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 7.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A safety instrumented system is a type of instrumented protective system composed of sensor(s), logic solver(s), and final element(s) that takes the process to a safe state when predetermined conditions are violated. It responds to abnormal conditions to maintain a safe state of the process. Safety instrumented systems focus on prevention of dangerous failures by automatically actuating ESD valves, shutdown devices, fire & gas systems.
Market key trends:
Advancements in industrial communication protocols is one of the key trends driving the safety instrumented system market growth. Earlier safety instrumented systems utilized proprietary fieldbuses and hardwired solutions for communication between field devices and control systems. However, new enhanced industrial networks such as Industrial Ethernet, WirelessHART, and PROFINET are increasingly being used for safety instrumented systems. These provide benefits such as better integration with asset management systems, remote access capability, ease of maintenance through standardization, and reduced installation and wiring costs. Implementation of such modern field-level communication protocols improves the overall reliability, flexibility and performance of safety instrumented systems.
Segment Analysis
The global safety instrumented system market is segmented by component, architecture type, and industry. Based on component, the market is segmented into software, hardware, and services. The services segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is owing to the increasing need for maintenance, engineering, and installation of safety instrumented systems as they require repair and upgrade support over their lifespan.
Key Takeaways
The Global Safety Instrumented System Market Size is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing demand for functional safety systems from process industries.
Regional analysis
Regionally, Asia Pacific dominated the market in 2022 and is expected to grow at the highest CAGR during the forecast period. This is attributed to the expansion of manufacturing facilities in countries like China and India along with a rise in investments towards developing functional safety infrastructure in emerging economies.
Key players
Key players operating in the safety instrumented system market are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. The market leaders are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.
The global safety instrumented system market size was valued at US$ 4.42 Bn in 2023. Regionally, Asia Pacific dominated the market in 2023 and is expected to grow at the highest CAGR during 2023-2030. This is attributed to the expansion of manufacturing facilities in countries like China and India along with a rise in investments towards developing functional safety infrastructure in emerging economies. The market leaders are focusing on new product launches and strategic collaborations to gain a competitive edge in the growing market.
