Safety Instrumented System Market Size and Forecasts, Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Application and End User

Description

The safety instrumented system market is expected to grow from US$ 4.23 billion in 2022 to US$ 7.14 billion by 2030; it is estimated to record a CAGR of 6.7% from 2022 to 2030.

China is the largest producer of chemicals across the world. According to Cefic, the European Chemical Industry Council, in 2021, the country contributed 43% of global chemical sales of around US$ 1,839.1 billion (EUR 1,729 billion). Various market players in the country are working on expanding their manufacturing facilities. In January 2023, China's Sinopec Corp announced that they had started constructing a US$ 1.56 billion (CNY 10.8 billion) project in a northern subsidiary refinery to manufacture high-end chemicals. The project is built alongside Sinopec's Shijiangzhuang refinery in Hebei province. In addition, in October 2022, BASF announced that it would be constructing a Neopentyl Glycol (NPG) plant at its new Zhanjiang Verbund site in China. The plant is expected to be operational by Q4 of 2025 and will have an annual production capacity of 80,000 metric tons. Similarly, the chemical industry in South Korea has witnessed tremendous growth in the recent years. According to the International Trade Administration (ITA), in 2020, the country was ranked fifth across the world as per the production scale. Various chemical manufacturers in the country are constructing new production facilities to boost production. In September 2021, Hanwha Corp. announced its plan to build a nitric acid production plant by 2024. This plant will provide an annual capacity of 400,000 tons in Yeosu Industrial Complex, South Korea. For this, the company will invest US$ 162 million (190 billion won). Also, in February 2023, LOTTE INEOS Chemical announced its plan to increase Vinyl Acetate Monomer (VAM) production capacity from the current 450,000 tonnes to 700,000 tonnes. For this, the company will be constructing its third VAM production plant in South Korea, which is scheduled to be operational by the end of 2025. Thus, the growing construction of chemical manufacturing plants in the above countries will raise the demand for safety instrumented systems as it can help to reduce risks such as accidents and injury and improve productivity, fueling the growth of the safety instrumented system market in the forecasted period.

ABB Ltd, Applied Control Engineering Inc, AVEVA Group plc, Emerson Electric Co, HIMA, Honeywell International, Rockwell Automation Inc, Schneider Electric, Siemens AG, and Yokogawa Electric Corporation are among the key safety instrumented system market players profiled in this market study. Several other essential safety instrumented system market players were analyzed for a holistic view of the market and its ecosystem.

The overall safety instrumented system market size has been derived using both primary and secondary sources. To begin the safety instrumented system market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the safety instrumented system market. The process also serves the purpose of obtaining an overview and market forecast of the safety instrumented system market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the safety instrumented system market.

Product Code: TIPRE00035302

1. Introduction

1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness Analysis

3. Research Methodology

4. Safety Instrumented System Market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain

5. Safety Instrumented System Market - Key Market Dynamics

5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints

6. Safety Instrumented System Market - Global Market Analysis

6.1 Safety Instrumented System - Global Market Overview
6.2 Safety Instrumented System - Global Market and Forecast to 2030

7. Safety Instrumented System Market - Revenue Analysis (USD Million) - By Application, 2020-2030

7.1 Overview
7.2 Emergency Shutdown Systems
7.3 Fire and Gas Monitoring and Control
7.4 High Integrity Pressure Protection Systems
7.5 Burner Management Systems
7.6 Turbo Machinery Control

8. Safety Instrumented System Market - Revenue Analysis (USD Million) - By End-user, 2020-2030

8.1 Overview
8.2 Chemicals and Petrochemicals
8.3 Power Generation
8.4 Pharmaceutical
8.5 Food and Beverage
8.6 Oil and Gas
8.7 Others

9. Safety Instrumented System Market - Revenue Analysis (USD Million), 2020-2030 - Geographical Analysis

9.1 North America
- 9.1.1 North America Safety Instrumented System Market Overview
- 9.1.2 North America Safety Instrumented System Market Revenue and Forecasts to 2030
- 9.1.3 North America Safety Instrumented System Market Revenue and Forecasts and Analysis - By Application
- 9.1.4 North America Safety Instrumented System Market Revenue and Forecasts and Analysis - By End-user
- 9.1.5 North America Safety Instrumented System Market Revenue and Forecasts and Analysis - By Countries
  - 9.1.5.1 United States Safety Instrumented System Market
    - 9.1.5.1.1 United States Safety Instrumented System Market, by Application
    - 9.1.5.1.2 United States Safety Instrumented System Market, by End-user
  - 9.1.5.2 Canada Safety Instrumented System Market
    - 9.1.5.2.1 Canada Safety Instrumented System Market, by Application
    - 9.1.5.2.2 Canada Safety Instrumented System Market, by End-user
  - 9.1.5.3 Mexico Safety Instrumented System Market
    - 9.1.5.3.1 Mexico Safety Instrumented System Market, by Application
    - 9.1.5.3.2 Mexico Safety Instrumented System Market, by End-user

Note - Similar analysis would be provided for below mentioned regions/countries

9.2 Europe
- 9.2.1 Germany
- 9.2.2 France
- 9.2.3 Spain
- 9.2.4 United Kingdom
- 9.2.5 Russia
- 9.2.6 Rest of Europe
9.3 Asia-Pacific
- 9.3.1 Australia
- 9.3.2 China
- 9.3.3 India
- 9.3.4 Japan
- 9.3.5 South Korea
- 9.3.6 Rest of Asia-Pacific
9.4 Middle East and Africa
- 9.4.1 South Africa
- 9.4.2 Saudi Arabia
- 9.4.3 U.A.E
- 9.4.4 Rest of Middle East and Africa
9.5 South and Central America
- 9.5.1 Brazil
- 9.5.2 Argentina
- 9.5.3 Rest of South and Central America

10. Pre and Post Covid-19 Impact

11. Industry Landscape

11.1 Mergers and Acquisitions
11.2 Agreements, Collaborations, Joint Ventures
11.3 New Product Launches
11.4 Expansions and Other Strategic Developments

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players
12.2 Company Positioning and Concentration

13. Safety Instrumented System Market - Key Company Profiles

13.1 ABB Ltd
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments

Note - Similar information would be provided for below list of companies

13.2 Applied Control Engineering, Inc.
13.3 AVEVA Group plc
13.4 Emerson Electric Co.
13.5 HIMA
13.6 Honeywell International
13.7 Rockwell Automation, Inc.
13.8 Schneider Electric
13.9 Siemens AG
13.10 Yokogawa Electric Corporation

14. Appendix

14.1 Glossary
14.2 About The Insight Partners
14.3 Market Intelligence Cloud