The Process Safety Instrumentation Market Analysis Report delivers current market analysis plus a five-year market and technology forecast. The total revenue reported for this analysis of process safety instrumentation market consists of hardware, software, and services. The report also includes an analysis of process safety instrumentation by type, including auxiliary devices, field instrumentation, final elements, and other components. Another key topic is function loop applications. The report also emphasizes the industry application and SIL2/SIL3 safety loop for SISs.
Process Safety Instrumentation Safeguard Modern Smart Manufacturing with Overall Loop Safety
As manufacturers become more knowledgeable about safety issues, they are performing more thorough hazard and risk analyses to determine their needs more accurately. They are looking for reduction of risk by increasing their focus on overall safety with combination of a sensor, logic solver, final element, and other auxiliary devices.
Process safety instrumentation with SIS/SIF loop is one of the most important plant protection layers, especially in the case of insufficient operation and maintenance personnel playing the role of safeguarding under extreme circumstances. With many more accident scenarios being considered, industrial organizations will be better able to focus on investment in safety improvements with higher safety integration. Safety instrumented functions and systems are still essential to safeguard modern smart manufacturing and secure the ongoing digital transformation. Globally and regionally, the process safety instrumentation market is expected to grow faster than the overall process safety systems (or total logic solvers) market, and ARC expects this trend to continue.
Process Safety Instrumentation Market Strategic Issues
In addition to providing a five-year market forecast, the process safety instrumentation market research provides detailed quantitative current market data and addresses key strategic issues as follows.
Strategic Issue for Users: Safety Requirement Specification
Prior to design and engineering, Safety Requirement Specification (SRS) documentation is extremely important. The latest edition of IEC 61511 Standard requires that Safety Requirement Specification lists 29 elements, ranging from SIF and SIS description, to operating procedures. In the meantime, many industrial organizations nowadays have experienced multiple rounds of layoffs and early retirements and continued to reduce the size of their engineering, operations, and maintenance staffs, including safety experts.
Strategic Issue for Users: Non-safety Components in SIF Loop
A Safety Instrumented Function loop should consider the combination of a sensor, logic solver, final element, and other auxiliary devices. It is a critical issue for a full consideration of all elements’ PFD without a compromise of using non-safety components in the SIL2 or SIL3 loop.
Strategic Issue for Suppliers: Competence Management System
As IEC 61511 (new edition 2.0) requires competence of individuals to be actively managed in a competence management system (CMS), the CMS for functional safety may be just a part of overall competence management and need not be separated. Safety suppliers responsible for delivering services and products also require competence assessment and management for every phase of the lifecycle.
Strategic Issue for Suppliers: How to Find SIF Business from HAZOP
In many cases, the safety solutions do not meet the requirement of overall safety level of SIF loop. Moreover, HAZOP studies are not recognized as an essential part of process design. Suppliers should also develop and offer friendly HAZOP analysis tools that will help users to perform the analysis in a systematic and rigorous fashion. Process safety consulting is a growing market with a large potential. In many cases, SIL and SIFs can be determined by the HAZOP analysis. SIS suppliers can have more opportunities to propose and offer SIF solutions to the users.
Formats and Editions Available
This market study may be purchased as a concise, executive-level PDF File with detailed charts.
Worldwide Research Focus Areas
- Major Market Trends
- Strategies for Buyers
- Strategies for Product Suppliers
Scope of Research
- Market Size & Forecast Analysis
- Total Process Safety Instrumentation Business
- Shipments by Region
- North America
- Europe, Middle East, Africa
- Latin America
- Shipments by Product Segmentation
- Shipments by Industry
- Electric Power Generation
- Oil & Gas
- Other Industries
- Shipments by Component Type
- Auxiliary Devices
- Field Instrumentations
- Final Elements
- Other Components
- Shipments by SIL Rating
- SIL 2
- SIL 3
- Shipments by Loop Application
- Conventional Interlock Function
- Plant Asset Protection Function
- Fire & Gas Function
- Other Functions
- Emerging Market Trends
- Factors Contributing to Growth
- Factors Inhibiting Growth
The research identifies all relevant suppliers serving this market.
For More Information
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