The Report Titled on “Global Safety Instrumented Systems Market – Segmented By Components, Products (ESD, HIPPS, TMC), End-Users (Power Generation, Pharmaceutical, Oil & Gas) And Geography – Growth, Trends, And Forecasts (2019 – 2023)”, Delivers Information studies of the current situation (with the base year being 2019) and the growth prospects of global Safety Instrumented Systems Forecast market 2019-2023.
“Safety Instrumented Systems Market Report 2019-2023” helps the consumer to take business decisions and to understand strategies of major players in the industry. The report also calls for market-determined results deriving feasibility survey for consumer needs. Global Safety Instrumented Systems Market Report ensures qualified and verifiable aspects of market data operating in the real-time scenario. The analytical studies are conducted ensuring consumer needs with a complete understanding of market capacities in the real-time scenario.
The Key Players covered in this study:-
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
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Overview of Safety Instrumented Systems Market Report:
The global safety instrumented system market is expected to register a CAGR of 12.41% during the forecast period of 2019-2023. There has been a rise in investments in oil & natural gas exploration and production, in addition to the investments on downstream equipment, ranging from transportation, storage, and refining of such oil & natural gas resources, to the petrochemical industry that produces intermediate or end products. This directly impacts the level of risk, thus increasing the need for safety instrumented systems. Therefore, stringent government regulations to deploy safety systems, growing automotive manufacturing plants, and an increase in several operations in industrial processes that are prone to many risks, especially in industries (chemicals, oil & gas and others), are some of the major factors driving the demand for safety instrumented systems.
Emergency Shutdown Systems Hold the Major Market Share by End User
The EDS segment is expected to witness moderate growth during the forecast period. Government regulations to implement ESD systems across several industrial sectors for workplace safety, increasing energy requirements, and substantial investments in the energy sector in developing economies, are some of the major driving factors that are impacting the EDS segment. The benefits of programmable safety systems, such as flexibility, efficiency, easy installation, reliability, and enhanced security, are the factors impacting the growth rate of EDS. Lack of awareness of the availability of various safety devices and standards to safeguard the machinery and labor and complexity involved in the implementation of these systems, are a few factors that are hindering the growth rate of EDS, thus impacting the market studied.
Europe to Hold the Major Share over the Forecast Period
The continuous European economic recovery and supportive economic policies are favoring new investments across various industries. The mandatory safety regulations and growing demand for certified safety instrumented systems, which allow end users to determine their safety needs more accurately, are the major factors impacting the demand for safety instrumented systems in Europe. The increase in revenues of end users, rise in willingness to invest in various automation technologies, safety solutions, and product innovations, in addition to an increase in production, are creating a need for more intensive control of production process, with regard to its efficiency and safety, thus fueling the marketâs growth. The increased awareness among end users about the importance of safety and technological advancements, is also impacting the adoption rate of safety instrumented systems. The significant oil & gas sector in Russia, Germany, and United Kingdom, has boosted the growth of safety instrumented systems, particularly high integrity pressure protection systems and turbo machinery control systems.
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Market Segment by Regions, regional analysis covers
- North America (the United States, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America (Brazil, Argentina, Colombia, etc.)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)