Safety instrumentation market expected to increase
The safety instrumentation system market is expected to grow to almost $7 billion by 2023 due to increased demand for safer devices.
Safety instrumentation system insights
- The safety instrumentation system (SIS) market is expected to grow by almost $3 billion over the next decade according to a report from Future Market Insights.
- Many industries that use SIS are expecting devices to be smarter and make workers safer. This is especially true in industries such as oil and gas and chemical, which are often in dangerous or hazardous conditions.
The market for safety instrumentation systems is expected to be valued at $6.94 billion by 2032, up from $4.12 billion in 2022, with a 5.4% CAGR.
There is a greater requirement for safety instrumentation systems because engineering is becoming more interdisciplinary. Engineers and technicians working on engineering projects are expected to understand the consequences of utilizing and designing safety instrumentation systems.
Safety instrumentation systems play an important role in providing a protective layer of functionality in a wide range of industrial processes and automation systems. It simplifies danger detection, safety requirement definition, and system and operation maintenance across the life of the facility.
The safety instrumented systems market has been categorized for in-depth study based on components, products, and end users. The market has been divided into five categories based on component type: sensors, switches, programmable devices, actuators and valves and others.
Safety instrumentation market breakdown by end-users
The market has been segmented into six types – energy & power, pharmaceutical, mining, oil & gas, chemical & petroleum refinery and others. The report also provides a cross-functional analysis of all the above-mentioned segments across different regions such as North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The rise in global automotive manufacturing is one of the major drivers of the safety instrumented systems market. The growing need to follow industry safety standards and government protocols are key factors anticipated to catalyze the growing demand for safety-instrumented systems during the forecast period from 2017 to 2025.
The chemical & petroleum refinery segment held the dominant market share because of increasing investment in oil & natural gas production and exploration. Rising investment in downstream equipment in the oil & gas sector and the transition of safety systems is a major factor responsible for the dominance of this sector.
Labor unions enforcing safety measures in the energy & power industry and oil & gas industry also are expected to increase the demand for safety instrument systems in the coming years. This is projected to influence the market of safety instrumented systems in a positive manner during the forecast period.
Safety instrumentation market regional analysis
The North American market is expected to have significant growth in the coming years. Currently, the North American regions are cumulatively holding 24.0% of the total share of the safety instrumentation systems market.
The European region is projected to dominate the global safety instrumentation systems market. Europe is currently accountable for a 28.0% share of the total safety instrumentation systems market.
The Asia-Pacific region is expected to have the highest CAGR during the forecast period.
High demand from developing regions, the emergence of new technology like the Internet of Things (IoT), and growing awareness about safety are some of the main drivers for the growth of the safety instrumented systems market.
– Future Market Insights is a CFE Media and Technology content partner.
Read the report on the safety instrumentation systems market here.