DUBLIN, May 26, 2015 /PRNewswire/ --
Dublin - Research and Markets (http://www.researchandmarkets.com/research/nrzzxq/safety) has announced the addition of the "Safety Instrumented Systems Market by Component, by Product, by Application, and by Geography - Global Trends & Forecasts to 2014 - 2020" report to their offering.
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The SIS market is estimated to grow at a CAGR of 11.06% to reach $3.76 billion by 2020. SIS is an autonomous system composed of sensors, logic solvers, and final control elements which measures pressure, temperature, and water level to ensure process safety in a plant when predetermined conditions are violated. On the basis of application, the SIS market is segmented into chemical, refining, oil & gas, pharmaceutical & biotech, paper & pulp, metal and mining, water & wastewater, food & beverage manufacturing, power generation, and others (textile, printing, packaging, and glass & solar). Among all, the oil and gas application accounted for the largest market share of -19% in 2014.
Government protocols play a significant role in the growth of this market. However, the high cost of SIS products, lack of awareness, and complexity of standards are key factors limiting the growth of this market. This report describes the market trends, drivers, restraints, opportunities, and challenges for the SIS market and forecasts the SIS market from 2014 to 2020 on the basis of product, application, and geography. This report covers geographies such as North America, Europe, APAC, and RoW (Rest of the World).
On the basis of components, the SIS market is segmented into safety switches, emergency stop devices, safety controllers/modules/relays/actuators, safety sensors, programmable safety systems, and others (fencing systems and accessories). In 2014, Europe comprised the largest market size in terms of value for the SIS market and APAC is projected to grow at the highest CAGR of 12.58% between 2015 and 2020.
The key players included in the report are ABB Ltd. (Switzerland), Emerson Process Management (U.S.), General Electric Company (U.S.), HIMA Paul Hildebrandt GmbH (Germany), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), Rockwell Automation (U.S.), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), Johnson Controls, Inc. (U.S.), Tyco International Plc (Switzerland), and others.
The overall SIS market is expected to grow at a CAGR of 11.06% from 2015 to 2020. High demand from developing regions, advent of new technology such as the Internet of Things (IoT), and increased awareness about safety are some of the major reasons for the growth of the SIS market.
- ABB Ltd.
- Emerson Electric Co.
- General Electric Company.
- Hima Paul Hildebrandt GMBH
- Honeywell International, Inc.
- Omron Corporation
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corp.
For more information visit http://www.researchandmarkets.com/research/nrzzxq/safety
Media Contact: Laura Wood , +353-1-481-1716, email@example.com
SOURCE Research and Markets