SAFETY INSTRUMENTED SYSTEM MARKET ANALYSIS

Safety Instrumented System MarketSize and Trends

The global safety instrumented system market size was valued at US$ 4.12 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. Increasing industrialization and investments in the energy sector are driving growth for the global safety instrumented system market. The increased number of accidents in chemicals and petrochemicals industry, a rising trend to reduce the production cost, growing demand for safer work environments in pharmaceutical industries, and improved government regulations regarding employee safety are also driving the global safety instrumented systems market.

Global Safety Instrumented System Market Trends:

Growing oil and gas industry is a major trend in the market

The oil and gas industry is one of the major user of safety instrumented system. The oil production capacity of this industry is increasing, targeting five million barrels every day by 2030, as the oil recovery schemes and ongoing in-fill drilling are expanding due to maturing field development plans of ADNOC. This has in turn increased the oil and gas reserves, which is in turn encouraging the demand for SIS. Thus, this trend is likely to continue in the global safety instrumented system market over the forecast period.

Rise in government initiatives is another trend in the market

The initiatives by government and related regulatory bodies and companies are increasing for propelling the exploration activities. This in turn is driving the adoption of the safety instrumented systems. For instance, as a part of 2030 strategy of ADNOC, the company is planning to tap gas from novel natural gas accumulations, substantial unconventional gas reserves, and gas caps. Thus, this trend is expected to drive demand for safety instrumented systems, which in turn will drive growth of the market.