Global $7.1Bn Functional Safety Market Outlook, 2019-2024 - Increasing Usage of Industrial Internet of Things (IIoT) Creating Opportunities for the Market

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Dec 12, 2019, 05:30 ET

DUBLIN, Dec. 12, 2019 /PRNewswire/ -- The "Functional Safety Market by Offering (Component (Safety Sensor, Programmable Safety System, Final Control Element), Services), System (ESD, TMC, F&G, HIPPS, BMS), Industry (Oil & Gas, Chemicals, Power Generation), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The functional safety market was valued at USD 4.3 billion in 2018 and is projected to reach USD 7.1 billion by 2024; it is expected to grow at a CAGR of 8.8% from 2019 to 2024.

The key players in the market include Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), and Others.

Functional safety market to exhibit significant growth during 2019-2024

The key factors driving the market's growth include strict mandates for safety regulations, surging demand for safety systems in the oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection, and rise in industrial revolution 4.0. However, high investment required for installing functional safety systems and lack of awareness and complexity of standards will likely restrain the growth.

Market for fire & gas monitoring systems to grow at highest CAGR during forecast period

The fire and gas monitoring system market is estimated to grow at the highest CAGR from 2019 to 2024. Fire and gas safety systems continuously monitor fire or combustible/toxic gas leakages and provide early warning to prevent escalations. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries, thereby contributing to the high growth of the market for fire & gas systems.

Oil & gas industry to hold major share of functional safety market during forecast period

The oil & gas industry is expected to hold the majority market share from 2019 to 2024. The oil & gas industry faces different types of risks and hazards, thereby giving rise to serious accidents that might have an adverse impact on people, assets, and environment. In avoiding such incidents, functional safety becomes a matter of utmost importance. Various safety instrumented systems are used in the oil & gas industry. For instance, ESDs are used to minimize the consequences of emergencies by shutting down systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control. Further, HIPPS are used to safeguard pipelines, vessels, and process packages against overpressure.

Europe to be largest market for functional safety systems during forecast period

Europe is expected to lead the global functional safety market, in terms of size, from 2019 to 2024. The functional safety and functional safety requirements are stringent in Europe; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. A few key market players, such as ABB (Switzerland), Omron (Japan), and Siemens (Germany), offer safety solutions and services to manufacturing companies in Europe.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Functional Safety Market
4.2 Market, By System
4.3 Market, By Component
4.4 Market, By Service
4.5 Market, By Offering
4.6 Market, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Strict Mandates for Safety Regulations
5.2.1.2 Surging Demand for Safety Systems in Oil & Gas Industry
5.2.1.3 High Requirement for Reliable Safety Systems to Ensure Personnel and Asset Protection
5.2.1.4 Rise in Industrial Revolution 4.0
5.2.2 Restraints
5.2.2.1 High Investment Required for Installing Functional Safety Systems
5.2.2.2 Lack of Awareness and Complexity of Standards
5.2.3 Opportunities
5.2.3.1 Growing Acceptance of Workplace Safety Standards in Emerging Economies
5.2.3.2 Increasing Usage of Industrial Internet of Things (IIoT) Creating Opportunities for the Market
5.2.4 Challenges
5.2.4.1 High Complexity of Safety Applications
5.2.4.2 Lack of Functional Safety Certified Workforce
5.3 Safety Integrity Level (SIL)
5.3.1 Functional Safety Standards
5.3.1.1 IEC 61508
5.3.1.2 IEC 61511
5.3.1.3 IEC 62061
5.3.1.4 IEC 62443
5.3.2 Adoption of Different Technologies in Functional Safety
5.4 Process Flow Analysis of Functional Safety

6 Functional Safety Market, By System
6.1 Introduction
6.2 Emergency Shutdown System (ESD)
6.2.1 Emergency Shutdown Systems Held Largest Size of Functional Safety Market in 2018
6.3 Fire & Gas Monitoring
6.3.1 Fire and Gas Monitoring System Mainly Used to Prevent and Lower After-Effects of Fire Accidents
6.4 High Integrity Pressure Protection System (HIPPS)
6.4.1 Rising Demand for Reliable Safety Solutions for Personnel and Asset Protection in High-Pressure Environments Triggers HIPPS Market Growth
6.5 Burner Management System (BMS)
6.5.1 BMS Helps in Reliable Monitoring, Operations, and Maintenance of All Assets in Plants
6.6 Turbomachinery Control (TMC)
6.6.1 TMC Provides Tight Control Over the Speed of Steam, Hydro, and Gas Turbines

