Safety Instrumented Systems Market 2023 Expected CAGR 12.41% with ROCKWELL AUTOMATION, EMERSON ELECTRIC COMPANY, HONEYWELL INTERNATIONAL, ABB, SIEMENS AG, AND GENERAL ELECTRIC COMPANY and More

Safety Instrumented Systems Market Highlights:
The global safety instrumented system market is expected to register a CAGR of 12.41% during the forecast period of 2018-2023. There has been a rise in investments in oil & natural gas exploration and production, in addition to the investments on downstream equipment, ranging from transportation, storage, and refining of such oil & natural gas resources, to the petrochemical industry that produces intermediate or end products. This directly impacts the level of risk, thus increasing the need for safety instrumented systems. Therefore, stringent government regulations to deploy safety systems, growing automotive manufacturing plants, and an increase in several operations in industrial processes that are prone to many risks, especially in industries (chemicals, oil & gas and others), are some of the major factors driving the demand for safety instrumented systems.

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Emergency Shutdown Systems Hold the Major Market Share by End User
The EDS segment is expected to witness moderate growth during the forecast period. Government regulations to implement ESD systems across several industrial sectors for workplace safety, increasing energy requirements, and substantial investments in the energy sector in developing economies, are some of the major driving factors that are impacting the EDS segment. The benefits of programmable safety systems, such as flexibility, efficiency, easy installation, reliability, and enhanced security, are the factors impacting the growth rate of EDS. Lack of awareness of the availability of various safety devices and standards to safeguard the machinery and labor and complexity involved in the implementation of these systems, are a few factors that are hindering the growth rate of EDS, thus impacting the market studied.

Recent Developments
• May 2017: Rockwell Automation introduced the most advanced cable-pull E-stop in the industry. The solid-state operation of the Lifeline 5 cable-pull switch offers an electronic, rope-monitoring system, to compensate for thermal expansion and cable sag.
• October 2016: Rockwell Automation acquired system integrator Maverick Technologies, to expand domain knowledge and help deliver innovative control and information solutions to customers in industries, such as chemical, food & beverage, and oil & gas.

Major Players:
ROCKWELL AUTOMATION, EMERSON ELECTRIC COMPANY, HONEYWELL INTERNATIONAL INC., YOKOGAWA ELECTRIC CORPORATION, ABB LTD, SIEMENS AG, AND GENERAL ELECTRIC COMPANY, amongst others.

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Europe to Hold the Major Share over the Forecast Period
The continuous European economic recovery and supportive economic policies are favoring new investments across various industries. The mandatory safety regulations and growing demand for certified safety instrumented systems, which allow end users to determine their safety needs more accurately, are the major factors impacting the demand for safety instrumented systems in Europe. The increase in revenues of end users, rise in willingness to invest in various automation technologies, safety solutions, and product innovations, in addition to an increase in production, are creating a need for more intensive control of production process, with regard to its efficiency and safety, thus fueling the market’s growth. The increased awareness among end users about the importance of safety and technological advancements, is also impacting the adoption rate of safety instrumented systems. The significant oil & gas sector in Russia, Germany, and United Kingdom, has boosted the growth of safety instrumented systems, particularly high integrity pressure protection systems and turbo machinery control systems.

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