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The safety instrumented systems market share is expected to increase by USD 1.17 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.62%.
This safety instrumented systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers safety instrumented systems market segmentation by application (emergency shutdown systems, fire and gas monitoring and control, and others) and geography (APAC, Europe, North America, South America, and MEA). The safety instrumented systems market report also offers information on several market vendors, including ABB Ltd., Emerson Electric Co., HIMA GmbH, Honeywell International Inc., Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, SIS-TECH Solutions, and Yokogawa Electric Corp. among others.
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The surge in usage in oil and gas, chemical, and other industries is notably driving the safety instrumented systems market growth, although factors such as cybersecurity threats may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the safety instrumented systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Safety Instrumented Systems Market Driver
One of the key factors driving the global safety instrumented systems market growth is the surge in usage in oil and gas, chemical, and other industries. The growing benefits of safety instrumented systems over traditional safety systems are fueling the growth of the market. The chemicals and petrochemicals industries are identified as continuously developing industries, wherein the need for expansion and upgrading of aging safety problems and infrastructures is essential. Several advantages such as prolonged field life, reduction in unplanned downtime, reduction in annual maintenance cost, elimination of unexpected repair expenses, and adherence to current codes and standards are expected to stimulate the adoption of safety instrumented systems, which will drive the growth of the market in focus during the forecast period.
Key Safety Instrumented Systems Market Trend
Another key factor driving the global safety instrumented systems market growth is the rise in the adoption of automation systems that are an integral part of the oil and gas industry as they ensure accuracy and precision. Since 2014, fluctuations in crude oil prices have been hampering the growth of this industry that in turn increased the adoption of safety instrumented systems such as DCS in oil and gas companies. DCS helps operators control operations with the help of HMI and controller. Furthermore, stringent norms in the oil and gas industry by environmental groups such as Environment Agency (England), San Juan Citizens Alliance (US), Environmental Integrity Project (US), and Colorado Rising (US) is expected to further increase the demand for automation and control systems from this industry, which will further support the growth of the market in focus during the forecast period.
Key Safety Instrumented Systems Market Challenge
One of the key challenges to the global safety instrumented systems market growth is the cybersecurity threats. Cyberthreats are increasing in number, and hackers are devising new methodologies to gain access to critical information with the introduction of ransomware and distributed denial of service (DDoS) attacks. For instance, Colonial Pipeline, an American oil pipeline system that originates in Houston, Texas, that carries gasoline and jet fuel mainly to the Southeastern part of the US, suffered a ransomware cyberattack that impacted computerized equipment managing the pipeline on May 7, 2021. Due to this, Colonial Pipeline Company halted all of the pipeline's operations to contain the attack. The company paid the requested ransom (75 bitcoin or USD 4.4 million) within several hours after the attack with the assistance of the FBI. Such incidences are expected to challenge the market growth during the forecast period.
This safety instrumented systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global safety instrumented systems market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the safety instrumented systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the safety instrumented systems market encompasses successful business strategies deployed by the key vendors. The safety instrumented systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
ABB Ltd. - The company offers safety instruments systems that include control room solutions, drives, electric vehicle charging infrastructure, low voltage products and systems, measurement and analytics, medium voltage products, metallurgy products, motors and generators, plc automation, power converters and inverters, and robotics under the brand name of ABB Ltd.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The safety instrumented systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the safety instrumented systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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42% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for safety instrumented systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rapid increase in industrial activity, rise in cost pressures and production rates, and favorable government policies in developing countries such as China and India will facilitate the safety instrumented systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The safety instrumented systems market share growth by the emergency shutdown systems segment will be significant during the forecast period. The growth is attributed to the increase in complex manufacturing and industrial applications. Furthermore, in most cases, security factors are also altering the demand for emergency shutdown systems, especially in the case of the oil and gas industry.
This report provides an accurate prediction of the contribution of all the segments to the growth of the safety instrumented systems market size and actionable market insights on post COVID-19 impact on each segment.
Safety Instrumented Systems (SIS) market in Chemicals and Petrochemicals Industry - The market share is expected to increase by USD 635.73 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.62%.
