Safety Instrumented Systems Market: Comprehensive Insights, Industry Demand, and Future Potential Forecasts

The new report published by The Business Research Company, titled "Safety Instrumented Systems Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the safety instrumented systems market size has grown strongly in recent years. It will grow from $3.92 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The safety instrumented systems market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.

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Role Of Industrial Accidents On The Safety Instrumented Systems Market
The increasing number of industrial accidents is expected to propel the growth of the safety instrumented systems market going forward. Industrial accidents refer to unplanned events or incidents that occur in industrial settings, such as factories, manufacturing plants, construction sites, and refineries, resulting in injury, illness, or property damage. This accident arises because of rapid industrialization, workforce expansion, technological complexity, and a lack of safety culture. Safety instrumented systems (SIS) are used to prevent or mitigate industrial accidents by providing layers of protection against hazardous events and protecting both personnel and assets while ensuring regulatory compliance. For instance, in December 2023, according to the Bureau of Labor Statistics, a US-based government agency, 5,486 fatal work injuries were reported in the US in 2022, up 5.7% from 5,190 in 2021. Therefore, the increasing number of industrial accidents is driving the growth of the safety-instrumented systems market.

Advancements In Safety Instrumented Systems With Digital Isolation Solutions
Major companies operating in the safety instrumented systems market are increasing their focus on developing advanced tools, such as digital isolation systems, to gain a competitive edge in the market. Digital isolation systems are electronic devices or components designed to separate electrical circuits while allowing information to be transferred between them digitally. For instance, in October 2021, Emerson Electric Co., a US-based engineering company, launched Fisher Digital Isolation Solutions, which are the industry's first complete SIL 3-certified valve assemblies. These solutions are specially engineered for critical applications where safety is paramount, and they serve as the final control element in the Safety Instrumented System. Each Fisher Digital Isolation solution includes a valve, actuator, and digital valve controller that have been SIL-certified as a complete package, meeting the stringent safety integrity requirements for Safety Integrity Level 3 (SIL 3).

The safety instrumented systems market covered in this report is segmented -

1) By Type: Safety Switches, Safety Sensors, Emergency Stop Devices, Programmable Safety Devices
2) By Application: Emergency Shutdown Systems (ESS), Fire And Gas Monitoring and Control (F&GC), High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), Turbo Machinery Control, Other Applications
3) By End User: Energy And Power, Pharmaceutical, Mining, Food and Beverage, Oil And Gas, Chemical And Petroleum Refinery, Other End Users

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Major companies operating in the safety instrumented systems market are Siemens AG, General Electric Company, Honeywell International Inc., Schneider Electric SE, Schlumberger Limited, ABB Ltd, Tyco International Plc, Johnson Controls, Inc, Baker Hughes, Emerson Electric Company, Siemens AG, OMRON Corporation, Matrix Technologies Inc, Yokogawa Electric Corporation, Endress+Hauser, SIS-TECH Solutions LP, HIMA Paul Hildebrandt GmbH, Esoteric Automation, SUPCON Group Co. Ltd., Consen Automation Control Ltd, HollySys Automation Technologies, Idec Corporation, General Monitors Ireland Limited, Draegerwerk AG & Co. KGaA, The ESAB Group Inc, Petrotechnics Ltd.

Contents of the report:
1. Executive Summary
2. Safety Instrumented Systems Market Report Structure
3. Safety Instrumented Systems Market Trends And Strategies
4. Safety Instrumented Systems Market - Macro Economic Scenario
5. Safety Instrumented Systems Market Size And Growth
…..
27. Safety Instrumented Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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