July 25, 2024

Emerging Applications Of Functional Safety Management To Boost The Safety Instrumented System Market

The Safety Instrumented System Market is estimated to be valued at Us$ 4.42 Bn or 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 Overview:

Safety instrumented systems are integral components in industries including oil & gas, chemicals, food & beverages, pharmaceuticals, and packaging, among others. They ensure functional safety by automatically taking corrective action to maintain safe operating conditions when a process variable drifts beyond set limits. Safety instrumented systems consist of sensors or transmitters that monitor critical process parameters like temperature, pressure, and flow. This is followed by logic solvers or controllers that perform safety instrument functions by shutting down the system or diverting flow.

Market Dynamics:

The growing implementation of functional safety management standards such as IEC 61508 and IEC 61511 across process industries is driving the safety instrumented system market. These standards mandate the deployment of safety instrumented functions to reduce risk from chemical, fire, explosion, and other hazards. Furthermore, increasing automation across industries has amplified the need for integrated safety solutions. For instance, advanced process control systems require reliable protective measures to prevent hazards during abnormal conditions. Additionally, emerging applications of digital twin technology for dynamic risk assessment and proactive maintenance of safety instrumented systems are expected to open new growth avenues over the forecast period.

Segment Analysis

The global safety instrumented system market is segmented into control system, component, and end-user industry. The control system segment is further divided into emergency shutdown system (ESD), fire and gas monitoring & control system, burner management system (BMS), and turbine control system. The emergency shutdown system accounts for the major share in the control system segment owing to its wide implementation across all industries to shut down equipment and plants in case of emergencies to prevent hazards. It forms an integral part of safety instrumented functions and ensures process safety.

PEST Analysis

Political: Governments across countries are focusing on implementing stringent regulations regarding industrial safety due to rising concerns over industrial disasters. They are promoting the adoption of advanced safety systems like SIS to ensure process safety.

Economic: Strong economic growth along with rapid industrialization and infrastructure development are driving investments in greenfield and brownfield process industries and oil & gas projects. This is fueling demand for SIS for safety applications.

Social: Increasing awareness about workplace safety and protection of human lives is prompting industries to deploy robust safety measures.

Technological: Advancements in instrumentation technologies are enabling the development of new intelligent safety instrumented systems with capabilities like remote monitoring and predictive maintenance for improved safety performance.

Key Takeaways

The Global Safety Instrumented System Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing investments in process industry expansions and focus on minimizing downtime from process safety failures.

Regional analysis – Asia Pacific region dominates the global SIS market and is likely to maintain its lead through 2030. This is attributed to swift industrialization and rising energy demand in major economies like China and India that are driving process industry capacity additions in the region.

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. Schlumberger and Honeywell have established a strong presence with their portfolio of integrated safety solutions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it