The need for process industries to comply with regulatory policies, adjust to fluctuating oil prices, and replace and upgrade obsolete parts is propelling the global SISs market.
The need for process industries to comply with regulatory policies, adjust to fluctuating oil prices, and replace and upgrade obsolete parts is propelling the global SISs market.
According to the Frost & Sullivan report, Global Safety Instrumented Systems (SISs) for Process Industries Growth Opportunities, SISs is a highly mature area with slower growth and minimal technological developments compared to other industrial automation tools.
The COVID-19 outbreak further slowed down market growth in the short term as organizations halted projects. Despite this, with the resumption of activities in 2021, the industry will likely experience commendable growth and surpass pre-pandemic levels within the next two years.
The industry is estimated to hit $3.64 billion by 2027 from $2.36 billion in 2020, registering steady growth at a compound annual growth rate (CAGR) of 6.4%.
“The proliferation of wireless technologies, remote monitoring, and cloud storage systems will drive established oil and gas and petrochemical refineries to adopt automation solutions. The ability to monitor industries’ operational activity virtually and control it in real-time are the main factors inflating the demand for SIS software solutions in real-time,” noted Ranjana Venkatesh Kumar, industrial research analyst at Frost & Sullivan.
She noted that from a product perspective, emergency shutdown systems (ESS) will lead overall market growth as it is used in a wide range of industries, followed by fire and gas control system (F&GC), turbomachinery control system (TMC), burner management system (BMS), and high-integrity pressure protection system (HIPPS).
“For the regional outlook, Asia-Pacific (APAC) is the fastest-growing market for SIS, whereas the Middle East and Africa (MEA) will garner the highest revenue over the forecast period, followed by North America, APAC, and Europe,” Kumar added.
Considerations to tap growth opportunities
Leveraging Industry 4.0: Partnering with engineering services and infrastructure development centres will provide data security and safely enhance business operations.
Enabling technology convergence: Integration of safety systems with the internet for data analysis and monitoring will require firms to be cautious and aware of threats related to cybersecurity and data breaches.
Focusing on emerging economies: SIS vendors should offer cost-effective products to gain acceptance and proliferate adoption.
