Global Safety Instrumented Systems Market Overview:
As per MRFR analysis, the Safety Instrumented Systems Market Size was estimated at 36.42 (USD Billion) in 2022. The Safety Instrumented Systems Market Industry is expected to grow from 38.27 (USD Billion) in 2023 to 59.7 (USD Billion) by 2032. The Safety Instrumented Systems Market CAGR (growth rate) is expected to be around 5.07% during the forecast period (2023 - 2032).
Key Safety Instrumented Systems Market Trends Highlighted
The Safety Instrumented Systems (SIS) market is driven by increasing awareness of safety regulations, growing demand for industrial automation, and the expansion of the process industry. Key drivers include stringent government regulations, the rising complexity of industrial processes, and the need for improved safety measures.
Opportunities in the SIS market lie in the integration of advanced technologies, such as the Industrial Internet of Things (IIoT) and artificial intelligence (AI), which enable remote monitoring, predictive maintenance, and enhanced decision-making. The adoption of wireless technologies and the increasing availability of cloud-based solutions present further growth opportunities.
Recent trends in the SIS market include the adoption of functional safety standards, such as IEC 61508 and IEC 61511, which provide a framework for systematic and comprehensive safety management. Additionally, the demand for integrated safety solutions that combine SIS with other safety technologies, such as fire and gas detection systems, is on the rise.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Safety Instrumented Systems Market Drivers
Increasing Demand for Industrial Safety
The drive to improve worker safety, and the urgent need to curtail accidents and incidents in industries are significant contributors to the increasing Safety Instrumented Systems Market industry. Safety instrumented systems act to protect the personnel, as well as the property from hazardous situations by correspondent response and the action taken to eliminate the risks. As industries strive to remain in business and reduce costs of liability and downtime, there is growing demand as more industries move to ensure employees’ safety. Additionally, the requirement by the government and even industries to use SIS has spiked up the growth of the market.
Technological Advancements and Innovation
What drives the Global Safety Instrumented System Market Industry is the continually ongoing technological advancements and innovation. There have been recent advancements in sensor technology with better performance, reliability, and ruggedness. Improvements in data analytics also make modern safety systems beneficial to the end-users. Safety instrumented systems, today, come with better automation capabilities which are accurate, reliable, and efficient. Wireless technologies are integrated into the system to improve safety and reduce maintenance time. The incorporation of remote monitoring systems has enhanced the efficiency and effectiveness of the systems. The development of software tools for design, configuration and maintenance has also made it easier for the system to be implemented.
Expansion of the Process Industries
In carrying out and expanding process industries, that constitute oil gas, chemicals, pharmaceuticals, and others, present a global significant industry driver for the Safety Instrumented Systems Market. These industries application features inherently hazardous and complexities because of the nature and operations of the processes. These industries would need to acquire sophisticated, reliable, and systems to ensure the adequate safety of some of these chemical processes that could be disastrous if they blow up. On the other hand, there is a growing demand for energy, production of chemicals, and pharmaceuticals.
Safety Instrumented Systems Market Segment Insights:
Safety Instrumented Systems Market Safety Integrity Levels (SIL) Insights
SIL 2 is addressed for applications for which a single failure followed by the next within one year may lead to a major hazard or injury, meanwhile it is equally simple to accomplish. Each level of SIL is suitable for a particular application and has specific requirements. In 2024, SIL 2 is expected to hold the most share of the Safety Instrumented Systems Market by market size, with a projected revenue of USD 8.7 billion. Meanwhile, SIL 3 is expected to follow, with a market value of USD 7.9 billion in 2024. SIL 1 and SIL 4 are also expected to hold a share of the market, which can be considered significantly less.
The increasing regulations and standards for safety from many industries, such as oil and gas, chemicals, and manufacturing, will drive the demand for the SIL segment, as it ensures that specific systems are safe. Also, the demand for Internet 4.0 technology, which requires safe and repeated processes, is also expected to rise. Overall, the Safety Integrity Level segment is the most crucial segment of the Safety Instrumented Systems Market and is expected to continue to be so.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Safety Instrumented Systems Market Industry Insights
The Safety Instrumented Systems Market is divided into various industries, of which Oil and Gas occupies a significant share, as safety standards and measures are essential in such a hostile environment. The next big industry is the Chemical one, partially because of hazardous materials that need to be contained and partially because of the regulations that need to be kept. The third-largest supporting industry is Captive Power Generation – maintaining grid stability and avoiding transformation and transmission accidents is extremely important. Furthermore, the Pharmaceutical as well as Manufacturing industries give market a slight boost with their focus on safety.
