The various operations in industrial processes involve many risks, especially in the chemical & gas sectors. However, the usage of safety instrumented systems ensures the protection of the personnel, equipment and the environment. These systems are designed to safeguard different industrial processes in hazardous zones. However, the high cost of safety instrumented systems solutions, lack of awareness, complexity of standards and low response rate are some of the key impediments hindering the growth of the market.
The safety instrumented systems market is estimated to be worth USD 2.87 billion in 2016 and is projected to grow at a CAGR of 11.64% during the forecast period to reach USD 4.97 billion by 2021. Lately, Europe held the largest market share and is projected to dominate through forecast period owing to increasing the demand for safety systems and growing adoption of the solutions in the power generation sector. Whereas, with the booming economy in India and the growing manufacturing sector â€“ Asia-Pacific will witness the highest CAGR for the forecast period.
The global safety instrumented systems market is broadly segmented based on types, end-users and geography. Similarly, based on the type of components, the safety instrumented systems market is segmented into switches, sensors, and programmable safety devices (or) sensors, logic solvers, and final control elements. Further, on the basis of product types, the same has been segmented into Emergency Shutdown Systems (ESD), safety interlock systems, Safety Shutdown Systems (SSD), fire & gas monitoring and control, High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), and Turbo Machinery Control (TMC). Finally, based on its end-users, its applications can be explained under segments such as chemicals & petroleum refinery, energy & power, manufacturing, pharmaceuticals, mining and others.
Some of the major market players mentioned in the report are Rockwell Automation, Siemens, ABB, GE, Schneider Electric and Emerson Process Management.
- Industry safety standards
- Rise in global automotive manufacturing
- Labor union force safety measures
- Lack of awareness & complexity of standards
- Low response rate
- Product costs
- Operational costs
Key Deliverables in the Study
1. Market analysis for the global safety instrumented systems market, with region-specific assessments and competition analysis on a global and regional scale.
2. Market definition along with the identification of key drivers and restraints.
3. Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
4. Extensively researched competitive landscape section with profiles of major companies along with their market share.
5. Identification and analysis of the macro and micro factors that affect the global safety instrumented systems market on both global and regional scale.
6. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
7. A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
8. Insights into the major countries/regions where this industry is growing and also identify the regions that are still untapped.
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2. Executive Summary
3. MARKET OVERVIEW
3.2 Industry Value-Chain Analysis
3.3 Industry Attractiveness - Porter's Five Forces Analysis
3.3.1 Bargaining Power of Suppliers
3.3.2 Bargaining Power of Consumers
3.3.3 Threat From New Entrants
3.3.4 Threat From Substitute Products
3.3.5 Competitive Rivalry Within the Industry
3.4 Industry Policies
4. MARKET DYNAMICS
4.2.1 Industry Safety Standards
4.2.2 Rise in Global Automotive Manufacturing
4.2.3 Labor Union Force Safety Measures
4.3.1 Lack of Awareness & Complexity of Standards
4.3.2 Low Response Rate
4.3.3 Product Costs
4.3.4 Operational Costs
4.4.1 Technological Advancements
4.4.2 Strong SIS Service Growth
5. Technology Snapshot
6. Global Safety Instrumented Systems Market Products Market Segmentation, Forecasts and Trends
6.1 Global Market - Segmented By Components
6.1.3 Programmable Devices
6.1.4 Actuators and Valves
6.2 Global Market - Segmented By Products
6.2.1 Emergency Shutdown Systems (ESD)
6.2.2 Safety Interlock Systems
6.2.3 Safety Shutdown Systems (SSD)
6.2.4 Fire & Gas Monitoring and Control
6.2.5 High Integrity Pressure Protection Systems (HIPPS)
6.2.6 Burner Management Systems (BMS)
6.2.7 Turbo Machinery Control (TMC)
6.3 Global Market - Segmented By End-Users
6.3.1 Chemicals & Petroleum Refinery
6.3.2 Energy & Power
6.3.6 Oil & Gas
6.4 Global Market - Segmented By Region
6.4.1 North America
6.4.4 Latin America
6.4.5 Middle East and Africa
7. Global Vendor Market Share Analysis
8. Competitive Intelligence - Company Profiles
8.2 ABB Ltd
8.3 Emerson Process Management
8.4 General Electric Company
8.5 HIMA Paul Hildebrandt GmbH
8.6 Honeywell International, Inc.
8.7 Schneider Electric SE
8.8 Yokogawa Electric Corporation
8.9 OMRON Corporation
8.10 Johnson Controls, Inc.
8.11 Tyco International Plc
9. Investment Analysis
9.1 Investment Scenario and Opportunities
10. Future of Global Safety Instrumented Systems Market