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Safety Instrumented System is Estimated to Witness High Growth Owing to Increasing Demand from Process Industries

Rajkumar cmi
Safety Instrumented System is Estimated to Witness High Growth Owing to Increasing Demand from Process Industries

Safety instrumented systems (SIS) are interlocking safety devices or logic solver based on programmable electronic systems that are used to reliably monitor process variables and take the required action if the monitored value exceeds the preset safety limits. SIS help prevent hazardous conditions or limit the consequences of such conditions by performing safety instrumented functions, independent of the primary process control systems. They automatically trigger an action to avoid damage to equipment, injury to human or unacceptable effect on the environment. With rapid development of automated process industries like oil & gas, chemicals, power generation and more, safety instrumented systems have become important requirement. 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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing demand from process industries where hazardous chemicals and materials are used is driving the growth of safety instrumented systems market. With growing focus on safety, minimizing losses due to accidents and complying with stringent government regulations, process industries are increasingly adopting SIS. The SIS help in monitoring critical process parameters, identifying process upsets and taking automated safety actions like shutting valves, activating alarms in real time. This protects facilities, saves costs of damage control and avoids financial losses associated with production shutdowns. The process industries present a major market opportunity for safety instrumented systems market players as they continue to invest in upgrading safety systems for achieving higher productivity goals as well as compliance.

Porter’s Analysis

Threat of new entrants: The safety instrumented system market size requires heavy investments in research and development and the industry players are shifting towards digitalization. These factors create high entry barriers for new players.

Bargaining power of buyers: The buyers have moderate bargaining power due to the vital role that safety instrumented systems play in industries like oil & gas and manufacturing. However, the presence of several established vendors provides options to buyers.

Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to the consolidated nature of the industry and the availability of component substitutes. However, system integrators remain dependent on component manufacturers for supplies.

Threat of new substitutes: There is low threat of substitutes as safety instrumented systems provide safety certifications and compliance. New technologies like IoT and AI are enhancing functionalities rather than replacing systems.

Competitive rivalry: The market witnesses high competition due to the presence of global and regional players. Industry players differentiate by offering customized solutions, digital capabilities, and competitive pricing.

SWOT Analysis

Strength: Safety instrumented systems provide certification for hazardous operations and help reduce incidents. Integrated solutions deliver efficiency and performance monitoring.

Weakness: Upgradation of aging infrastructure requires substantial capital investments. Component obsolescence is a challenge due to evolving standards.

Opportunity: Adoption in process industries and implementing condition monitoring offers scope. Integrating with industrial OT/IT solutions can unlock productivity gains.

Threats: Economic slowdowns may prompt budget cuts affecting demand. Component supply chain disruptions impact continuity.

Key Takeaways

The global safety instrumented system market is expected to witness high growth between 2023-2030 supported by investments in process automation across industries.

Regional analysis: North America and Europe hold significant shares and are anticipated to grow at steady rates during the forecast period. North America contributes todemand from the flourishing shale gas and tight oil industries while process manufacturing drivesopportunities in Europe.

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, UMA Instruments, Aircraft Spruce & Specialty Co., Kelly Manufacturing, Mitchell Aircraft Products, Ahlers Aerospace, Suzhou Changfeng Instruments, LX navigation, MAV Avionics, Suzhou Changfeng Instruments Co. Ltd., Mid-Continent Instrument Co. Inc., J.D.C. ELECTRONIC INDUSTRIES, Falcon Gauge, Sigma Tek, Inc. These players are focusing on acquisitions and partnerships to strengthen solutions and geographic footprints.

Get more insights on this topic: https://www.trendingwebwire.com/safety-instrumented-system-market-size-and-opportunity-analysis/

Rajkumar cmi
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