Safety Instrumented Systems Market Application Insights
Application Segment Insights and Overview The Safety Instrumented Systems Market is segmented based on application into Fire and Gas Detection, Pressure Control, Temperature Control, Level Control, and Flow Control. Among these, the Fire and Gas Detection segment is estimated to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The rising demand for advanced fire and gas detection systems in various industries, including oil and gas, chemicals, and manufacturing, is driving the growth of this segment.
The Pressure Control segment is another significant application segment, accounting for a substantial share of the Safety Instrumented Systems Market revenue. The increasing adoption of pressure control systems in industries such as power generation, oil and gas, and water treatment is fueling the growth of this segment. The growing emphasis on safety regulations and the need to prevent pressure-related accidents are contributing to the demand for pressure control systems. The Temperature Control segment is also witnessing steady growth, driven by the rising demand for temperature control systems in industries such as food and beverage, pharmaceuticals, and manufacturing.
The need to maintain precise temperature levels for product quality and safety is propelling the growth of this segment. The Level Control segment holds a significant position in the Safety Instrumented Systems Market, with increasing adoption in industries such as water and wastewater treatment, chemicals, and oil and gas. The growing demand for level control systems to ensure optimal fluid levels, prevent overflows, and maintain process efficiency is driving the growth of this segment. The Flow Control segment is expected to exhibit promising growth prospects over the forecast period. The increasing adoption of flow control systems in industries such as oil and gas, chemicals, and water treatment is driving the growth of this segment. The need for precise flow control to optimize processes, reduce wastage, and ensure safety is contributing to the demand for flow control systems.
Safety Instrumented Systems Market Component Type Insights
The Safety Instrumented Systems Market is segmented by Component Type into Sensors, Controllers, Actuators, Software, and Communication Networks. Sensors accounted for the largest market share in 2023, and this trend is expected to continue throughout the forecast period. The growth of the sensors segment can be attributed to the increasing demand for reliable and accurate data for safety-critical applications. Controllers are expected to witness the highest growth rate during the forecast period, owing to the rising adoption of advanced control systems in various industries. Software is also expected to witness significant growth, due to the increasing complexity of safety-instrumented systems and the need for sophisticated software to manage and control these systems. Communication Networks are also expected to witness steady growth, as they play a critical role in connecting various components of safety-instrumented systems and ensuring reliable data transmission.
Safety Instrumented Systems Market Regional Insights
The Safety Instrumented Systems Market size was valued at USD 38.27 billion in 2023, and it is projected to reach a value of USD 59.7 billion by 2032, exhibiting a CAGR of 5.07% during the forecast period. Geographically, the market is segmented into North America, Europe, APAC, South America, and MEA.
Among these regions, North America is expected to hold the largest market share during the forecast period, owing to the presence of a well-established oil gas industry and stringent government regulations. Europe is projected to be the second-largest market, driven by the increasing adoption of safety instrumented systems in various industries. The APAC region is anticipated to witness significant growth in the coming years due to the growing industrialization and urbanization in countries like China and India. South America and MEA are also expected to contribute to the overall market growth, albeit at a slower pace compared to the other regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Safety Instrumented Systems Market Key Players And Competitive Insights:
The Safety Instrumented Systems Market major players include broadening their global presence and enhancing their product offerings through the acquisition and partnership of other companies. For instance, Emerson acquired Aventics in 2023 to expand its portfolio of automation technologies. Also, leading Safety Instrumented Systems Market players invest in research and development to bring innovative solutions to customers. For example, Honeywell introduced Experion LX 2.0 Distributed Control System with new enhanced security features and improved performance. Safety Instrumented Systems Market is developed, with growing demand for safety-critical systems in the sectors of oil and gas, chemicals, and power generation. Moreover, government regulations and industry standards require organizations to implement safety instrumented systems to mitigate risks and ensure personnel and assets safety.
ABB is Safety Instrumented Systems Market major player offering an extensive range of safety-related products and services. The company’s products and solutions are characterized by an integrated approach, which means that they include hardware, software, and engineering services. Furthermore, ABB Safety Instrumented Systems SI offers are designed to meet the highest industry standards, such as IEC 61508 and IEC 61511, and are certified by independent organizations like TV Rheinland. Finally, being in the industry for over three decades, ABB has significant experience in the Oil and Gas and Chemicals sectors, it is also a trusted supplier for the global power generation industry.
Siemens is another prominent player on the Safety Instrumented Systems Market. The German company offers a range of safety products and solutions, including programmable logic controllers and distributed control systems. Moreover, Siemens develops innovative field instrumentation with digital signaling processing. Moreover, Siemens solutions are known for reliability, performance, user-friendliness. With its presence in almost every country in the world and large customer support networks, Siemens is able to provide customer services and solutions tailored to regional customers.
