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The global safety instrumented system market is expected to register a CAGR of 12.41% during the forecast period of 2018-2023. There has been a rise in investments in oil & natural gas exploration and production, in addition to the investments on downstream equipment, ranging from transportation, storage, and refining of such oil & natural gas resources, to the petrochemical industry that produces intermediate or end products. This directly impacts the level of risk, thus increasing the need for safety instrumented systems. Therefore, stringent government regulations to deploy safety systems, growing automotive manufacturing plants, and an increase in several operations in industrial processes that are prone to many risks, especially in industries (chemicals, oil & gas and others), are some of the major factors driving the demand for safety instrumented systems.
Emergency Shutdown Systems Hold the Major Market Share by End User
The EDS segment is expected to witness moderate growth during the forecast period. Government regulations to implement ESD systems across several industrial sectors for workplace safety, increasing energy requirements, and substantial investments in the energy sector in developing economies, are some of the major driving factors that are impacting the EDS segment. The benefits of programmable safety systems, such as flexibility, efficiency, easy installation, reliability, and enhanced security, are the factors impacting the growth rate of EDS. Lack of awareness of the availability of various safety devices and standards to safeguard the machinery and labor and complexity involved in the implementation of these systems, are a few factors that are hindering the growth rate of EDS, thus impacting the market studied.
Europe to Hold the Major Share over the Forecast Period
The continuous European economic recovery and supportive economic policies are favoring new investments across various industries. The mandatory safety regulations and growing demand for certified safety instrumented systems, which allow end users to determine their safety needs more accurately, are the major factors impacting the demand for safety instrumented systems in Europe. The increase in revenues of end users, rise in willingness to invest in various automation technologies, safety solutions, and product innovations, in addition to an increase in production, are creating a need for more intensive control of production process, with regard to its efficiency and safety, thus fueling the market’s growth. The increased awareness among end users about the importance of safety and technological advancements, is also impacting the adoption rate of safety instrumented systems. The significant oil & gas sector in Russia, Germany, and United Kingdom, has boosted the growth of safety instrumented systems, particularly high integrity pressure protection systems and turbo machinery control systems.
Recent Developments
• May 2017: Rockwell Automation introduced the most advanced cable-pull E-stop in the industry. The solid-state operation of the Lifeline 5 cable-pull switch offers an electronic, rope-monitoring system, to compensate for thermal expansion and cable sag.
• October 2016: Rockwell Automation acquired system integrator Maverick Technologies, to expand domain knowledge and help deliver innovative control and information solutions to customers in industries, such as chemical, food & beverage, and oil & gas.
Major Players: ROCKWELL AUTOMATION, EMERSON ELECTRIC COMPANY, HONEYWELL INTERNATIONAL INC., YOKOGAWA ELECTRIC CORPORATION, ABB LTD, SIEMENS AG, AND GENERAL ELECTRIC COMPANY, amongst others.
Reasons to Purchase this Report
• Understanding how the market scenario of safety instrumented systems is changing.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The security technology, service, and vertical that are expected to dominate the market.
• The regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Emergency Shutdown Systems Hold the Major Market Share by End User
The EDS segment is expected to witness moderate growth during the forecast period. Government regulations to implement ESD systems across several industrial sectors for workplace safety, increasing energy requirements, and substantial investments in the energy sector in developing economies, are some of the major driving factors that are impacting the EDS segment. The benefits of programmable safety systems, such as flexibility, efficiency, easy installation, reliability, and enhanced security, are the factors impacting the growth rate of EDS. Lack of awareness of the availability of various safety devices and standards to safeguard the machinery and labor and complexity involved in the implementation of these systems, are a few factors that are hindering the growth rate of EDS, thus impacting the market studied.
Europe to Hold the Major Share over the Forecast Period
The continuous European economic recovery and supportive economic policies are favoring new investments across various industries. The mandatory safety regulations and growing demand for certified safety instrumented systems, which allow end users to determine their safety needs more accurately, are the major factors impacting the demand for safety instrumented systems in Europe. The increase in revenues of end users, rise in willingness to invest in various automation technologies, safety solutions, and product innovations, in addition to an increase in production, are creating a need for more intensive control of production process, with regard to its efficiency and safety, thus fueling the market’s growth. The increased awareness among end users about the importance of safety and technological advancements, is also impacting the adoption rate of safety instrumented systems. The significant oil & gas sector in Russia, Germany, and United Kingdom, has boosted the growth of safety instrumented systems, particularly high integrity pressure protection systems and turbo machinery control systems.
Recent Developments
• May 2017: Rockwell Automation introduced the most advanced cable-pull E-stop in the industry. The solid-state operation of the Lifeline 5 cable-pull switch offers an electronic, rope-monitoring system, to compensate for thermal expansion and cable sag.
• October 2016: Rockwell Automation acquired system integrator Maverick Technologies, to expand domain knowledge and help deliver innovative control and information solutions to customers in industries, such as chemical, food & beverage, and oil & gas.
Major Players: ROCKWELL AUTOMATION, EMERSON ELECTRIC COMPANY, HONEYWELL INTERNATIONAL INC., YOKOGAWA ELECTRIC CORPORATION, ABB LTD, SIEMENS AG, AND GENERAL ELECTRIC COMPANY, amongst others.
Reasons to Purchase this Report
• Understanding how the market scenario of safety instrumented systems is changing.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The security technology, service, and vertical that are expected to dominate the market.
• The regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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