offering low cost alternatives.
Key Takeaways
The global Safety Instrumented System Market Share is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis:
North America dominated the market with largest share in 2023 primarily due to presence of major end use industries and stringent safety regulations for process plants in the region. Asia Pacific is expected to grow at fastest pace during the forecast period supported by increasing investments in process industries from countries like China, India.
Key players:
Key players operating in the Safety Instrumented System market are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. These players are focusing on expanding their product portfolio and geographical presence through mergers & acquisitions and partnerships with local players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