Key Companies in the Safety Instrumented Systems Market Include:
- Honeywell International
- Phoenix Contact
- Eaton
- ABB
- Schneider Electric
- Johnson Controls
- Analog Devices
- Emerson Electric
- Yokogawa Electric Corporation
- Pepperl+Fuchs
- Yokogawa Electric
- Rockwell Automation
- Endress+Hauser
- Siemens
- GE
Safety Instrumented Systems Market Industry Developments
The increasing adoption of automation and digitalization in various industries is driving the growth of the Safety Instrumented Systems (SIS) market. As industrial processes become more complex and interconnected, there is a rising demand for reliable and efficient safety systems to prevent or mitigate the impact of potential hazards. One significant development in the SIS market is the emergence of wireless technologies.
Wireless SIS allows for greater flexibility and scalability in plant designs, reducing installation and maintenance costs. Additionally, advancements in sensor technologies are enhancing the accuracy and reliability of safety systems. Key market players are focusing on strategic partnerships and acquisitions to expand their product portfolios and geographical reach.
For instance, in 2023, Rockwell Automation acquired Avnet's industrial automation business, strengthening its position in the SIS market. Recent market trends also include the growing adoption of functional safety standards, such as IEC 61508 and IEC 61511, which provide a framework for the design, implementation, and maintenance of SIS. Furthermore, the increasing awareness of cybersecurity risks in industrial environments is leading to the development of robust and secure SIS solutions.
Safety Instrumented Systems Market Segmentation Insights
-
Safety Instrumented Systems Market Safety Integrity Levels (SIL) Outlook
-
Safety Instrumented Systems Market Industry Outlook
- Oil and Gas
- Chemical
- Power Generation
- Pharmaceutical
- Manufacturing
-
Safety Instrumented Systems Market Application Outlook
- Fire and Gas Detection
- Pressure Control
- Temperature Control
- Level Control
- Flow Control
-
Safety Instrumented Systems Market Component Type Outlook
- Sensors
- Controllers
- Actuators
- Software
- Communication Networks
-
Safety Instrumented Systems Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
36.42(USD Billion) |
| Market Size 2023 |
38.27(USD Billion) |
| Market Size 2032 |
59.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.07% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Honeywell International ,Phoenix Contact ,Eaton ,ABB ,Schneider Electric ,Johnson Controls ,Analog Devices ,Emerson Electric ,Yokogawa Electric Corporation ,Pepperl+Fuchs ,Yokogawa Electric ,Rockwell Automation ,Endress+Hauser ,Siemens ,GE |
| Segments Covered |
Safety Integrity Levels (SIL) ,Industry ,Application ,Component Type ,Regional |
| Key Market Opportunities |
Increasing digitalization in manufacturing Growing demand for automation and process safety Rising safety regulations and standards Advancements in safety technologies Expansion in emerging economies |
| Key Market Dynamics |
Rising demand for functional safety Increasing adoption of automation and digitalization Government regulations and industry standards Growing awareness of safety management Technological advancements and innovation |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Safety Instrumented Systems Market is anticipated to reach a valuation of approximately USD 38.27 billion in 2023.
The Safety Instrumented Systems Market is projected to grow at a CAGR of around 5.07% from 2023 to 2032.
The increasing demand for enhanced safety measures in various industries, such as oil and gas, chemicals, and manufacturing, is a significant factor driving the growth of the Safety Instrumented Systems Market.
North America is anticipated to hold the largest market share in the Safety Instrumented Systems Market due to the presence of stringent safety regulations and a well-established industrial sector.
Safety Instrumented Systems find applications in various industries, including oil and gas, chemicals, pharmaceuticals, power generation, and manufacturing, to ensure the safety of personnel, equipment, and the environment.
Some of the prominent players in the Safety Instrumented Systems Market include Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, ABB Ltd., and Emerson Electric Co.
The Safety Instrumented Systems Market is expected to reach a valuation of approximately USD 59.7 billion by 2032.
The oil and gas industry is anticipated to have the highest demand for Safety Instrumented Systems due to the need for ensuring safety in hazardous environments and complying with stringent regulations.
The Safety Instrumented Systems Market faces challenges such as the high cost of implementation and maintenance of these systems, as well as the need for skilled professionals to operate and manage them.
The growing emphasis on industrial safety, the adoption of Industry 4.0 technologies, and the increasing demand for automation in various industries present significant opportunities for growth in the Safety Instrumented Systems Market.
