Burlingame, July 17, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights, global safety instrumented system market is projected to grow from US$ 4.12 billion in 2022 to US$ 7.23 billion by 2030, at a CAGR of 7.3% from 2023 to 2030. A safety instrumented system (SIS) is a system that includes control elements, sensors, and logic solvers to monitor the parameters and values of processes within a plant as well as ensure that they remain within defined limits. The importance of SIS comes from the added value they bring. This system helps reduce risks on and around a site while keeping company assets, employees, and the environment safe. A safety instrumented system (SIS) takes automated action to keep a plant in a safe state, or to put it into safe state, when abnormal conditions are present. The system is designed to monitor dangerous conditions in a plant and take action in the event of a dangerous condition or a condition where if no action is taken it will cause danger.
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Key Trends and Analysis of the Global Safety Instrumented System Market:
Rapid growth of the oil & gas industry is one of the key trends expected to augment the growth of the global safety instrumented system market. For instance, the oil and gas industry industry is one of the major user of safety instrumented system. The industry is growing at the rapid pace, wherein the need for expansion and upgrading of aging safety problems and infrastructures is essential. The oil production capacity is increasing, targeting 5 million barrels per day by 2030, as the oil recovery schemes and ongoing in-fill drilling are expanding due to maturing field development plans of the Abu Dhabi National Oil Company (ADNOC). This in turn is expected to augment the growth of the global safety instrumented system market.
Global Safety Instrumented System Market – Drivers
Stringent industry safety…