Safety Instrumented Systems Global Market Report 2024

The safety instrumented systems market size has grown strongly in recent years. It will grow from $3.92 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed in the historical period can be attributed to several factors. These include industrial accidents and disasters, which have underscored the critical need for robust safety measures, a heightened focus on asset protection and loss prevention, driven by the recognition of the significant economic and social costs associated with accidents, the increasing complexity of industrial processes, necessitating more sophisticated safety systems, a growing demand for operational efficiency, prompting investments in safety technologies to streamline workflows while maintaining safety standards, and a rising awareness of human factors in safety, emphasizing the importance of human-centric approaches to accident prevention and mitigation.

The safety instrumented systems market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth during the forecast period stems from heightened attention to cybersecurity, the expansion of process industries, accelerated urbanization and infrastructure projects, a surge in demand for modular and scalable solutions, and a growing emphasis on remote monitoring and maintenance. Key trends expected during this period encompass the increasing adoption of IIoT and Industry 4 technologies, a rise in the need for functional safety solutions, the uptake of wireless technologies, and a heightened demand for remote monitoring and management capabilities.

The safety instrumented systems market is poised for growth due to the escalating frequency of industrial accidents. These incidents, occurring in diverse industrial settings, result from factors such as rapid industrialization, workforce expansion, and technological intricacies, exacerbated by a deficiency in safety protocols. Safety instrumented systems (SIS) play a pivotal role in averting or mitigating such accidents by furnishing multiple layers of protection against hazardous occurrences. They safeguard personnel and assets while ensuring adherence to regulatory standards. For example, in December 2023, the Bureau of Labor Statistics reported a 5.7% increase in fatal work injuries in the US from 2021 to 2022, underscoring the imperative for heightened safety measures and driving demand for SIS.

Prominent players in the safety instrumented systems market are intensifying their efforts toward innovation, focusing notably on the development of advanced solutions such as digital isolation systems. These electronic devices facilitate the segregation of electrical circuits while enabling digital information transfer between them. Emerson Electric Co., a leading engineering firm, introduced Fisher Digital Isolation Solutions in October 2021, marking the industry's first fully SIL 3-certified valve assemblies. Tailored for critical applications prioritizing safety, these solutions serve as integral components of Safety Instrumented Systems, ensuring compliance with stringent safety integrity requirements at Safety Integrity Level 3 (SIL 3).

In February 2022, HIMA Group, a prominent provider of smart automation solutions for functional safety based in Germany, completed the acquisition of Sella Controls. This strategic move is aimed at broadening HIMA Group's product portfolio and bolstering its market presence in safety and control systems. The acquisition enables HIMA Group to augment its offerings by integrating the expertise and product range of Sella Controls, a UK-based company specializing in the design and manufacture of premium safety and control panels across various industries. This consolidation enhances HIMA Group's capability to deliver comprehensive solutions catering to a diverse clientele, encompassing sectors such as oil and gas, chemical, steel, power, nuclear, and transport.

Major companies operating in the safety instrumented systems market are Siemens AG, General Electric Company, Honeywell International Inc., Schneider Electric SE, Schlumberger Limited, ABB Ltd, Tyco International Plc, Johnson Controls, Inc, Baker Hughes, Emerson Electric Company, Siemens AG, OMRON Corporation, Matrix Technologies Inc, Yokogawa Electric Corporation, Endress+Hauser, SIS-TECH Solutions LP, HIMA Paul Hildebrandt GmbH, Esoteric Automation, SUPCON Group Co. Ltd., Consen Automation Control Ltd, HollySys Automation Technologies, Idec Corporation, General Monitors Ireland Limited, Draegerwerk AG & Co. KGaA, The ESAB Group Inc, Petrotechnics Ltd.

North America was the largest region in the safety instrumented systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the safety instrumented systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the safety instrumented systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Safety Instrumented Systems (SIS) are specialized control systems crafted to automatically react to potentially hazardous or perilous situations within industrial processes. These systems are deployed to mitigate the risk of accidents, safeguard personnel, assets, and the environment, and ensure the secure operation of industrial facilities, particularly those engaged in high-risk processes such as oil refining, chemical manufacturing, and power generation.

The primary types of safety-instrumented systems include safety switches, safety sensors, emergency stop devices, and programmable safety devices. Safety switches, also referred to as circuit breakers or residual-current devices (RCDs), are electrical mechanisms engineered to safeguard against electric shock and avert electrical fires. They find application across various scenarios such as emergency shutdown systems (ESS), fire and gas monitoring and control (F&GC), high integrity pressure protection systems (HIPPS), burner management systems (BMS), turbo machinery control, among others. These systems cater to a broad spectrum of end-users spanning industries such as energy and power, pharmaceuticals, mining, food and beverage, oil and gas, chemical and petroleum refineries, among others.

The safety instrumented systems market research report is one of a series of new reports that provides safety instrumented systems market statistics, including safety instrumented systems industry global market size, regional shares, competitors with a safety instrumented systems market share, detailed safety instrumented systems market segments, market trends and opportunities, and any further data you may need to thrive in the safety instrumented systems industry. This safety instrumented systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The safety instrumented systems market consists of sales of emergency shutdown systems (ESD), fire and gas detection systems, high-integrity pressure protection systems, and burner management systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including busbars, enclosures, tap-off units, expansion joints, and accessories) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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