According to the latest market research study by Technavio, the global process safety systems market is expected to grow at a CAGR of close to 5% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global process safety systems market regarding revenue and emerging market trends. The report also includes a competitive vendor analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product
Click here to request a free sample of this report
The top three revenue contributing product segments are discussed below:
Global process safety systems market by ESS: A safety instrumented system (SIS) is a discrete, consistent, and dependable system that is used to protect industrial processes to prevent the release of flammable, poisonous, or volatile chemicals.
“As per the recent study on the World Market for Process Safety Systems, ESS was the major segment of the market in 2016. The safety integrity level is the numerical representation of the integrity of the SIS when a progress demand occurs. The major purpose of the SIS is to lessen risks so that SIL levels can be defined regarding the risk reduction factor. Ensuring robust process safety management systems cost effectively is an operational goal, which requires that people, plant, and processes work effectively together,” says Bharath Kanniappan, a lead analyst at Technavio for research on automation.
Global process safety systems market by F&G: The oil and gas industry requires F&G systems to protect employees, plant assets, and the environment. The consequences of accidents in oil and gas terminals can be enormous, serious, and lead to heavy losses for the companies, which calls for an extensive use of process safety systems. The major growth driver for the segment is the updating of safety systems by end-users to meet the international standards.
Global process safety systems market by BMS: The BMS segment is highly competitive with vendors focusing on the integration of various technologies. BMS is a significant tool to prevent fires and eliminate accidents without any loss of man and materials. The leading manufacturers of BMS are ABB and Honeywell. The additional developments in safety systems with the incorporation of mobile and remote devices in BMS will lead to substantial growth during the forecast period.
Ask an analyst to know more about this report
The top vendors operating in the global process safety systems market are:
- ABB
- Honeywell International
- Rockwell Automation
- Siemens
- Yokogawa Electric
The other prominent vendors in the market include Emerson Electric, Esoteric Automation, General Electric, HIMA Paul Hildebrandt, Johnson Controls, OMRON, and Schneider Electric.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Process Safety Systems Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automated Container Terminal Market 2017-2021
- Global Industrial Safety Integrated Components Market 2016-2020
- Global Industrial Safety Gloves Market 2016-2020
To read more press releases – click here
