Safety Instrumented System Market is expected to register a CAGR of 12.41% during the forecast period of (2018-2023)| Dominant Players - ABB LTD, SIEMENS AG, ROCKWELL AUTOMATION, EMERSON ELECTRIC COMPANY, HONEYWELL INTERNATIONAL INC., amongst others

Market Analysis:

Europe to Hold the Major Share
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.

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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. Emergency Shutdown Systems is expected to hold the major market share by end user.

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Market Segments:
Safety Instrumented System Market is segmented by:
1. Component: Sensors, Switches, Programmable Devices, Actuators and Valves, Other Components
2. Product: Emergency Shutdown Systems (ESD), Fire & Gas Monitoring and Control (F&GC), High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), Turbo Machinery Control, Other Products (Safety Interlock, Safety Shutdown Systems)
3. End User: Chemicals & Petrochemicals, Power generation, Refining, Pharmaceutical, Food & Beverage, Oil & Gas, Other End Users
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Recent Developments
• May 2017: Rockwell Automation introduced the most advanced cable-pull E-stop in the industry.
• 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

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