Europe Safety Instrumented Systems Market Size (2024 - 2029)

Europe Safety Instrumented Systems Market Analysis

The Europe Safety Instrumented Systems Market is expected to register a CAGR of 11.3% during the forecast period (2021-2026). The growing number of applications in industries such as pharmaceuticals, paper, food, and mining, among others, provides room for the growth of the market. The manufacturing sector is also witnessing significant growth in the European region. New factories and machinery would require safety instrumented systems from the ground up as the standards become the norm.

• Germany is the most significant manufacturing hub in the European Union. According to official data from the World Bank and projections from Trading Economics, Germany's GDP value represents 3.33% of the world economy, following free-market principles, with a considerable degree of government regulation and wide-ranging social welfare programs.
• According to WEF, Germany is one of the world's best locations in planning and operational security. Multiple government regulations and policies require significant precautionary measures to be taken before the release of finished products in multiple end-user industries. In accordance with the existing policies and framework present in the automotive and construction sectors, the scope for safety instrumented systems is increasing day by day.
• In April 2020, Neptune Energy announced two important hydrocarbon discoveries had been made in Northwestern Germany. According to the company, a processing plant for natural gas was being constructed during H1 2020, with production expected to start toward the end of the year. Such instances are likely to boost the demand for SIS equipment, as they are to safeguard the plants.
• Inspection and maintenance of safety-critical lifting equipment are essential for safe and efficient onshore and offshore operations. In April 2020, Sparrows Group achieved the United Kingdom Accreditation Service (UKAS) accreditation. The UKAS is the sole national accreditation body of the United Kingdom appointed by the UK government. It assesses organizations that provide certification, testing, inspection, and calibration services against internationally agreed standards.
• The global outbreak of COVID-19 has significantly impacted the growth of various industries like the automotive sector, owing to a large number of machinery and workforce involved. For instance, the European region's demand for cars declined significantly as it is susceptible to economic conditions and economic prospects. According to the European Automobile Manufacturers' Association, car sales in the European Union fell by 25% in 2020 compared to the previous year. This restrains the growth of the studied market.

Europe Safety Instrumented Systems Industry Segmentation

The Safety Instrumented Systems (SIS) are responsible for ensuring operating safety and an emergency stop within safe limits whenever an operation exceeds such limits. The primary objective is to prevent accidents inside and outside plants, such as fires, explosions, equipment damage, production and property protection, life danger or personal health damages, and catastrophic impact on a community. For several years, safety systems were designed per German standards (DIN V VDE 0801 and DIN V 19250), which had been well received by the global safety community for years and prompted efforts to create a global standard, IEC 61508, which now serves as a foundation for all operational safety regarding electric, electronic, and programmable devices in any industry.

The Europe Safety Instrumented Systems Market is Segmented By Components (Sensors, Switches, Programmable Devices, Actuators, and Valves), Application (Emergency Shutdown Systems (ESD), Fire and Gas Monitoring and Control (F&GC), High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), Turbo Machinery Control), End-User (Chemicals and Petrochemicals, Power Generation, Pharmaceutical, Food and Beverage, Oil and Gas), and Country.