Safety Instrumented Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.62% |
Market growth 2022-2026 |
$ 1.17 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.04 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 42% |
Key consumer countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Emerson Electric Co., HIMA GmbH, Honeywell International Inc., Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, SIS-TECH Solutions, and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*2.1.1 Parent Market
*Exhibit 08: Parent market
*Exhibit 09: Market characteristics
**2.2 Value chain analysis
*Exhibit 10: Value chain analysis : Industrial Machinery Market
*2.2.1 Inputs
*2.2.2 Inbound logistics
*2.2.3 Operations
*2.2.4 Outbound logistics
*2.2.5 Marketing and sales
*2.2.6 Aftermarket and service
*2.2.7 Industry innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 12: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 13: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5. Market Segmentation by Application
**5.1 Market segments
*The segments covered in this chapter are:
*Exhibit 22: Application - Market share 2021-2026 (%)
**5.2 Comparison by Application
*Exhibit 23: Comparison by Application
**5.3 Emergency shutdown systems - Market size and forecast 2021-2026
*Exhibit 24: Emergency shutdown systems - Market size and forecast 2021-2026 ($ million)
*Exhibit 25: Emergency shutdown systems - Year-over-year growth 2021-2026 (%)
**5.4 Fire and gas monitoring and control - Market size and forecast 2021-2026
*Exhibit 26: Fire and gas monitoring and control - Market size and forecast 2021-2026 ($ million)
*Exhibit 27: Fire and gas monitoring and control - Year-over-year growth 2021-2026 (%)
**5.5 Others - Market size and forecast 2021-2026
*Exhibit 28: Others - Market size and forecast 2021-2026 ($ million)
*Exhibit 29: Others - Year-over-year growth 2021-2026 (%)
**5.6 Market opportunity by Application
*Exhibit 30: Market opportunity by Application
***6. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate, and Key purchase criteria
**6.1 Overview
*Exhibit 31: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*The regions covered in the report are:
*Exhibit 32: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 33: Geographic comparison
**7.3 APAC - Market size and forecast 2021-2026
*Exhibit 34: APAC - Market size and forecast 2021-2026 ($ million)
*Exhibit 35: APAC - Year-over-year growth 2021-2026 (%)
**7.4 Europe - Market size and forecast 2021-2026
*Exhibit 36: Europe - Market size and forecast 2021-2026 ($ million)
*Exhibit 37: Europe - Year-over-year growth 2021-2026 (%)
**7.5 North America - Market size and forecast 2021-2026
*Exhibit 38: North America - Market size and forecast 2021-2026 ($ million)
*Exhibit 39: North America - Year-over-year growth 2021-2026 (%)
**7.6 South America - Market size and forecast 2021-2026
*Exhibit 40: South America - Market size and forecast 2021-2026 ($ million)
*Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
**7.7 MEA - Market size and forecast 2021-2026
*Exhibit 42: MEA - Market size and forecast 2021-2026 ($ million)
*Exhibit 43: MEA - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 44: Key leading countries
*Exhibit 43: Market opportunity by geography ($ million)
**7.9 Market opportunity by geography
*Exhibit 45: Market opportunity by geography ($ million)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Surge in usage in oil and gas, chemical, and other industries
*8.1.2 Rising global automotive manufacturing
*8.1.3 Government safety regulations for industries
**8.2 Market challenges
*8.2.1 Cybersecurity threats
*8.2.2 High installation and maintenance cost
*8.2.3 Influence of Covid-19 outbreak on industry development
*Exhibit 46: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Rise in adoption of automation systems
*8.3.2 Rising adoption of high integrity pressure protection systems
*8.3.3 Emergence of new refinery projects
***9. Vendor Landscape
**9.1 Overview
*Exhibit 47: Vendor landscape
**9.2 Landscape disruption
*Exhibit 48: Landscape disruption
*Exhibit 49: Industry risks
**9.3 Competitive Landscape
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 50: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 51: Market positioning of vendors
*10.3 ABB Ltd.
*Exhibit 52: ABB Ltd. - Overview
*Exhibit 53: ABB Ltd. - Business segments
*Exhibit 54: ABB Ltd. - Key news
*Exhibit 55: ABB Ltd. - Key offerings
*Exhibit 56: ABB Ltd. - Segment focus
**10.4 Emerson Electric Co.
*Exhibit 57: Emerson Electric Co. - Overview
*Exhibit 58: Emerson Electric Co. - Business segments
*Exhibit 59: Emerson Electric Co. - Key news
*Exhibit 60: Emerson Electric Co. - Key offerings
*Exhibit 61: Emerson Electric Co. - Segment focus
**10.5 HIMA GmbH
*Exhibit 62: HIMA GmbH - Overview
*Exhibit 63: HIMA GmbH - Product and service
*Exhibit 64: HIMA GmbH - Key offerings
**10.6 Honeywell International Inc.
*Exhibit 65: Honeywell International Inc. - Overview
*Exhibit 66: Honeywell International Inc. - Business segments
*Exhibit 67: Honeywell International Inc. - Key offerings
*Exhibit 68: Honeywell International Inc. - Segment focus
**10.7 Rockwell Automation Inc.
*Exhibit 69: Rockwell Automation Inc. - Overview
*Exhibit 70: Rockwell Automation Inc. - Business segments
*Exhibit 71: Rockwell Automation Inc. - Key offerings
*Exhibit 72: Rockwell Automation Inc. - Segment focus
**10.8 Schlumberger Ltd.
*Exhibit 73: Schlumberger Ltd. - Overview
*Exhibit 74: Schlumberger Ltd. - Business segments
*Exhibit 75: Schlumberger Ltd. - Key news
*Exhibit 76: Schlumberger Ltd. - Key offerings
*Exhibit 77: Schlumberger Ltd. - Segment focus
**10.9 Schneider Electric SE
*Exhibit 78: Schneider Electric SE - Overview
*Exhibit 79: Schneider Electric SE - Business segments
*Exhibit 80: Schneider Electric SE - Key news
*Exhibit 81: Schneider Electric SE - Key offerings
*Exhibit 82: Schneider Electric SE - Segment focus
**10.10 Siemens AG
*Exhibit 83: Siemens AG - Overview
*Exhibit 84: Siemens AG - Business segments
*Exhibit 85: Siemens AG - Key offerings
*Exhibit 86: Siemens AG - Segment focus
**10.11 SIS-TECH Solutions
*Exhibit 87: SIS-TECH Solutions - Overview
*Exhibit 88: SIS-TECH Solutions - Product and service
*Exhibit 89: SIS-TECH Solutions - Key offerings
**10.12 Yokogawa Electric Corp.
*Exhibit 90: Yokogawa Electric Corp. - Overview
*Exhibit 91: Yokogawa Electric Corp. - Business segments
*Exhibit 92: Yokogawa Electric Corp. - Key news
*Exhibit 93: Yokogawa Electric Corp. - Key offerings
*Exhibit 94: Yokogawa Electric Corp. - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 Market definition
*11.1.2 Objectives
*11.1.3 Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 95: Currency conversion rates for US$
**11.3 Research Methodology
*Exhibit 96: Research Methodology
*Exhibit 97: Validation techniques employed for market sizing
*Exhibit 98: Information sources
**11.4 List of abbreviations
*Exhibit 99: List of abbreviations
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