Functional Safety Market

Functional Safety Market with Covid-19 Impact Analysis 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 2025

Report Code: SE 5286 Jul, 2020, by marketsandmarkets.com

[292 Pages Report] The functional safety market is expected to grow from USD 4.4 billion in 2020 to USD 5.3 billion by 2025, at a CAGR of 3.8%. The market’s growth is propelled by the Fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis, 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.

Functional Safety Market

COVID-19 Impact on the Global Functional Safety Market

Covid-19 has severely impacted all the industries throughout the globe. It is having a substantial impact on the global economy. Most companies have put a complete stop or limit their production. The restriction put by the government to curb the spread of the virus is what has deteriorated the economies around the globe. However, the outbreak of COVID-19 has declined the global market for functional safety. This is due to the disruptions in the supply chain across the globe. The economies around the globe have declined as there is major decline in the demand for products. The production across all industries have been limited due to the pandemic, the shortage of raw material, decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in the production as well as the decline in the functional safety market.

Market Dynamics

Driver: Fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis

It is projected that the world GDP growth rate would go down by 0.5% in 2020, thereby giving a negative trend for growth prospects in an already weak world economy. Many countries are already implementing remedial plans to tackle the economic crisis triggered by the COVID-19 outbreak. The US has passed a bill named Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, under which USD 2 trillion will be spent under five components, namely individuals/families, big businesses, small businesses, state and local governments, and public services. The demand for functional safety products and solutions is directly dependent on manufacturing activities. Thus, the initiatives taken by different governments will help drive the growth of the companies involved in the development of functional safety products and solutions.

Restraint: High investment required for installing functional safety systems

Functional safety systems are required to be installed as a safety measure for safeguarding employees, machines, and production lines in an emergency situation. The price of functional safety components, installation cost, and maintenance and repair costs put a substantial burden on the organizational budget. Though large organizations can manage these expenses, it can be difficult for small and medium-sized organizations. In addition, functional safety has to comply with regulatory standards. The safety standards are frequently updated according to the technological advancements and new mandates, resulting in the obligation on organizations to upgrade their safety systems. This upgrading requires additional investments in safety components and systems. Therefore, this factor acts as a restraint, especially for small and medium-scale industries.

Opportunity: Increasing usage of Industrial Internet of Things (IIoT) creating opportunities for the market

The IIoT is creating new opportunities for integrated safety and compliance services. IIoT can acquire data from sensors that measure pressure, level, flow, temperature, and vibration, and send this collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible solutions in case of any emergency situation. Using IIoT, companies can integrate their processes with safety systems and can monitor the same in real time. IIoT facilitates quick monitoring, analysis, and control, offering virtual management of physical systems, which ultimately results in performance improvement. With the increasing adoption of IIoT, the demand for functional safety is expected to grow during the forecast period.

Challenges: Lockdown and social distancing will save lives but may restrict commercial trade growth for coming months

Social distancing is a precautionary and mandatory measure being followed to contain the outbreak. Social distancing implies that people should remain at home in isolation and avoid gathering in a group to prevent community spread. The workers at manufacturing plants are also following these measures. These measures restrict the presence of workers on the shop floor of the plant, thereby reducing the manufacturing operations. Some companies have completely stopped the manufacturing operations, which has disrupted the supply chain. Social distancing is also being observed in other parts of the manufacturing ecosystem, including transportation. Supplying essential manufacturing components and raw materials to regions where complete lockdown and sealing have been done has become difficult. This further brings the commercial activities to a standstill, thereby negatively affecting the growth of the market, especially in the manufacturing sector.

Functional Safety Market for services to grow at higher CAGR from 2020 to 2025

The market for services is expected to grow at higher CAGR from 2020 to 2025. The services market pertaining to functional safety is gaining pace with an increasing adoption of safety instrumented systems (SIS) by manufacturing companies and growing demand for functional safety, especially in oil & gas and chemical industries. Maintenance services are expected to continue to hold the largest size of the functional safety market based on service offerings, followed by testing, inspection, and certification (TIC) services. Maintenance is a critical factor in the overall life cycle of functional safety. After the installation of functional safety, end users have to maintain the SIF and SIL level throughout the life cycle.

