Global SIS market on upward trajectory: report

Frost & Sullivan's recent analysis, Global Safety Instrumented Systems (SISs) for Process Industries Growth Opportunities, has found 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 SIS market.

Globally, safety instrumented systems represent a highly mature market 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 organisations 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 US$3.64 billion by 2027 from US$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," said Ranjana Venkatesh Kumar, Industrial Research Analyst at Frost & Sullivan. "From a product perspective, emergency shutdown systems (ESS) will lead overall market growth as they are used in a wide range of industries, followed by fire and gas control systems, turbomachinery control systems, burner management systems and high-integrity pressure protection systems.

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, SIS market participants should consider the following to tap into growth prospects:

• Leveraging Industry 4.0: Partnering with engineering services and infrastructure development centres 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.
   

The report, Global Safety Instrumented Systems (SISs) for Process Industries Growth Opportunities, can be found here.

Image: ©stock.adobe.com/au/Gennady Kurinov