Global Safety Instrumented Systems (SIS) Market in Chemicals and Petrochemicals Industry 2018-2022
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.
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.
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.
Technavio Announces the Publication of its Research Report – Global Safety Instrumented Systems (SIS) Market in Chemicals and Petrochemicals Industry 2018-2022
Technavio recognizes the following companies as the key players in the global safety instrumented systems market in chemicals and petrochemicals industry: ABB, Emerson Electric, Honeywell, Rockwell Automation, Schneider Electric, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “The advent of Industry 4.0 is identified as a key trend that will drive the growth of the safety instrumented systems market. The chemicals and petrochemicals industry rely on SIS to prevent fatalities and environmental disasters.”
According to the report, one of the major drivers for this market is the increasing number of projects and investments in the chemicals and petrochemicals industry of developing nations. The increase in the number of M&A also contributed to the growth of the market.
Further, the report states that one of the major factors hindering the growth of this market is the compatibility issues associated with SIS. These issues will restrict the growth of the SIS market in the chemicals and petrochemicals industry during the forecast period.
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