Food & beverages industry to exhibit high growth in functional safety market during forecast period

The food & beverages industry is expected to grow at the highest CAGR from 2020 to 2025. The food & beverages industry strives to achieve high quality and consistent production at a low price. This can be achieved by making food & beverages plants more safe, flexible, and profitable by choosing an integrated approach of automated safety control systems such as functional safety solutions. Moreover, in food processing plants, several dangerous machines are used for which plant managers should follow safety regulations to avoid penalty. Nowadays, manufacturers of food & beverages rely more on automated controls for production. To reduce the risks of accidents and perform safe efficient operations, safety instruments systems are implemented in these plants.

Note: e = Estimated Year and p = Projected Year

Functional safety market in APAC to grow at highest CAGR during forecast period

The functional safety market in APAC is expected to grow at the highest CAGR during the forecast period. This growth would likely be driven by increasing industrialization in emerging economies such as China and India. The increased acceptance of international functional safety standards is driving the growth of the market in this region. Rapid industrialization, rising industrial emphasis, and organizational functional safety, as well as the influence of multinational companies in adopting safety systems, are also driving the growth of the market in APAC. In addition, the growing number of power projects to meet the rising demand for electricity has given momentum to the implementation of functional safety systems such as burner management and fire and gas systems at plant locations.

The adoption of safety automation solutions in manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth.

Functional Safety Market by Region

Key Market Players

As of 2019, Emerson (US), Yokogawa (Japan), General Electric (US), Omron (Japan), and Siemens (Germany) Schneider Electric (France), Honeywell (US), ABB Ltd (Switzerland), Rockwell Automation (US), HIMA Paul (Germany) were the major players in the functional safety market.

Report Scope:

Report Metric

Details

Years Considered

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Value (USD) in million/billion

Segments covered

Offering, System, and Industry

Regions covered

North America, APAC, Europe, and RoW

Companies covered

Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), Proserv Ingenious Simplicity (UK), Johnson Controls (Tyco) (Ireland), Balluff (US), and Others

The study categorizes the functional safety market based on system, offering, vehicle, industry, and region.

Functional Safety Market By System:

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

Functional Safety Market 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

Functional Safety Market By Industry:

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

Functional Safety Market By Geographic Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • India
    • South Korea
    • Rest of APAC
  • Rest of the World (RoW)
    • South America
    • Middle East & Africa

Recent Developments

  • In February 2020, Rockwell automation launched a product E100 electronic motor overload relay which helps prevent motor damage and downtime
  • In April 2019, Schneider Electric launched Easergy P5 protection relay. The Easergy P5 has been engineered to offer protection and control of critical assets.
  • In March 2019, ABB upgrades the Ability System 800Xa; it innovated the entire DCS architecture and introduced technologies that shorten timescales for project execution, and enhanced the scalability of the system. In terms of safety, the new system includes support for 2 new safety controllers—PM863 and PM857. Also, in combination with new Select I/O safety single channel modules, it expanded the present capabilities and increased the flexibility.
  • In February 2019, Rockwell Automation entered into a joint venture with Schlumberger to create Sensia, the oil & gas industry’s first fully integrated automation solution provider. It will provide scalable, cloud- and edge-enabled process automation, comprising information, and process safety solutions.

