Safety Instrumented Systems Market Report 2024 - Safety Instrumented Systems Market Trends And Share

"The Business Research Company recently released a comprehensive report on the Global Safety Instrumented Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 growth in the historic period can be attributed to Industrial accidents and disasters, focus on asset protection and loss prevention, increasing complexity of industrial processes, rising demand for operational efficiency and increasing awareness of human factors in safety.

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%. The growth in the forecast period can be attributed to Increasing focus on cybersecurity, expansion of process industries, rapid urbanization and infrastructure development, demand for modular and scalable solutions and growing emphasis on remote monitoring and maintenance. Major trends in the forecast period include Increasing adoption of iiot and industry 4.0 technologies, rise in demand for functional safety solutions, adoption of wireless technologies, demand for remote monitoring and management.

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Market Drivers and Trends:
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.

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).

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Major Key Players of the Market:
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.

Safety Instrumented Systems Market 2024 Key Insights:
• 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%.
• Role Of Industrial Accidents On The Safety Instrumented Systems Market
• Advancements In Safety Instrumented Systems With Digital Isolation Solutions
• North America was the largest region in the safety instrumented systems market in 2023

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