Safety Instrumentation Systems Market Size, Analysis, and Forecast Report 2017-2027
Safety systems use a systematic approach which revolves around safety requirement specifications, hazard identification and system operation and maintenance during the entire life of a plant. Due to increasing investments in oil and gas production, the oil and gas sector is expected to be the biggest sector responsible for the growth of the safety instrumentation systems market. Moreover, the safety instrumentation systems market is expected to witness prominent growth due to an increase in adoption of safety instrumentation systems (SIS) in power generation.
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Safety Instrumentation Systems Market: Market Dynamics
Rise in automotive manufacturing across the globe is a major factor expected to drive the safety instrumentation systems market over the forecast period. Moreover, labor unions insisting on suitable safety measures in oil and gas and power generation industries will further drive the safety instrumentation systems market over the forecast period. That apart, safety regulations executed by governments and increasing adoption of safety instrumentation systems in power generation will also add to the growth of market. Additionally, high demand for SIS in developing regions and arrival of new technologies, such as Internet of Things (IOT), are expected to further boost the market.
Lack of awareness and complexity of standards in different applications are some of the factors which may hamper the growth of the safety instrumentation systems market over the forecast period. Similarly, the high cost and low response rate of safety instrumentation systems (SIS) will act as major restraining factors for the growth of safety instrumentation systems market during the forecast period.
Safety Instrumentation Systems Market: Segmentation
The global safety instrumentation systems market can be segmented on the basis of component type, product type and application.
On the basis of component type, the safety instrumentation systems market can be segmented into:
Emergency Stop Devices
Programmable Safety Devices
On the basis of product type, the safety instrumentation systems market can be segmented into:
Emergency Shutdown System (ESD)
Safety Interlock System
Safety Shutdown System (SSD)
Fire and Gas Monitoring and control
Burner Management System (BMS)
Turbo Machinery and Control (TMC)
On the basis of application, the safety instrumentation systems market can be segmented into:
Oil and Gas
Paper and Pulp
Metal and Mining
Food and Beverages
Safety Instrumentation Systems Market: Region-Wise Outlook
The European region is expected to be largest growing market due to rising demand for industrial safety measures to minimize accidents in case safety limits are exceeded. North America is expected to dominate the safety instrumentation systems market due to growing consumer awareness and expansion of medical industrial market. Asia Pacific region is expected to witness highest CAGR during the forecast period owing to the growing awareness regarding safety, emergence of new technologies and high demand for safety instrumentation systems in developing countries.
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Safety Instrumentation Systems Market: Market Participants
Some of the market participants identified across the value chain of the global safety instrumentation systems market include:
Emerson Process Management
Honeywell International Inc.
Schneider Electric SE
General Electric Company
Rockwell Automation Inc.
Yokogawa Electric Corporation
Johnson Control, Inc.
Tyco International Plc.
HIMA Paul Hildebrandt GmbH
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