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TABLE OF CONTENTS 
 
1 INTRODUCTION (Page No. - 41)
  1.1 STUDY OBJECTIVES
  1.2 MARKET DEFINITION AND SCOPE
      1.2.1 INCLUSIONS & EXCLUSIONS
  1.3 STUDY SCOPE
      1.3.1 MARKETS COVERED
      1.3.2 YEARS CONSIDERED
  1.4 CURRENCY
  1.5 LIMITATIONS
  1.6 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 45)
  2.1 RESEARCH DATA
      FIGURE 1 FUNCTIONAL SAFETY MARKET: RESEARCH DESIGN
      2.1.1 SECONDARY & PRIMARY RESEARCH
      2.1.2 SECONDARY DATA
            2.1.2.1 Major secondary sources
            2.1.2.2 Secondary sources
      2.1.3 PRIMARY DATA
            2.1.3.1 Primary interviews with experts
            2.1.3.2 Key data from primary sources
            2.1.3.3 Key industry insights
            2.1.3.4 Breakdown of primaries
  2.2 MARKET SIZE ESTIMATION
      FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE OF PRODUCTS/SOLUTIONS/SERVICES OF MARKET SIZE
      FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 BOTTOM-UP (SUPPLY SIDE): ILLUSTRATION OF COMPANY FUNCTIONAL SAFETY REVENUE ESTIMATION
      2.2.1 BOTTOM-UP APPROACH
            2.2.1.1 Approach for arriving at market share by bottom-up analysis  (demand side) 
                    FIGURE 4 FUNCTIONAL SAFETY MARKET: BOTTOM-UP APPROACH
      2.2.2 TOP-DOWN APPROACH
            2.2.2.1 Approach for capturing market share by top-down analysis (supply side) 
                    FIGURE 5 FUNCTIONAL SAFETY MARKET: TOP-DOWN APPROACH
  2.3 MARKET BREAKDOWN & DATA TRIANGULATION
      FIGURE 6 DATA TRIANGULATION
  2.4 RESEARCH ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 58)
  3.1 PRE COVID-19
  3.2 REALISTIC SCENARIO
  3.3 PESSIMISTIC SCENARIO
  3.4 OPTIMISTIC SCENARIO
      FIGURE 7 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET
      FIGURE 8 MARKET FOR SERVICES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
      FIGURE 9 MARKET FOR PROGRAMMABLE SAFETY SYSTEMS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
      FIGURE 10 MAINTENANCE SERVICES TO HOLD LARGEST SIZE OF MARKET DURING FORECAST PERIOD
      FIGURE 11 OIL & GAS HELD MAJOR SHARE OF MARKET IN 2019
      FIGURE 12 EUROPE TO HOLD LARGEST SHARE OF MARKET IN 2020

4 PREMIUM INSIGHTS (Page No. - 64)
  4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN FUNCTIONAL SAFETY MARKET
      FIGURE 13 MANDATE FOR SAFETY REGULATIONS AND RISING DEMAND FOR SAFETY SYSTEMS IN OIL & GAS INDUSTRY TO BOOST ADOPTION OF FUNCTIONAL SAFETY SYSTEMS
  4.2 MARKET, BY SYSTEM
      FIGURE 14 EMERGENCY SHUTDOWN SYSTEMS TO HOLD LARGEST SIZE OF MARKET IN 2025
  4.3 MARKET, BY COMPONENT
      FIGURE 15 SAFETY SENSORS TO HOLD LARGEST SIZE OF MARKET IN 2025
  4.4 MARKET, BY SERVICE
      FIGURE 16 MAINTENANCE TO HOLD LARGEST SIZE OF MARKET IN 2025
  4.5 MARKET, BY OFFERING
      FIGURE 17 COMPONENTS TO HOLD LARGER SHARE OF MARKET IN 2020
  4.6 MARKET, BY REGION
      FIGURE 18 EUROPE TO HOLD LARGEST SIZE OF MARKET IN 2025

5 MARKET OVERVIEW (Page No. - 67)
  5.1 INTRODUCTION
  5.2 MARKET DYNAMICS
      5.2.1 DRIVERS
            5.2.1.1 Fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amid COVID-19 crisis
                    FIGURE 19 BREAKUP OF CARES ACT PACKAGE
            5.2.1.2 Strict mandates for safety regulations
            5.2.1.3 Surging demand for safety systems in oil & gas industry
            5.2.1.4 High requirement for reliable safety systems to ensure personnel and asset protection
            5.2.1.5 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
      5.2.4 CHALLENGES
            5.2.4.1 Restriction of commercial trade growth in coming months due to lockdown and social distancing norms
            5.2.4.2 High complexity of safety applications
            5.2.4.3 Lack of functional safety certified workforce
  5.3 SAFETY INTEGRITY LEVEL
      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 SYSTEMS
  5.4 PROCESS FLOW ANALYSIS OF FUNCTIONAL SAFETY ECOSYSTEM
      FIGURE 20 PROCESS FLOW ANALYSIS – FUNCTIONAL SAFETY ECOSYSTEM

6 FUNCTIONAL SAFETY MARKET, BY SYSTEM (Page No. - 78)
  6.1 INTRODUCTION
      FIGURE 21 EMERGENCY SHUTDOWN SYSTEMS TO HOLD LARGEST SIZE OF MARKET IN 2025
      TABLE 1 MARKET, BY SYSTEM, 2016–2019 (USD MILLION)
      TABLE 2 MARKET, BY SYSTEM, 2020–2025 (USD MILLION)
  6.2 EMERGENCY SHUTDOWN SYSTEMS
      6.2.1 EMERGENCY SHUTDOWN SYSTEMS HELD LARGEST SIZE OF MARKET IN 2019
      TABLE 3 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY OFFERING, 2016–2019 (USD MILLION) 
      TABLE 4 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,  BY OFFERING, 2020–2025 (USD MILLION) 
      TABLE 5 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,  BY COMPONENT, 2016–2019 (USD MILLION) 
      TABLE 6 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,  BY COMPONENT, 2020–2025 (USD MILLION) 
      TABLE 7 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,  BY SERVICE, 2016–2019 (USD MILLION) 
      TABLE 8 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,  BY SERVICE, 2020–2025 (USD MILLION) 
      TABLE 9 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,  BY INDUSTRY, 2016–2019 (USD MILLION) 
      TABLE 10 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY INDUSTRY, 2020–2025 (USD MILLION) 
      TABLE 11 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 12 MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY REGION, 2020–2025(USD MILLION) 
      TABLE 13 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2016–2019 (USD MILLION)
      TABLE 14 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2020–2025 (USD MILLION)
      TABLE 15 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 16 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2020–2025 (USD MILLION) 
      TABLE 17 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2016–2019 (USD MILLION)
      TABLE 18 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2020–2025 (USD MILLION)
      TABLE 19 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 20 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2020–2025 (USD MILLION) 
      TABLE 21 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR WATER & WASTEWATER, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 22 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR WATER & WASTEWATER, BY REGION, 2020–2025 (USD MILLION) 
      TABLE 23 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 24 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2020–2025 (USD MILLION) 
      TABLE 25 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR METALS AND MINING, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 26 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR METALS AND MINING, BY REGION, 2020–2025 (USD MILLION) 
      TABLE 27 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR OTHERS, BY REGION, 2016–2019 (USD MILLION)
      TABLE 28 EMERGENCY SHUTDOWN SYSTEMS MARKET FOR OTHERS, BY REGION, 2020–2025 (USD MILLION)
      6.2.2 IMPACT OF COVID-19 ON EMERGENCY SHUTDOWN SYSTEMS
            TABLE 29 PRE- AND POST-COVID-19 ANALYSIS OF MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, 2016–2025
  6.3 FIRE & GAS MONITORING
      6.3.1 FIRE AND GAS MONITORING SYSTEMS ARE MAINLY USED TO PREVENT AND LOWER AFTER-EFFECTS OF FIRE ACCIDENTS
            TABLE 30 FIRE & GAS MONITORING SYSTEMS MARKET, BY OFFERING, 2016–2019 (USD MILLION) 
            TABLE 31 FIRE & GAS MONITORING SYSTEMS MARKET, BY OFFERING, 2020–2025 (USD MILLION) 
            TABLE 32 FIRE & GAS MONITORING SYSTEMS MARKET, BY COMPONENT, 2016–2019 (USD MILLION)
            TABLE 33 FIRE & GAS MONITORING SYSTEMS MARKET, BY COMPONENT, 2020–2025 (USD MILLION)
            TABLE 34 FIRE & GAS MONITORING SYSTEMS MARKET, BY SERVICE, 2016–2019 (USD MILLION) 
            TABLE 35 FIRE & GAS MONITORING SYSTEMS MARKET, BY SERVICE, 2020–2025 (USD MILLION) 
            TABLE 36 FIRE & GAS MONITORING SYSTEMS MARKET, BY INDUSTRY, 2016–2019 (USD MILLION) 
            TABLE 37 FIRE & GAS MONITORING SYSTEMS MARKET, BY INDUSTRY, 2020–2025 (USD MILLION) 
            TABLE 38 FIRE & GAS MONITORING SYSTEMS MARKET, BY REGION, 2017–2019 (USD MILLION) 
            TABLE 39 FIRE & GAS MONITORING SYSTEMS MARKET, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 40 FIRE & GAS MONITORING SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 41 FIRE & GAS MONITORING SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2020–2025 (USD MILLION)
            TABLE 42 FIRE & GAS MONITORING SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 43 FIRE & GAS MONITORING SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 44 FIRE & GAS MONITORING SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 45 FIRE & GAS MONITORING SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2020–2025 (USD MILLION)
