According to a new market research “Safety Instrumented Systems Market by Component (Switches, Sensors, and Programmable Safety Devices), by Product (ESD, F&G, and HIPPS), by Application (Chemical, Oil & Gas, and Power Generation), and by Geography - Global Trends & Forecasts to 2014 - 2020” , the total safety instrumented systems market was valued at $2.03 billion in 2014 and is expected to reach $3.76 billion by 2020, at an estimated CAGR of 11.06% between 2015 and 2020.
Browse 73 market data tables and 81 figures spread through 182 pages and in-depth TOC on “Safety Instrumented Systems Market - Global Trends & Forecasts to 2014 - 2020"
The operation of many industrial processes involves characteristic risks due to the dangerous materials involved such as gases and chemicals. Safety instrumented systems (SIS) are explicitly designed to protect personnel, equipment, and the environment by minimising the likelihood (frequency) or the impact severity of an identified emergency event. Safety regulations by government have led to a significant growth in safety instrumented products. Machine safety regulations such as EU Machinery Directives and North America’s OSHA standards have been strong drivers for the growth of the SIS market. In the report, this market has been categorized on the basis of products, namely emergency shutdown systems, fire and gas monitoring and control, high integrity pressure protection systems, burner management systems, and turbo machinery and control. The emergency shutdown system accounted for the largest share of ~39% of the overall SIS market, as of 2014.
Speak to Analyst@
The report also covers key application sectors of the SIS market, including chemical, refining, oil & gas, pharmaceutical & biotech, paper & pulp, metal and mining, water & wastewater, food and beverage manufacturing, and power generation. Among all the applications, oil and gas is expected to be the largest contributor to the overall SIS market.
The SIS market for different geographic regions, including the Americas, Europe, Asia-Pacific, and the Rest of the World (RoW), has also been covered in the report. Europe comprised the largest market for SIS as of 2014, while APAC is expected to grow at the highest CAGR among all the regions during the forecast period.
The report profiles the major players in the SIS market along with their SWOT analysis. The market has been witnessing a series of new product launches and partnerships across the value chain. The key players in this industry include ABB Ltd. (Switzerland), Emerson Process Management (U.S.), General Electric Company (U.S.), HIMA Paul Hildebrandt GmbH (Germany), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), Rockwell Automation (U.S.), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), Johnson Controls, Inc. (U.S.), Tyco International Plc (Switzerland), and others.
MarketsandMarkets is world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252