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Pulished Date March, 2021
ID: 11304
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Functional Safety market segmentation by System (ESD, fire, and gas monitoring system, HIPPS, BMS, TMC) by Offering (component, service) By Industry (oil and gas, power generation, chemicals, food and beverages, water and wastewater, pharmaceuticals, metal and mining, others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2026.

Pulished: March, 2021
ID: 11304
Pages: 175

Functional Safety Market Size, Trends & Growth (2021 - 2026)

Functional safety is considered part of general safety, which depends on the normal and correct operation of the entity or system in response to the inputs that are provided to it. We are surrounded by systems in various places, such as factories, public places, offices, and household appliances that can pose a threat to our safety if they malfunction under certain conditions.

Functional safety applies to all industries today, and its demand is increasing as manufacturers and end-users seek to mitigate risk further. With the increasing use of automated equipment for manufacturing, testing, and process control, the need to prevent property damage, injury, and environmental damage is more critical than ever. The increasing demands and expectations of governments and workers have led manufacturers and suppliers to use predictable means to produce and design equipment that meets certain safety requirements.

Recent Developments:

  • Large textile company Welspun India is entering the health and hygiene segment to respond to the challenges of the coronavirus pandemic, a senior company official said.
  • Global technology company ABB has launched ABB AbilityTM Safety Plus for Hoists, a suite of mine hoist safety products that it believes provide the highest level of safety for personnel and equipment available for use.
  • Industry-driving computerization arrangements supplier Omron Automation Americas as of late, declared another TÜV Rheinland Functional Safety for Technicians, preparing a project to assist organizations with extending their representatives' comprehension of the security necessities and grow their ability in safety framework support and activity.

Drivers and Restraints of Functional Safety Market:

Drivers: 

The global GDP growth rate is projected to decline by 0.5% in 2020, putting the growth outlook on a negative trend in an already weak global economy. Many countries are already implementing recovery plans to cope with the economic crisis caused by the COVID-19 epidemic. The United States passed a bill called the Coronavirus Economic Relief, Relief and Security Act, also known as the CARES Act, under which $ 2 trillion will be spent on five components, namely individuals/families, large corporations, small businesses, states, and local communities governments and public services. The interest for functional safety items and arrangements is straightforwardly reliant on assembling exercises. In this manner, activities taken by different governments will help animate the development of organizations engaged with the improvement of functional safety items and arrangements.

Restraints:

Functional safety systems should be installed as a safety measure to protect workers, machines, and production lines in the event of an emergency. The price of functional safety components, installation cost, and maintenance and repair costs add significantly to the organization's budget. While large organizations can manage these expenses, it can be difficult for small and medium-sized businesses. Additionally, functional safety must meet regulatory standards. Security standards are frequently updated based on technological advancements and new mandates, forcing organizations to update their security systems. This upgrade requires additional investments in security systems and components. Therefore, this factor acts as a restriction, especially for small and medium-sized industries.

Functional Safety Market Segmentation:

By System:

  • Emergency Shutdown System (ESD) 
  • Fire & Gas Monitoring System 
  • High Integrity Pressure Protection System (HIPPS) 
  • Burner Management System (BMS) 
  • Turbomachinery Control (TMC) 

By Offering:

  • Component 
    • Safety Sensor 
    • Programmable Safety System 
    • Safety Controller/Module/Relay 
    • Safety Switch 
    • Emergency Stop Device 
    • Final Control Elements 
  • Service 
    • Testing, Inspection, and Certification 
    • Maintenance 
    • Training and Consulting 

The safety switches section represented the biggest piece of the overall Industry of 18.1% in 2019, with a market estimation of USD 723.7 million; it is relied upon to enlist a CAGR of 5.0% during the figure time frame. Security switches are electrical changes intended to work as a method for disengaging an assistance passage and initiating issue assurance for large equipment. A safety valve is a fail-safe safety device designed to open and relieve overpressure from a container or equipment. Programmable security systems are computer systems that are used to detect an error in automated machines and thus send early alerts. Emergency stop devices are safety devices used in an emergency that requires a complete stop of the machines.

