Global Safety Instrumented Systems (SIS) Market in Chemicals and Petrochemicals Industry 2018-2022

Global Safety Instrumented Systems (SIS) Market in Chemicals and Petrochemicals Industry 2018-2022

  • November 2018 •
  • 125 pages •
  • Report ID: 5657969 •
  • Format: PDF
About this market
The framework of Smart Factory SIS is based on a similar concept as that of Industry 4.0. Industry 4.0 increases the production flexibility and profitability which will allow rapid adaptation to the changing market dynamics of volatile business operational model. However, the concept of Industry 4.0 will be difficult to apply for the chemicals and petrochemicals industry as most of the processes depend on handling of explosive, flammable, and toxic materials. Thus, SIS is used in the chemical and petrochemicals industry to prevent accidents and environmental disasters. These factors will boost the growth of the safety instrumented systems market in the chemical and petrochemical industry. Technavio’s analysts have predicted that the safety instrumented systems market in chemicals and petrochemicals industry will register a CAGR of about 8% by 2022.

Market Overview
Increased investments in chemicals and petrochemicals industry
The number of investments and projects increased in the developing nations such as India, Indonesia, Brazil, and countries in the Middle East in 2017. The number of mergers and acquisitions also increased in the same period. This resulted in increased demand of SIS systems from the chemicals and petrochemicals industry.
Compatibility issues associated with SIS
SIS must be compatible with other process automation related systems in the chemicals and petrochemicals industry. Chemical plants will not be able to able to ensure reliability and safety of processes at all conditions in case of compatibility issues. Moreover, the chemicals and petrochemicals industry will not be able to harness the benefits of SIS systems in case of incompatibility. Thus, the compatibility issues of SIS will hurt the growth prospects of the market during the forecast period.

For the detailed list of factors that will drive and challenge the growth of the safety instrumented systems market in chemicals and petrochemicals industry during 2018-2022, view our report.

Competitive Landscape
The market appears to be fragmented and with the presence of several companies including ABB, and Emerson Electric the competitive environment is quite intense. Factors such as the increasing investments in chemicals and petrochemicals industry, will provide considerable growth opportunities to safety instrumented system companies. ABB, Emerson Electric, Honeywell, Rockwell Automation, Schneider Electric, and Siemens are some of the major companies covered in this report.