            TABLE 46 FIRE & GAS MONITORING SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 47 FIRE & GAS MONITORING SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 48 FIRE & GAS MONITORING SYSTEMS MARKET FOR WATER & WASTEWATER,BY REGION, 2016–2019 (USD MILLION) 
            TABLE 49 FIRE & GAS MONITORING SYSTEMS MARKET FOR WATER & WASTEWATER, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 50 FIRE & GAS MONITORING SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 51 FIRE & GAS MONITORING SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 52 FIRE & GAS MONITORING SYSTEMS MARKET FOR METALS & MINING, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 53 FIRE & GAS MONITORING SYSTEMS MARKET FOR METALS & MINING, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 54 FIRE & GAS MONITORING SYSTEMS MARKET FOR OTHERS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 55 FIRE & GAS MONITORING SYSTEMS MARKET FOR OTHERS, BY REGION, 2020–2025 (USD MILLION)
      6.3.2 IMPACT OF COVID-19 ON FIRE & GAS MONITORING SYSTEMS
            TABLE 56 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING SYSTEMS, 2016–2025
  6.4 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS
      6.4.1 RISING DEMAND FOR RELIABLE SAFETY SOLUTIONS FOR PERSONNEL AND ASSET PROTECTION IN HIGH-PRESSURE ENVIRONMENTS TRIGGERS HIPPS MARKET GROWTH
            TABLE 57 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY OFFERING, 2016–2019 (USD MILLION)
            TABLE 58 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY OFFERING, 2020–2025 (USD MILLION)
            TABLE 59 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, COMPONENT, 2016–2019 (USD MILLION) 
            TABLE 60 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY COMPONENT, 2020–2025 (USD MILLION) 
            TABLE 61 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY SERVICE, 2016–2019 (USD MILLION)
            TABLE 62 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY SERVICE, 2020–2025 (USD MILLION)
            TABLE 63 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
            TABLE 64 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY INDUSTRY, 2020–2025 (USD MILLION)
            TABLE 65 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY REGION, 2016–2019 (USD MILLION)
            TABLE 66 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET, BY REGION, 2020–2025 (USD MILLION)
            TABLE 67 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 68 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2020–2025 (USD MILLION)
            TABLE 69 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2016–2019 (USD MILLION)
            TABLE 70 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2020–2025 (USD MILLION)
            TABLE 71 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 72 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2020–2025 (USD MILLION)
            TABLE 73 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2016–2019 (USD MILLION)
            TABLE 74 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2020–2025 (USD MILLION)
            TABLE 75 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR WATER & WASTEWATER, BY REGION, 2016–2019 (USD MILLION)
            TABLE 76 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR WATER & WASTEWATER, BY REGION, 2020–2025 (USD MILLION)
            TABLE 77 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 78 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2020–2025 (USD MILLION)
            TABLE 79 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR METALS & MINING, BY REGION, 2016–2019 (USD MILLION)
            TABLE 80 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR METALS & MINING, BY REGION, 2020–2025 (USD MILLION)
            TABLE 81 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR OTHERS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 82 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS MARKET FOR OTHERS, BY REGION, 2020–2025 (USD MILLION) 
      6.4.2 IMPACT OF COVID-19 ON MARKET FOR HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS
            TABLE 83 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET FOR HIPPS, 2016–2025
  6.5 BURNER MANAGEMENT SYSTEMS
      6.5.1 BMS HELPS IN RELIABLE MONITORING, OPERATIONS, AND MAINTENANCE OF ALL ASSETS IN PLANTS
            TABLE 84 BURNER MANAGEMENT SYSTEMS MARKET, BY OFFERING, 2016–2019 (USD MILLION) 
