DUBLIN--(BUSINESS WIRE)--The "Global Safety Instrumented Systems (SIS) Market in Chemicals and Petrochemicals Industry 2018-2022" report has been added to ResearchAndMarkets.com's offering.
The safety instrumented systems market in chemicals and petrochemicals industry will register a CAGR of about 8% by 2022.
The framework of Smart Factory SIS is based on a similar concept as that of Industry 4.0. Industry 4.0 increases the production flexibility and profitability which will allow rapid adaptation to the changing market dynamics of volatile business operational model.
However, the concept of Industry 4.0 will be difficult to apply for the chemicals and petrochemicals industry as most of the processes depend on handling of explosive, flammable, and toxic materials.
Thus, SIS is used in the chemical and petrochemicals industry to prevent accidents and environmental disasters. These factors will boost the growth of the safety instrumented systems market in the chemical and petrochemical industry.
Increased investments in chemicals and petrochemicals industry
The number of investments and projects increased in the developing nations such as India, Indonesia, Brazil, and countries in the Middle East in 2017. The number of mergers and acquisitions also increased in the same period. This resulted in increased demand of SIS systems from the chemicals and petrochemicals industry.
Compatibility issues associated with SIS
SIS must be compatible with other process automation related systems in the chemicals and petrochemicals industry. Chemical plants will not be able to able to ensure reliability and safety of processes at all conditions in case of compatibility issues.
Moreover, the chemicals and petrochemicals industry will not be able to harness the benefits of SIS systems in case of incompatibility. Thus, the compatibility issues of SIS will hurt the growth prospects of the market during the forecast period.
Market Trends
- Advent of Industry 4.0
- Pre-Engineered SIS
- SIS with Single-Loop Logic Solvers
Key Players
- ABB
- Emerson Electric
- Honeywell
- Rockwell Automation
- Schneider Electric
- Siemens
Topics Covered
1. Executive Summary
2. Scope of the Report
3. Research Methodology
4. Market Landscape
5. Market Sizing
6. Five Forces Analysis
7. Market Segmentation by Application
8. Customer Landscape
9. Regional Landscape
10. Decision Framework
11. Drivers and Challenges
12. Market Trends
13. Vendor Landscape
14. Vendor Analysis
For more information about this report visit https://www.researchandmarkets.com/research/ljrdn3/the_global_safety?w=4
