Product Code: 49067
The safety instrumented systems market was valued at USD 3.1 billion in 2019 and is expected to reach USD 6.9 billion by 2025, at a CAGR of 12.5% over the forecast period 2020 - 2025. The adoption of Industry 4.0 is expected to ring technical changes in the safety systems. The International Society of Automation (ISA) announced in July 2018 that it has published a new book that covers the entire life-cycle of safety instrumented systems (SIS)-including specification, design, analysis, programming, installation, maintenance, and change management.
- Government regulatory agencies, such as the US Occupational Safety and Health Administration (OSHA) and Environmental Protection Agency (EPA), as well as insurance companies, place the highest criteria for the safety of company personnel, communities, and the environment. Consequently, they require industries to perform a process hazard analysis to determine the measures necessary for maximum safety.
- In addition, as the process industry moves towards adopting newer safety standards, the need for control systems that can manage changes, such as steam turbines, compressors, and variable speed drives will become essential to keep profitability up with agile requirements.
- In countries, like Mexico where the pipelines are often prone to insurgent attacks and theft, there is a high demand for automated and robust control systems, which support remote operation.
Scope of the Report
Safety Instrumented Systems (SIS) are being implemented across industries, in order to complement their process control systems, to reduce the risk of accidents on the industry floor and in the operation process. There are many ways, in which the safety instrumentation is being deployed. Compliance to international standards, such as IEC 61508 and IEC 61511, which indicate an acceptable quality in design and management of safety controls across industries drives the implementation of SIS.
Key Market Trends
Food and Beverage Hold the Major Market Share
- Food and Beverage Industry is becoming more automated as the population is growing. Other driving factors which contribute to increased automation is the scarcity of suitable cheap labor, health and safety laws, and advancement in robotics.
- With the additional factor of increases in regulation, such as FSMA (Food Safety Modernisation Act), which affects everyone doing business with the USA via the FSVP (Foreign Supplier Verification Programs), all forms of the Food and Beverage industry can expect to become more reliant on automation and computer-based systems that manage every part of the process across the supply chain.
- The Food and Beverage industry has a moral and regulatory obligation to safeguard its workers. The dangers vary from the clear and present, such as heavy machinery, toxic chemicals and slippery surfaces to the slower threats, such as dust inhalation, hearing loss, and repetitive strain injuries.
Asia-Pacific to Witness the Highest Growth
- Increasing investments in renewable energy production across countries, such as China and India, as well as increasing FDA investments in China's strong F&B, pharmaceuticals, and semiconductor industries, to ramp up new production capacities are propelling the demand for safety systems in the region.
- Further, the industrial production capacity in the region has increased owing to the continued development of the nations in the region. Comparatively, cheap labor has been a major factor in driving investment in the region and is expected to continue to drive the market.
- Owing to such above-mentioned factors influencing the market space, Asia-Pacific is expected to execute the fastest CAGR over the forecast period.
Players in the market are consolidated and are offering solutions specific to each application, like fire safety (Fire & Gas Monitoring and Control), pressure safety (High Integrity Pressure Protection Systems), and also others, like asset safety (Emergency Shutdown Systems) in case of emergencies, which are an integrated hardware and software solution.
- April 2019 - Rockwell Automation launched its ControlLogix 5580 controller for industrial control system security. It provides built-in security based on globally accepted security standards to protect control-level communications and overall system integrity.
- April 2019 - Honeywell introduced an automated robotic system for unloading a range of packages from truck trailers and shipping containers at distribution centers. This smart robotics system can help users improve workplace safety, reduce staffing challenges and minimize damage to packages.
- April 2019 - Blackline Safety announced its G7 Exo area monitoring system. The G7 Exo is part of Blackline's overall connected safety lineup.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Growing Regulatory Environment in the Industry
- 4.3.2 Presence of a Robust SIS Service Ecosystem
- 4.4 Market Restraints
- 4.4.1 Operational Complexity Coupled with High Maintenance Costs
- 4.5 Industry Value Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Component
- 5.1.1 Sensors
- 5.1.2 Switches
- 5.1.3 Programmable Devices
- 5.1.4 Actuators and Valves
- 5.1.5 Other Components
- 5.2 By Application
- 5.2.1 Emergency Shutdown Systems (ESD)
- 5.2.2 Fire and Gas Monitoring and Control (F&GC)
- 5.2.3 High Integrity Pressure Protection Systems (HIPPS)
- 5.2.4 Burner Management Systems (BMS)
- 5.2.5 Turbo Machinery Control
- 5.2.6 Other Applications
- 5.3 By End User
- 5.3.1 Chemicals and Petrochemicals
- 5.3.2 Power Generation
- 5.3.3 Pharmaceutical
- 5.3.4 Food and Beverage
- 5.3.5 Oil and Gas
- 5.3.6 Other End Users
- 5.4 Geography
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia-Pacific
- 5.4.4 Latin America
- 5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Rockwell Automation Inc.
- 6.1.2 Emerson Electric Company
- 6.1.3 Honeywell International Inc.
- 6.1.4 Yokogawa Electric Corporation
- 6.1.5 ABB Ltd.
- 6.1.6 Schneider Electric SE
- 6.1.7 Siemens AG
- 6.1.8 General Electric Company
- 6.1.9 OMRON Corporation
- 6.1.10 Tyco International PLC
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS