Market Size of APAC Safety Instrumented Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 12.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Safety Instrumented Systems Market Analysis
The Asia Pacific safety instrumented systems market is expected to grow at a CAGR of 12.5% over the forecast period 2021 - 2026. The adoption of Industry 4.0 is expected to ring technical changes in the safety systems.
- Faced with an increasingly interdisciplinary engineering environment and ever-increasing system challenges, there is an increasing need for engineers involved in the engineering process to remain aware of the operational and design implications of safety-related systems. This also includes knowledge of relevant safety standards.
- Safety instrumented systems play an essential role in providing protective layer functions in various industrial processes and automation systems. Safety system engineering describes a disciplined and systematic approach that incorporates hazard identification, safety requirement specifications, and system maintenance and operation during the plant's life. The growth of the safety instrumented system market depends heavily on the growth of the petrochemical and energy sectors.
- In addition, as the process industry moves toward adopting newer safety standards, the need for control systems that can manage changes, such as steam turbines, compressors, and variable speed drives, may become essential to keep profitability up with agile requirements.
- The advancement in the technologies for automation is driving industry 4.0 across the industrial domains, making rapid growth for the adoption of safety instrumentation systems to get better control over operation and safety.
- The demand has stalled for valves and actuators due to stagnant industrial growth in developed countries. The growing government support towards establishing new industries and political conditions makes the country favorable for industrial expansion. This is driving international companies to consider this market for investments. Additionally, the region also includes running and upcoming projects for building water and wastewater treatment plants.
- For instance, the Cambodian government signed an agreement with the Japanese International Cooperation Agency to build a wastewater treatment plant in the Dangkor district. The project aims to improve the drainage system in the district for wastewater to flow directly to the plant rather than the river by investing USD 25 million. Such projects across the Asia-Pacific region are estimated to drive the market for safety instrumentation systems in the market.
