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The need to replace and upgrade systems in continuous process industries is driving market growth, finds Frost & Sullivan
Frost & Sullivan’s recent analysis, Global Safety Instrumented Systems (SISs) for Process Industries Growth Opportunities, finds that 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. Globally, SISs is a highly mature area with slower growth and minimal technological developments compared to other industrial automation tools. However, 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. “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).
Kumar added: “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.”
As regulatory bodies become stringent about safety within process industries, SISs market participants should consider the following to tap into growth prospects:
- Leveraging Industry 4.0: Partnering with engineering services and infrastructure development centers 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.
Global Safety Instrumented Systems (SISs) for Process Industries Growth Opportunities is the latest addition to Frost & Sullivan’s Industrial research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success.
Source: Frost & Sullivan
