Global Safety Instrumented System Market (2021 to 2026) - Growth, Trends, COVID-19 Impact, and Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Mar 22, 2021--
The “Safety Instrumented System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)” report has been added to ResearchAndMarkets.com’s offering.
The safety instrumented systems market was valued at USD 3.1 billion in 2020 and is expected to reach USD 6.9 billion by 2026, at a CAGR of 12.5% over the forecast period 2021 - 2026.
The adoption of Industry 4.0 is expected to ring technical changes in the safety systems. During July 2018, the International Society of Automation (ISA) announced that it published a new book that covers the entire life-cycle of safety instrumented systems (SIS), including specification, design, analysis, programming, installation, maintenance, and change management.
- Rockwell Automation Inc.
- Emerson Electric Company
- Honeywell International Inc.
- Yokogawa Electric Corporation
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- General Electric Company
- OMRON Corporation
- Tyco International PLC
Key Market Trends
Food and Beverage Hold the Major Market Share
- The food and beverage industry is becoming more automated as the population is growing. Other driving factors, which contribute to increased automation is the scarcity of suitable cheap labor, health and safety laws, and advancement in robotics.
- With the additional factor of increases in regulations, such as FSMA (Food Safety Modernisation Act), which affects everyone doing business with the United States of America via the FSVP (Foreign Supplier Verification Programs), all forms of the food and beverage industry can expect to become more reliant on automation and computer-based systems that manage every part of the process, across the supply chain.
- The food and beverage industry has a moral and regulatory obligation to safeguard its workers. The dangers vary from the clear and present, such as heavy machinery, toxic chemicals, and slippery surfaces to the slower threats, such as dust inhalation, hearing loss, and repetitive strain injuries.
Asia-Pacific to Witness the Highest Growth
- Increasing investments in renewable energy production, across countries, such as China and India, as well as increasing FDA investments in China’s strong F&B, pharmaceuticals, and semiconductor industries, to ramp up new production capacities are propelling the demand for safety systems in the region.
- Furthermore, the industrial production capacity in the region has increased, owing to the continued development of the nations in the region. Comparatively, cheap labor has been a major factor in driving investment in the region and is expected to continue to drive the market.
- Owing to the abovementioned factors influencing the market space, Asia-Pacific is expected to register the fastest CAGR, over the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Regulatory Environment in the Industry
4.3.2 Presence of a Robust SIS Service Ecosystem
4.4 Market Restraints
4.4.1 Operational Complexity Coupled with High Maintenance Costs
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Component
5.1.3 Programmable Devices
5.1.4 Actuators and Valves
5.1.5 Other Components
5.2 By Application
5.2.1 Emergency Shutdown Systems (ESD)
5.2.2 Fire and Gas Monitoring and Control (F&GC)
5.2.3 High Integrity Pressure Protection Systems (HIPPS)
5.2.4 Burner Management Systems (BMS)
5.2.5 Turbo Machinery Control
5.2.6 Other Applications
5.3 By End User
5.3.1 Chemicals and Petrochemicals
5.3.2 Power Generation
5.3.4 Food and Beverage
5.3.5 Oil and Gas
5.3.6 Other End Users
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Rockwell Automation Inc.
6.1.2 Emerson Electric Company
6.1.3 Honeywell International Inc.
6.1.4 Yokogawa Electric Corporation
6.1.5 ABB Ltd
6.1.6 Schneider Electric SE
6.1.7 Siemens AG
6.1.8 General Electric Company
6.1.9 OMRON Corporation
6.1.10 Tyco International PLC
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/51ct5c
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SOURCE: Research and Markets
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PUB: 03/22/2021 07:56 AM/DISC: 03/22/2021 07:56 AM