North America Safety Instrumented Systems Market - By Types, Verticals, Countries and Vendors - Market Trends and Forecasts (2015 - 2020)
The US is the largest and the most technologically forward economy in the world. Business firms in the US enjoy a greater deal of flexibility compared to businesses in Japan and Western Europe in terms of innovation and expansion. However, Canada is well equipped with a high-tech industrial economy, and resembles the US in its market oriented economic system, production pattern and high living standards.
United States is one of the top five countries that imports the highest number of High-Voltage Protection Equipment as well as Low voltage equipment that accounts for an import value of nearly $718 million (High-Voltage Protection Equipment and a $9.26 billion (Low-Voltage Protection Equipment).
As per the recent news, ABB in Canada received the TÃœV FSMS certificate for its safety system design, engineering and delivery. It implies that ABBâ€™s functional safety management complies perfectly with the basic international safety standards. ABB has a proven methodology for delivering safety-instrumented systems to meet the requirements of current safety standards and good practices, which ensures consistent, flawless execution of these projects all over the world.
The various operations in industrial processes involve many risks, especially in the Chemicals & Gases sectors. The usage of these safety-instrumented systems is to ensure protection of the personnel, equipment and environment. A safety-instrumented system is designed to safeguard all the industrial processes in the hazardous zones.
The North America Safety Instrumented Systems market is estimated to be worth $xx billion in 2015 and is projected to grow at a CAGR of xx.xx% during the forecast period to reach $xx billion by 2020.
The North America Instrumented Systems market is broadly segmented based on types, end users and geography. As per the classification of type of components, the safety-instrumented systems market is segmented into switches, sensors, and programmable safety devices (or) sensors, logic solvers and final control elements. However, on the basis of product types, the same has been segmented into Emergency Shutdown Systems (ESD), Safety Interlock Systems, Safety Shutdown Systems (SSD), Fire & Gas monitoring and control, High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), and Turbo Machinery Control (TMC). Based on its verticals, its applications could be explained under segments such as Chemicals & Petroleum Refinery, Energy & Power, Manufacturing, Pharmaceuticals, Mining, Oil & Gas and others. Some of the market players mentioned in the report are Rockwell Automation, Siemens, ABB, GE, Schneider Electric, Emerson Process Management and more.
The key factors contributing to the growth of North America Safety-Instrumented Systems Market are Industry Safety Standards, Rise in Global Automotive Manufacturing and Labour Union Force Safety Measures.
Lack of Awareness & Complexity of Standards, Low Response Rate, Product Costs and Operational Costs are the key challenges of the Safety Instrumented Systems Market.
What the report offers
1.Market Definition for the Safety Instrumented Systems along with identification of key drivers and restraints for the market
2.Market analysis of North America Safety Instrumented Systems market, with region specific assessments
3.Identification of factors instrumental in changing the market scenarios, offering prospective opportunities and identification of key companies which can influence the market on the global and regional scales
4.Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares
5.Identification and analysis of the Macro and Micro factors that affect the North America Safety Instrumented Systems market on the both global and regional fronts
6.A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
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