Global Safety Instrumented Systems Market - By Components (Sensors, Switches, Programmable Devices, Actuators and Valves), Products (ESD, Safety Interlock Systems, SSD, Fire and Gas Monitoring and Control, HIPPS, BMS, TMC), Industry, Geography, Trends, Forecast - (2017 - 2022)
The Global Safety Instrumented Systems market is valued at USD 3.20 billion in 2016 and is expected to reach a value of USD 6.19 billion by the end of 2022, growing at a projected CAGR of 11.64% during the forecast period of 2017 – 2022. Safety instrumented systems compose of logic solvers and sensors to measure the critical processes. Stringent government standards towards safety and growth in automotive manufacturing units will provide impetus to the demand for safety instrumented systems, globally. The various operations in industrial processes involve many risks, especially in the chemical & gas sectors. However, the usage of safety instrumented systems ensures the protection of the personnel, equipment and the environment. These systems are designed to safeguard different industrial processes in hazardous zones. However, the high cost of safety instrumented systems solutions, lack of awareness, complexity of standards and low response rate are some of the key impediments hindering the growth of the market. Lately, Europe held the largest market share and is projected to dominate through forecast period owing to increasing the demand for safety systems and growing adoption of the solutions in the power generation sector. Whereas, with the booming economy in India and the growing manufacturing sector - Asia-Pacific will witness the highest CAGR for the forecast period. The global safety instrumented systems market is broadly segmented based on types, end-users and geography. Similarly, based on the type of components, the safety instrumented systems market is segmented into switches, sensors, and programmable safety devices (or) sensors, logic solvers, and final control elements. Further, on the basis of product types, the same has been segmented into Emergency Shutdown Systems (ESD), safety interlock systems, Safety Shutdown Systems (SSD), fire & gas monitoring and control, High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), and Turbo Machinery Control (TMC). Finally, based on its end-users, its applications can be explained under segments such as chemicals & petroleum refinery, energy & power, manufacturing, pharmaceuticals, mining and others. Some of the major market players mentioned in the report are Rockwell Automation, Siemens, ABB, GE, Schneider Electric and Emerson Process Management. DRIVERS Industry safety standards Rise in global automotive manufacturing Labor union force safety measures RESTRAINTS Lack of awareness & complexity of standards Low response rate Product costs Operational costs Key Deliverables in the Study 1. Market analysis for the global safety instrumented systems market, with region-specific assessments and competition analysis on a global and regional scale. 2. Market definition along with the identification of key drivers and restraints. 3. Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale. 4. Extensively researched competitive landscape section with profiles of major companies along with their market share. 5. Identification and analysis of the macro and micro factors that affect the global safety instrumented systems market on both global and regional scale. 6. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information. 7. A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market. 8. Insights into the major countries/regions where this industry is growing and also identify the regions that are still untapped.