7 Functional Safety Market, By Offering
7.1 Introduction
7.2 Component
7.2.1 Safety Sensor
7.2.1.1 Safety Sensors Hold Largest Share of Functional Safety Market
7.2.2 Programmable Safety System
7.2.2.1 Programmable Safety Systems to Grow at Highest Rate During Forecast Period
7.2.3 Safety Controller/Module/Relay
7.2.3.1 High Requirement of Safety Components in Functional Safety Systems
7.2.4 Safety Switch
7.2.4.1 Functional Safety Switches are Used to Protect Equipment and Users During Hazardous Situations
7.2.5 Emergency Stop Device
7.2.5.1 Emergency Stop Devices have Wide Range of Safety Applications in Industries
7.2.6 Final Control Element
7.2.6.1 Demand for Final Control Element in Oil & Gas and Power Generation Industries to Continue to Rise in Future
7.2.7 Others
7.3 Service
7.3.1 Testing, Inspection, and Certification
7.3.1.1 Market for TIC Services to Grow at Highest CAGR From 2019 to 2024
7.3.2 Maintenance
7.3.2.1 Maintenance Services to Continue to Hold Largest Size of Functional Safety Market During 2019-2024
7.3.3 Training and Consulting
7.3.3.1 Training and Consulting Services are Gaining Pace With Rising Adoption of HIPPS in Process Plants

8 Functional Safety Market, By Industry
8.1 Introduction
8.2 Oil & Gas
8.2.1 Oil & Gas Industry to Account for Largest Market Share
8.3 Food & Beverages
8.3.1 Food & Beverages Industry Employ Functional Safety Owing to Regulatory Issues
8.4 Pharmaceuticals
8.4.1 Pharmaceutical Companies Implement Functional Safety to Prevent Potential Hazards
8.5 Chemicals
8.5.1 Demand for Safety and Reliability in Chemicals Industry Propels Growth for Functional Safety Market
8.6 Power Generation
8.6.1 Power Generation Industry Uses Functional Safety for Protecting Plants From Hazard
8.7 Metals & Mining
8.7.1 Functional Safety System Helps Ensure Efficient and Safe Production in Metals & Mining Industry
8.8 Water & Wastewater
8.8.1 Functional Safety Helps in Improving Operational Efficiency and Saving Operational Costs of Water & Wastewater Treatment Plants
8.9 Others

9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 US to Hold Largest Size of Market in North America During Forecast Period
9.2.2 Canada
9.2.2.1 Strict Government Regulations Drive Market in Canada
9.2.3 Mexico
9.2.3.1 Abundance of Oil & Gas Reserves in Mexico to Offer Opportunities for Functional Safety Manufacturers
9.3 Europe
9.3.1 UK
9.3.1.1 Mandate for Safety Regulations Propels Demand for Functional Safety System and Services in Uk
9.3.2 Germany
9.3.2.1 Germany to Hold Largest Size of Market in Europe During Forecast Period
9.3.3 France
9.3.3.1 Stringent Safety Requirements are Driving Market in France
9.3.4 Rest of Europe
9.4 APAC
9.4.1 China
9.4.1.1 Oil & Gas and Chemicals are Major End-User Industries for Functional Safety in China
9.4.2 Japan
9.4.2.1 Fast-Growing Process Industries in Japan are Adhering to Safety Standards
9.4.3 India
9.4.3.1 Market in India to Grow at Highest CAGR During Forecast Period
9.4.4 South Korea
9.4.4.1 Stringent Law to Prevent Industrial Accidents Drives Market in South Korea
9.4.5 Rest of APAC
9.5 RoW
9.5.1 South America
9.5.1.1 South America to Be Booming Market for Functional Safety
9.5.2 Middle East & Africa
9.5.2.1 Middle East Held Larger Size of Market for Oil & Gas Industry in 2018

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis: Functional Safety Market
10.3 Competitive Leadership Mapping
10.3.1 Visionaries
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Strength of Product Portfolio
10.5 Business Strategy Excellence
10.6 Competitive Situation & Trends
10.6.1 Contracts, Agreements, and Partnerships
10.6.2 Product Launches & Developments
10.6.3 Acquisitions

11 Company Profiles
11.1 Key Players
11.1.1 Schneider Electric
11.1.2 Honeywell
11.1.3 ABB
11.1.4 Rockwell
11.1.5 Hima Paul
11.1.6 Yokogawa
11.1.7 Emerson Electric
11.1.8 GE
11.1.9 Omron
11.1.10 Siemens AG
11.2 Right to Win
11.3 Other Key Players
11.3.1 Johnson Controls
11.3.2 Balluff GmbH
11.3.3 Mogas Industries
11.3.4 Pietro Fiorentini (Arvan SRL)
11.3.5 Frames Group
11.3.6 Schlumberger
11.3.7 Intertek
11.3.8 Dekra SE
11.3.9 TUV SUD
11.3.10 TUV Rheinland
11.3.11 SGS Group
11.3.12 Exida
11.3.13 Velan Inc
11.3.14 Paladon Systems Ltd.
11.3.15 Proserv Ingenious Simplicity

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