Global Safety Instrumented Systems Market in Chemicals and Petrochemicals Industry 2018-2022 | Growth Analysis and Forecast | Technavio
LONDON--(BUSINESS WIRE)--Nov 27, 2018--The research report on the global safety instrumented systems (SIS) market in the chemicals and petrochemicals industry by predicts the market to post a CAGR of around 8% during the period 2018-2022.
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Technavio has released a new market research report on the global safety instrumented systems (SIS) market size in the chemicals and petrochemicals industry for the period 2018-2022. (Graphic: Business Wire)
A key driver for the global safety instrumented systems market in chemicals and petrochemicals industry is the increased investments in chemicals and petrochemicals industry. There was a huge demand for safety instrumented systems from the chemicals and petrochemicals industry in 2017. This was primarily due to the increase in number of investments and projects in developing nations such as India, Indonesia, countries in the Middle East, and Latin American countries such as Brazil.
This research report on the also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the introduction of pre-engineered SIS as one of the key trends in the global safety instrumented systems market in the chemicals and petrochemicals industry:
Global safety instrumented systems market in the chemicals and petrochemicals industry: Introduction of pre-engineered SIS
Pre-engineered SIS is gaining traction in the market due to its inherent functional capabilities and advantages. The configurable enclosure designs coupled with the electronic marshaling technology that helps in delivering standard hardware layouts in a wide range of sizes with nominal effort beyond the selection of required options are some of the factors driving the adoption of pre-engineered SIS.
“The pre-engineered SIS consists of advanced function blocks for analog and digital voting, cause-effect logic, and sequential/state-based logic to fulfill the mandatory requirements of most safety applications. Additionally, the enhanced tools used in pre-engineered SIS help in automatically configuring the SIS logic,” says a senior research analyst at Technavio.
Global safety instrumented systems market in the chemicals and petrochemicals industry: Segmentation analysis
This report on the global safety instrumented systems market in the chemicals and petrochemicals industry segments the market by application (emergency shutdown systems, fire and gas monitoring and control systems, high integrity pressure protection systems, burner management systems, and turbomachinery control systems) and geography (the Americas, APAC, and EMEA).
The emergency shutdown systems segment held the largest market share of the global safety instrumented systems market in the chemicals and petrochemicals industry in 2017, accounting for more than 32% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2017 with more than 37% of the market share, followed by APAC and the Americas respectively. The EMEA region is expected to dominate the market throughout the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 11/27/2018 08:33 AM/DISC: 11/27/2018 08:33 AM