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NEW YORK , Sept. 6, 2022 /PRNewswire/ -- The safety instrumented systems (SIS) market in the chemicals and petrochemicals industry is expected to grow by USD 635.73 million , at a CAGR of 8.62% during the forecast period. The increased investments in the chemical and petrochemicals industry, the growing advantage of SIS over traditional safety systems, and the growing need to follow industrial safety standards and government protocol are one of the major factors propelling the market growth.
However, factors such as compatibility issues associated with SIS, the threat of cyberattacks, and the availability of low-cost alternatives will hamper the market growth. Request Free Sample Report.
Safety Instrumented Systems (SIS) Market In Chemicals And Petrochemicals Industry Market Segmentation
The emergency shutdowns system segment's safety instrumented systems (SIS) market share growth in the chemicals and petrochemicals industry will be significant. The expansion is ascribed to an increase in hazardous explosions and accidents in the chemicals and petrochemicals industry, as well as to stricter government regulations requiring the implementation of ESD for workplace safety across all industrial sectors and rising energy needs globally.
Safety Instrumented Systems (SIS) Market In Chemicals And Petrochemicals Industry Market Geographic Landscape
APAC will account for 41% of market growth. China and Japan primarily dominate the safety instrumented systems (SIS) market in the APAC chemicals and petrochemicals sector. This region's market will expand more quickly than those in other areas. Over the projection period, the APAC chemicals and petrochemicals sector will experience a significant rise in the demand for energy and chemicals due to growing urbanization and industrialization. Buy Sample Report.
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
To know more about the market's vendor landscape highlights a comprehensive list of vendors and their offerings—download Free Sample Report.
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Safety Instrumented Systems (SIS) Market Scope in the Chemicals And Petrochemicals Industry
Accelerate at a CAGR of 8.62%
APAC, Europe, North America, South America, and the Middle East and Africa
US, China, Japan, Germany, and the UK
Leading companies, Competitive Strategies, Consumer engagement scope
ABB Ltd., aeSolutions, Applied Control Engineering Inc., Audubon Field Soluons LLC, Emerson Electric Co., General Electric Co., GIL Automations Ltd., Giza Systems SAE 66.13, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Matrix Technologies Inc., Mitsubishi Electric Corp., OMRON Corp., Pilz GmbH and Co. KG, Puffer-Sweiven LP, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Total Safety U.S Inc., and Yokogawa Electric Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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