By Industry:

  • Oil & Gas 
  • Power Generation 
  • Chemicals 
  • Food & Beverages 
  • Water & Wastewater 
  • Pharmaceuticals 
  • Metal & Mining 
  • Others 

The food and beverage industry is expected to grow at the highest CAGR from 2020 to 2025. The food and beverage industry strives for consistent, high-quality products at a low price. This can be achieved by making food and beverage factories more secure, flexible, and profitable by choosing an integrated approach to automated safety control systems, such as functional safety solutions. Also, in food processing plants, various dangerous machines are used for which plant managers must adhere to safety rules to avoid penalties. Today, food and beverage manufacturers rely more on automated controls for production. In order to reduce the risk of accidents and carry out safe and efficient operations, safety instrument systems are 

Functional Safety Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada

North America represented the largest market share of 35.22% in 2019, with a market value of $ 1,406.7 million. The market is expected to post the highest CAGR of 5.8% during the forecast period. The United States is one of the largest functional safety markets in the world. The country is known for its innovative capabilities and is at the forefront of important developments around the emerging technologies of the Fourth Industrial Revolution. New shale resources in the United States and a growing number of oil and gas projects are another indicator of market potential.

  1. Europe
    1. Norway
    2. Germany
    3. Sweden

Europe was the second biggest market in 2019, esteemed at USD 1,233.1 million. The market is relied upon to enlist a CAGR of 4.6%.

  1. Asia Pacific
    1. China
    2. India
    3. Japan
  2. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  3. Middle East and Africa

a. Middle East

b. Africa

Key Players of Market:

Major players operating in the functional safety market include Rockwell Automation, Inc, ABB Ltd., Welspun, Schneider Electric SE, General Electric Co., Omron Corporation, Honeywell International Inc., Intel Corporation, Siemens AG, Yokogawa Electric Corporation, HIMA Paul Hildebrandt GmbH, Mitsubishi Electric Corporation, and Emerson electric co.

IMPACT OF COVID-19 ON FUNCTIONAL SAFETY MARKET:

The COVID-19 outbreak and lockdown restrictions around the world have affected industrial activities around the world. Some of the effects of foreclosure include supply chain disruptions, unavailability of raw materials used in the manufacturing process, labor shortages, price fluctuations that could inflate and exceed budget, production of the final product, shipping problems, etc. From a demand perspective, industries such as oil and gas are facing the effects of the COVID-19 outbreak. For this reason, producers quickly reduced capital expenditures and drilling programs. The pandemic has impacted the progress of several projects, causing the blockage or delay of the pipelines. The manufacturing industry has contracted significantly due to the pandemic, as the industry faces unprecedented challenges in the supply chain and sourcing of raw materials, resulting in significant losses for manufacturers. Few industries, such as agribusiness and pharmaceuticals, have been deemed essential by governments.

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 Functional Safety Market, By System          

                    6.1.1 Emergency Shutdown System (ESD)         

                    6.1.2 Fire & Gas Monitoring System       

                    6.1.3 High Integrity Pressure Protection System (HIPPS)        

                    6.1.4 Burner Management System (BMS)          

                    6.1.5 Turbomachinery Control (TMC)    

                    6.1.6 Market Size Estimations & Forecasts (2021-2026)        

                    6.1.7 Y-o-Y Growth Rate Analysis         

                    6.1.8 Market Attractiveness Index         

          6.2 Functional Safety Market, By Offering                   

                    6.2.1 Component    

                    6.2.2 Service

                    6.2.3 Market Size Estimations & Forecasts (2021-2026)        

                    6.2.4 Y-o-Y Growth Rate Analysis         

                    6.2.5 Market Attractiveness Index         

          6.3 Functional Safety Market, By Industry                   

                    6.3.1 Oil & Gas       

                    6.3.2 Power Generation    

                    6.3.3 Chemicals     

                    6.3.4 Food & Beverages    

                    6.3.5 Water & Wastewater 

                    6.3.6 Pharmaceuticals      

                    6.3.7 Metal & Mining        

                    6.3.8 Market Size Estimations & Forecasts (2021-2026)        

                    6.3.9 Y-o-Y Growth Rate Analysis         

                    6.3.10 Market Attractiveness Index       

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2018 - 2024)             

