How big is the Safety Instrumented System Market?

The Safety Instrumented System Market size is expected to reach USD 4.60 billion in 2024 and grow at a CAGR of 6.93% to reach USD 6.43 billion by 2029. Read More

What is the current Safety Instrumented System Market size?

In 2024, the Safety Instrumented System Market size is expected to reach USD 4.60 billion. Read More

Who are the key players in Safety Instrumented System Market?

Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation and ABB Ltd are the major companies operating in the Safety Instrumented System Market. Read More

Which is the fastest growing region in Safety Instrumented System Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Safety Instrumented System Market?

In 2024, the North America accounts for the largest market share in Safety Instrumented System Market. Read More

What years does this Safety Instrumented System Market cover, and what was the market size in 2023?

In 2023, the Safety Instrumented System Market size was estimated at USD 4.28 billion. The report covers the Safety Instrumented System Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Safety Instrumented System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Safety Instrumented System Market Report | Industry Analysis, Size & Forecast Overview

Safety Instrumented Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Industrial Safety Systems and the Market is Segmented by Application (Emergency Shutdown Systems [ESD], Fire and Gas Monitoring and Control [F&GC], High Integrity Pressure Protection Systems [HIPPS], Burner Management Systems [BMS], Turbo Machinery Control, and Other Applications), End User (Chemicals and Petrochemicals, Power Generation, Pharmaceutical, Food and Beverage, Oil and Gas, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Safety Instrumented System Industry Overview

The safety instrumented systems market is semi-consolidated with several significant players like Siemens AG, ABB Ltd, and Schneider Electric SE. With a prominent share in the market, these major players are focusing on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market share and profitability. Competition, rapid technological advancements, and frequent changes in consumer preferences are expected to threaten the market's growth during the forecast period.

October 2023: Honeywell launched lithium-ion (Li-ion) battery safety sensors designed to play a pivotal role in identifying potential battery fires in electric vehicles (EVs). Complementing this, Honeywell offers a range of personal protective equipment (PPE) and gas detection solutions to enhance worker safety in EV plants. The integration of Honeywell battery safety sensors into EV and scooter battery packs enables the early detection of thermal runaway risks, providing timely warnings to passengers and assisting manufacturers in meeting global battery fire safety standards.
August 2023: Yokogawa Electric Corporation unveiled plans to launch an upgraded version of the Collaborative Information Server (CI Server), a key component within the OpreX Control and Safety System suite. This upgrade boasts enhanced alarm management, improved accessibility to maintenance information, and extended support for global communication standards. The solution aims to aggregate substantial data from diverse plant equipment and systems, facilitating the streamlined management of production activities throughout the enterprise. It establishes an environment conducive to remote monitoring, control operations from any location, and prompt decision-making.