Global Safety Instrumented Systems Market 2024-2028
Safety Instrumented Systems Market 2024-2028
The safety instrumented systems market is forecasted to grow by USD 1123 mn during 2023-2028, accelerating at a CAGR of 5.8% during the forecast period. The report on the safety instrumented systems market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by surge in usage in oil and gas, chemical, and other industries, government safety regulations for industries, and rising global automotive manufacturing.
Technavio's safety instrumented systems market is segmented as below:
By Application
- Emergency shutdown systems
- Fire and gas monitoring and control
- Others
By Geographical Landscape
- APAC
- Europe
- North America
- South America
- Middle East and Africa
This study identifies the rise in adoption of automation systems as one of the prime reasons driving the safety instrumented systems market growth during the next few years. Also, emergence of new refinery projects and rising adoption of high integrity pressure protection systems will lead to sizable demand in the market.
The report on the safety instrumented systems market covers the following areas:
- Safety Instrumented Systems Market sizing
- Safety Instrumented Systems Market forecast
- Safety Instrumented Systems Market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading safety instrumented systems market vendors that include ABB, Emerson Electric Co., General Electric Co., HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Indian Devices & Engineering Corp., INTECH Process Automation Inc., Johnson Controls International Plc., Mitsubishi Electric Corp., OMRON Corp., Pilz GmbH and Co. KG, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, SGS SA, Siemens AG, SIS-TECH Solutions, and Yokogawa Electric Corp.. Also, the safety instrumented systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive primary and secondary research. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.