With the global environment getting more and more technology driven and human lives and properties becoming more vulnerable to security threats of different kinds, the need to have the most advanced security systems installed in residential and commercial premises assumes greater importance than ever. However the cost of installing such systems is a major challenge to developing countries. The following article is an overview of the latest developments in the Safety Instrumented Systems (SIS) industry.
Avoidance of all kinds of normal and unprecedented risk is what safety means. Managing and preparing the industrial, commercial and residential premises with the right systems for optimal operational efficiency and safety is a complex task. A safety instrumented system (SIS) comprises sensors, logic solvers and actuators for the purpose of taking a process to a safe state when normal safety limits are exceeded, or safe operating conditions are violated.
Government protocols and changing regulatory systems play a significant role in the growth of this sector. However, the high cost of SIS products, lack of awareness, and complexity of standards are key factors limiting the growth of this sector according to a report in the Globe News wire. The report says that the SIS market is estimated to grow at a CAGR of 11.06% to reach $3.76 billion by 2020. On the basis of application, the SIS sector can be segmented into chemical, refining, oil & gas, pharmaceutical & biotech, paper & pulp, metal and mining, water & waste water, food & beverage manufacturing, power generation, and others like textile, printing, packaging, and glass & solar. Among all, the oil and gas application accounted for the largest market share of 19% in 2014.
(Read the full article from the June Issue of Safety Messenger 2015 )