by Safety Instrumented Systems (SIS) play a vital role in diverse process industries by ensuring critical safety functions through shutdown of processes in case of abnormal conditions or emergency situations. Safety Instrumented Systems consist of sensors, logic solvers, and final control elements that are designed to automatically take the process to a predetermined safe state when normal limits for these monitored properties are exceeded.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The market for Safety Instrumented Systems is driven by the increasing mechanization and implementation of industrial automation across diverse industries such as oil & gas, chemical, food & beverages, pharmaceuticals and power generation sectors. Safety Instrumented Systems ensures fail-safe monitoring of critical process parameters and takes automated corrective actions to avoid hazardous conditions and catastrophic process failures. With increasing complexity of industrial processes and stricter regulations regarding workplace safety, there is a growing need for reliable and robust safety instrumented protection systems.
Market key trends:
One of the key trends gaining traction in the safety instrumented system market size is the integration of digital technologies. Leading manufacturers are focusing on development of smart SIS that leverage technologies such as internet of things, cloud computing, analytics and augmented/virtual reality. For instance, Honeywell provides Experion PK Safety System that integrates digital capabilities with traditional hardware to enable remote management and enhanced diagnostics of SIS. Furthermore, growing adoption of Industry 4.0 standards is resulting in increased demand for cybersecure safety systems that protect critical infrastructure from cyber threats. Rising need for real-time performance monitoring and remote maintenance of aging industrial assets is another major trend expected to propel the safety instrumented system market over the coming years.
Porter’s Analysis
Threat of new entrants: The safety instrumented system market has moderate threat from new entrants due to high initial investments required for R&D and manufacturing.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several manufacturers and product substitutes in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components can be sourced from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is low as safety instrumented systems have well-established applications in process industries.
Competitive rivalry: The competitive rivalry is high due to the presence of major players competing on the basis of product features, pricing, and services.
Key Takeaways
The global safety instrumented system market is expected to witness high growth over the forecast period.
Regional analysis: North America is expected to hold the largest share of the safety instrumented system market during the forecast period. The growth of the market in this region can be attributed to the presence of major manufacturers, the flourishing oil and gas industry, and supportive Government regulations for workplace safety.
Key players: Key players operating in the safety instrumented system market are Collins Aerospace, Thommen Aircraft Equipment, Mid-Continent Instruments & Avionics, Mikrotechna Praha, Barfield, AeroControlex, Falcon Gauge, UMA Instruments, Aircraft Spruce & Specialty Co., Kelly Manufacturing, Mitchell Aircraft Products, Ahlers Aerospace, Suzhou Changfeng Instruments, LX navigation, MAV Avionics, Suzhou Changfeng Instruments Co. Ltd., Mid-Continent Instrument Co. Inc., J.D.C. ELECTRONIC INDUSTRIES, Falcon Gauge, Sigma Tek, Inc.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