                    7.2.1 By Country     

                              7.2.1.1 USA

                              7.2.1.2 Canada

                    7.2.2 By System      

                    7.2.3 By Offering    

                    7.2.4 By Industry    

          7.3 Europe             

                    7.3.1 By Country     

                              7.3.1.1 UK

                              7.3.1.2 France

                              7.3.1.3 Germany

                              7.3.1.4 Spain

                              7.3.1.5 Italy

                              7.3.1.6 Rest of Europe

                    7.3.2 By System      

                    7.3.3 By Offering    

                    7.3.4 By Industry    

          7.4 Asia Pacific                 

                    7.4.1 By Country     

                              7.4.1.1 China

                              7.4.1.2 India

                              7.4.1.3 Japan

                              7.4.1.4 South Korea

                              7.4.1.5 South East Asia

                              7.4.1.6 Australia & NZ

                              7.4.1.7 Rest of Asia-Pacific

                    7.4.2 By System      

                    7.4.3 By Offering    

                    7.4.4 By Industry    

          7.5 Latin America             

                    7.5.1 By Country     

                              7.5.1.1 Brazil

                              7.5.1.2 Argentina

                              7.5.1.3 Mexico

                              7.5.1.4 Rest of Latin America

                    7.5.2 By System      

                    7.5.3 By Offering    

                    7.5.4 By Industry    

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                              7.6.1.1 Middle East

                              7.6.1.2 Africa

                    7.6.2 By System      

                    7.6.3 By Offering    

                    7.6.4 By Industry    

8. Key Player Analysis                           

          8.1 Rockwell Automation, Inc                

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 ABB Ltd.           

          8.3 Welspun           

          8.4 Schneider Electric SE             

          8.5 General Electric Co.              

          8.6 Omron Corporation               

          8.7 Honeywell International Inc.            

          8.8 Intel Corporation                   

          8.9 Siemens AG                

          8.10 Yokogawa Electric Corporation                

9. Market Outlook & Investment Opportunities                     

Appendix                         

          List of Tables          

          List of Figures                  

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of by type, by application, by end-user, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Functional Safety Market By Region, From 2021-2026 ( USD Billion )
  2. Global Functional Safety Market By System, From 2021-2026 ( USD Billion )
  3. Global Emergency Shutdown System (ESD)  Market By Region, From 2021-2026 ( USD Billion )
  4. Global Fire & Gas Monitoring System  Market By Region, From 2021-2026 ( USD Billion )
  5. Global High Integrity Pressure Protection System (HIPPS)  Market By Region, From 2021-2026 ( USD Billion )
  6. Global Burner Management System (BMS)  Market By Region, From 2021-2026 ( USD Billion )
  7. Global Turbomachinery Control (TMC)  Market By Region, From 2021-2026 ( USD Billion )
  8. Global Functional Safety Market By Offering, From 2021-2026 ( USD Billion )
  9. Global Component Market By Region, From 2021-2026 ( USD Billion )
  10. Global Service Market By Region, From 2021-2026 ( USD Billion )
  11. Global Functional Safety Market By Industry, From 2021-2026 ( USD Billion )
  12. Global Oil & Gas  Market By Region, From 2021-2026 ( USD Billion )
  13. Global Power Generation  Market By Region, From 2021-2026 ( USD Billion )
  14. Global Chemicals  Market By Region, From 2021-2026 ( USD Billion )
  15. Global Food & Beverages  Market By Region, From 2021-2026 ( USD Billion )
  16. Global Water & Wastewater  Market By Region, From 2021-2026 ( USD Billion )
  17. Global Pharmaceuticals  Market By Region, From 2021-2026 ( USD Billion )
  18. Global Metal & Mining  Market By Region, From 2021-2026 ( USD Billion )

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