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Safety Instrumented System Market is expected to reach US$ 7.14 billion by 2030

Safety Instrumented System Market share is expected to grow at a CAGR of 6.7% during 2022-2030, to surpass US$ 7.14 Billion by 2030, from US$ 4.23 Billion in 2022.

By The Insight Partners

Growing Automation in Chemical Industry Provides Opportunities for Safety Instrumented System Market During 2022–2030

According to our latest market study on "Safety Instrumented System Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Application and End User," the market was valued at US$ 4.23 billion in 2022 and is expected to reach US$ 7.14 billion by 2030; it is estimated to record a CAGR of 6.7% from 2022 to 2030.

The chemicals & petrochemicals industry is witnessing a growing adoption of automation in production and manufacturing processes to enhance the efficiency and quality of processes. Apart from efficient handling, automation helps in controlling chemical reactions to achieve desired product quality. It also has a significant impact on safety and environmental profile, owing to which there is a notable demand for automated processes to be integrated into chemical production and manufacturing procedures. 

Safety Instrumented System Market — by Geography, 2022

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00035302

Source: The Insight Partners Analysis

Due to the above benefits of automation in the chemical industry, various companies are integrating different control systems and automation technologies at their plants. For instance, in July 2023, Honeywell announced that it would provide its basic process control and safety instrumented systems to JGC Holdings Corporation for its new green ammonia production plant. This project aims to implement an integrated control system for the green ammonia chemical production plant, with the goal of green ammonia becoming a significant and trusted clean fuel source to support the plant owners’ Net Zero goals. Along with this, Honeywell will also offer a variety of automation solutions that include distribution control system Experion® PKS and Safety Instrumented Systems (SIS), as well as UIO/USIO with Universal Signal Conditioning Assembly (USCA) to help mitigate tight project schedule risk and optimize engineering hours.

This growing adoption of automation in the chemical industry is propelling the demand for safety instrumented systems. It helps in proceeding with an automated action to keep a plant in a safe state when any abnormal condition occurs, creating an opportunity for the safety instrumented system market growth.

Furthermore, the rising demand for different metals and minerals is increasing mining activities worldwide. Various countries are increasing their investment to expand their mining sites to fulfill the growing demand. In August 2022, the Mining Chamber of Mexico (Camimex) announced an investment of US$ 5.5 billion in 2022, which is an increase of 15.2% from 2021. Similarly, according to the Government of Western Australia, ~US$ 26 billion was invested in Western Australia’s mining and petroleum sectors in 2022. Such growing investments in the mining industry will further augment mining production worldwide. This rising the demand for safety instrumented systems, fueling the growth of the  market safety instrumented system market.

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 the report. Several other major safety instrumented system market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The safety instrumented system market report provides detailed market insights, which help the key players strategize their growth.

In January 2023, various new refineries were constructed in the Gulf. Al Zour New Refinery is a US$ 16 billion project by Kuwait Integrated Petroleum Industries Co (KIPIC). It is designed to process heavy crudes and has three crude distillation units (CDUs). The operations of the first CDU started in November 2022, and the second CDU is expected to start its operation in the second quarter of 2023. Further, an investment of US$ 3.5 billion was made in ADNOC’s Crude Flexibility Project to enhance the processing capabilities of ADNOC’s refinery in Ruwais. Oman’s Duqm Refinery project, one of the largest refining and petrochemical projects, is expected to start operation by the end of 2023. The project is a 50–50 joint venture between state-owned Oman’s OQ Group and Kuwait Petroleum International (KPI). Once operational, the refinery will increase the country’s refining capacity by refining 230,000 barrels of crude oil products per day. The growing construction of new refineries will raise the need for industrial safety systems, further fueling the safety instrumented system market growth.

Furthermore, various global market players are expanding their business by constructing new production facilities in APAC. In April 2021, Sanofi, a France-based company, announced the construction of a new vaccine production facility at Tuas Biomedical Park in Singapore. The facility is expected to be operational in Q1 of 2026. Similarly, in August 2022, Baker Hughes announced the opening of a new oilfield services chemicals manufacturing facility in Singapore. The facility will manufacture, store, and distribute chemical solutions for downstream, upstream, midstream, and adjacent industries. Through this, the company will be able to support regional customers and boost Baker Hughes's localization efforts. Also, in September 2022, BASF, a German chemical company, announced that they had started the construction of a petrochemical plant in the southern Chinese province of Guangdong; an investment of EUR 10 billion has been made and is expected to be operational in 2025. Thus, the expansion of production facilities in the above countries will raise the demand for safety instrumented systems, as it helps prevent any accidents at the plant, propelling the growth of the safety instrumented system market.

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