The functional safety market is estimated to grow from USD 4.6 billion in 2019 to USD 7.1 billion by 2024, at a CAGR of 8.8%
NEW YORK, Dec. 5, 2019 /PRNewswire/ --
Functional safety market to exhibit significant growth during 2019–2024
The functional safety market is estimated to grow from USD 4.6 billion in 2019 to USD 7.1 billion by 2024, at a CAGR of 8.8%. 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.
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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.
Break-up of primary participants' profile:
• By Company Type – Tier 1 = 52%, Tier 2 = 31%, and Tier 3 = 17%
• By Designation – C-level = 47%, Director-level = 31%, and Manager-level = 22%
• By Region – North America = 44%, Europe =25%, APAC = 21%, South America = 5%, and MEA = 5%
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.
The global functional safety market is segmented into offering, system, industry, and geography.The market, by system, is segmented into emergency shutdown system (ESD), fire & gas monitoring system, high integrity pressure protection system (HIPPS), burner management system (BMS), and turbomachinery control (TMC).
Based on offering, the functional safety market has been split into component and service.The industries studied in the report include oil & gas, power generation, chemicals, food & beverages, pharmaceuticals, metal & mining, water & wastewater, and others.
The functional safety market is segmented into 4 regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on offering, system, industry, and geography have been conducted to give an overall view of the functional safety market.
• A value chain analysis has been performed to provide an in-depth insight into the functional safety market.
• Major drivers, restraints, opportunities, and challenges for the functional safety market have been detailed in this report.
• The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenues of key players.
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