According to a new market research by MarketsandMarkets, the total Safety Instrumented Systems Market was valued at $2.03 Billion in 2014 and is expected to reach $3.76 Billion by 2020, at an estimated CAGR of 11.06% between 2015 and 2020. Safety regulations by government have been strong drivers for the growth of the SIS market, such as EU Machinery Directives and North America's OSHA standards.
The report also covers key application sectors of the safety instrumented systems market, including chemical, refining, oil & gas, pharmaceutical & biotech, paper & pulp, metal and mining, water & wastewater, food and beverage manufacturing, and power generation. Among all the applications, oil and gas is expected to be the largest contributor to the overall SIS market.
The SIS market has been categorized on the basis of products, namely emergency shutdown systems, fire and gas monitoring and control, high integrity pressure protection systems, burner management systems, and turbo machinery and control. HIMA Paul Hildebrandt GmbH continues to develop new solutions for all of these safety-critical applications and is therefore mentioned in the report as one of the most influential companies on the field of safety-related automation solutions.