Safety instrumented systems (SIS) are integrated systems used as a last line of defense to maintain safe operating conditions in industrial processes. SIS consists of field instruments, logic solvers, and final control elements that are designed to automatically take processes to a safe state when dangerous conditions, such as high pressures or temperatures, are detected. Major end-use industries include oil and gas, chemical and petrochemical, power generation, food and beverages, pharmaceutical, mining, pulp and paper, and water and wastewater treatment.
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 of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. SIS provide fail-safe monitoring and help prevent industrial accidents by shutting down critical processes and equipment automatically. Rising automation levels and stringent safety standards across manufacturing industries are fueling the adoption of safety instrumented systems globally.
Market Dynamics:
One of the major drivers for the growth of the safety instrumented system market is the increased focus on industrial automation and processing efficiency. Automation enables 24/7 production with minimal human intervention but also raises safety concerns. SIS play a critical role in maintaining safety redundancies in automated systems and production lines. Their implementation ensures that automated plants and critical equipment can be shut down safely in case of a fault or error. This drives their increasing adoption across automotive, chemicals, oil and gas, and other automated manufacturing industries. Furthermore, stringent international safety standards such IEC 61508 and ANSI/ISA 84.00.01 for industries also mandate the use of safety instrumented systems, fostering market expansion.
Segment Analysis
The safety instrumented system market size is dominated by the process application sub segment. Over 60% of the global safety instrumented systems are used in process applications like oil & gas, petrochemical, chemical, and power generation industries where hazardous and highly reactive chemicals are used. The process industry sub segment requires robust safety instrumented systems to prevent incidents and protect people, environment and assets from hazardous chemical process activities.
PEST Analysis
Political: Governments across major countries have implemented stringent safety regulations and policies for process industries dealing with hazardous chemicals to prevent major incidents. This is positively impacting the demand for advanced safety instrumented systems from process industries. Economic: Growing process industries along with rising investments in automation is driving the economic growth of safety instrumented system market. The demand is especially high from fast growing economies in Asia Pacific with expanding oil & gas, chemical and power sectors. Social: Increasing awareness about worker and environmental safety is encouraging process industries to use best-in-class safety systems. This social aspect along with stringent regulations is fueling the safety instrumented system adoption. Technological: Advancements in computing power, distributed control systems and digital technologies are enabling the development of next generation safety instrumented systems with higher reliability, accuracy and complexity. Technologies like AI and mobility solutions are also augmenting the capabilities of modern safety instrumented systems.
Key Takeaways
The global safety instrumented system market is expected to witness high growth over the forecast period supported by growing process industries, stringent regulations and increasing focus on safety. The process industry application segment dominates and is expected to maintain its leading position during the forecast years. Factors like rising energy demand and investments in energy infrastructure expansion in developing countries will propel the adoption of safety instrumented systems across oil & gas, petrochemical and power sectors.
Regional Analysis: The Asia Pacific regional market is projected to emerge as the fastest growing market for safety instrumented systems. Countries like China, India, Indonesia, Malaysia and Thailand are witnessing rapid industrialization and expanding their manufacturing and process sector capacities significantly. This makes Asia Pacific a highly lucrative market for safety instrumented system vendors.
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, Suzhou Changfeng Instruments Co. Ltd., Mid-Continent Instrument Co. Inc., J.D.C. ELECTRONIC INDUSTRIES, Falcon Gauge, Sigma Tek, Inc. The major players are focusing on new product launches, partnerships and mergers to strengthen their product portfolio and global presence.