NA Safety Instrumented Systems Market Size

North America Safety Instrumented Systems Market Analysis

The North American safety instrumented system market is expected to register a CAGR of 5.2% during the forecast period. The highest safety standards are set for business employees, communities, and the environment by government regulating organizations like the Occupational Safety and Health Administration (OSHA) and the Environmental Protection Agency (EPA) in the United States and insurance companies.

• Therefore, companies must do a process hazard analysis to identify the actions necessary for the highest level of safety. In addition, as the process industry moves closer to adopting higher safety requirements, control systems that can accommodate changes, including steam turbines, compressors, and variable speed drives, could be required to retain profitability while accommodating changing demands.
• Chemical, petrochemical, mining, gas compression, and many other sorts of catastrophes can make chemical, petrochemical, and industrial facilities very dangerous places to work because of the potential for fire, explosion, tank overflow, gas release, or chemical exposure.
• The idea of defining risks as those associated with processing functions rather than isolated processing lines or tank risks has been adopted by the Occupational Safety and Health Administration (OSHA), several chemical companies, ISA, and other professional groups to reduce such risks.
• The ISA 84 and IEC 61508 standards were created using functional safety ideas. Later, the ISA-84/IEC-61511 standard, known as ISA in the United States and IEC in Europe, was created by combining the two standards. Functional safety would be managed at a facility by establishing a distinctive, well-designed safety instrumented system to avoid functional hazards.
• The COVID-19 pandemic also substantially influenced the development of several sectors as most businesses were forced to halt or curtail their operations due to several government-imposed regulations. The pandemic significantly impacted the adoption of safety instrumented systems.
• For instance, the COVID-19 pandemic-driven worldwide economic downturn and the collapse of the oil market, which temporarily brought the benchmark price for US crude oil to a record low, had unprecedented negative effects on the oil and gas industry, one of the main end users of SIS.
• The latest IEA analysis predicts that by 2026, oil consumption will rise by 104 million barrels per day or 4% more than it did in 2019, suggesting that the market for safety instrumented systems (SIS) will experience rapid expansion in the future.