            TABLE 85 BURNER MANAGEMENT SYSTEMS MARKET, BY OFFERING, 2020–2025 (USD MILLION) 
            TABLE 86 BURNER MANAGEMENT SYSTEMS MARKET, BY COMPONENT, 2016–2019 (USD MILLION) 
            TABLE 87 BURNER MANAGEMENT SYSTEMS MARKET, BY COMPONENT, 2020–2025 (USD MILLION) 
            TABLE 88 BURNER MANAGEMENT SYSTEMS MARKET, BY SERVICE, 2016–2019 (USD MILLION) 
            TABLE 89 BURNER MANAGEMENT SYSTEMS MARKET, BY SERVICE, 2020–2025 (USD MILLION) 
            TABLE 90 BURNER MANAGEMENT SYSTEMS MARKET, BY INDUSTRY, 2016–2019 (USD MILLION) 
            TABLE 91 BURNER MANAGEMENT SYSTEMS MARKET, BY INDUSTRY, 2020–2025 (USD MILLION) 
            TABLE 92 BURNER MANAGEMENT SYSTEMS MARKET, BY REGION, 2017–2019 (USD MILLION) 
            TABLE 93 BURNER MANAGEMENT SYSTEMS MARKET, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 94 BURNER MANAGEMENT SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 95 BURNER MANAGEMENT SYSTEMS MARKET FOR OIL & GAS, BY REGION, 2020–2025 (USD MILLION)
            TABLE 96 BURNER MANAGEMENT SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 97 BURNER MANAGEMENT SYSTEMS MARKET FOR POWER GENERATION, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 98 BURNER MANAGEMENT SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 99 BURNER MANAGEMENT SYSTEMS MARKET FOR CHEMICALS, BY REGION, 2020–2025 (USD MILLION)
            TABLE 100 BURNER MANAGEMENT SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 101 BURNER MANAGEMENT SYSTEMS MARKET FOR FOOD & BEVERAGES, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 102 BURNER MANAGEMENT SYSTEMS MARKET FOR WATER & WASTEWATER, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 103 BURNER MANAGEMENT SYSTEMS MARKET FOR WATER & WASTEWATER, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 104 BURNER MANAGEMENT SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 105 BURNER MANAGEMENT SYSTEMS MARKET FOR PHARMACEUTICALS, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 106 BURNER MANAGEMENT SYSTEMS MARKET FOR METALS & MINING, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 107 BURNER MANAGEMENT SYSTEMS MARKET FOR METALS & MINING, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 108 BURNER MANAGEMENT SYSTEMS MARKET FOR OTHERS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 109 BURNER MANAGEMENT SYSTEMS MARKET FOR OTHERS, BY REGION, 2020–2025 (USD MILLION) 
      6.5.2 IMPACT OF COVID-19 ON MARKET FOR BURNER MANAGEMENT SYSTEMS
            TABLE 110 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS, 2016–2025
  6.6 TURBOMACHINERY CONTROL
      6.6.1 TMC PROVIDES TIGHT CONTROL OVER SPEED OF STEAM, HYDRO, AND GAS TURBINES
            TABLE 111 TURBOMACHINERY CONTROL MARKET, BY OFFERING, 2016–2019 (USD MILLION) 
            TABLE 112 TURBOMACHINERY CONTROL MARKET, BY OFFERING, 2020–2025 (USD MILLION) 
            TABLE 113 TURBOMACHINERY CONTROL MARKET, BY COMPONENT, 2016–2019 (USD MILLION) 
            TABLE 114 TURBOMACHINERY CONTROL MARKET, BY COMPONENT, 2020–2025 (USD MILLION) 
            TABLE 115 TURBOMACHINERY CONTROL MARKET, BY SERVICE, 2016–2019 (USD MILLION) 
            TABLE 116 TURBOMACHINERY CONTROL MARKET, BY SERVICE, 2020–2025 (USD MILLION) 
            TABLE 117 TURBOMACHINERY CONTROL MARKET, BY INDUSTRY, 2016–2019 (USD MILLION) 
            TABLE 118 TURBOMACHINERY CONTROL MARKET, BY INDUSTRY, 2020–2025 (USD MILLION) 
            TABLE 119 TURBOMACHINERY CONTROL MARKET, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 120 TURBOMACHINERY CONTROL MARKET, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 121 TURBOMACHINERY CONTROL MARKET FOR OIL & GAS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 122 TURBOMACHINERY CONTROL MARKET FOR OIL & GAS, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 123 TURBOMACHINERY CONTROL MARKET FOR POWER GENERATION,BY REGION, 2016–2019 (USD MILLION) 
            TABLE 124 TURBOMACHINERY CONTROL MARKET FOR POWER GENERATION, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 125 TURBOMACHINERY CONTROL MARKET FOR CHEMICALS, BY REGION, 2016–2019 (USD MILLION)  
            TABLE 126 TURBOMACHINERY CONTROL MARKET FOR CHEMICALS, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 127 TURBOMACHINERY CONTROL MARKET FOR FOOD & BEVERAGES, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 128 TURBOMACHINERY CONTROL MARKET FOR FOOD & BEVERAGES, BY REGION, 2020–2025 (USD MILLION) 
            TABLE 129 TURBOMACHINERY CONTROL MARKET FOR WATER & WASTEWATER, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 130 TURBOMACHINERY CONTROL MARKET FOR WATER & WASTEWATER,BY REGION, 2020–2025 (USD MILLION) 
            TABLE 131 TURBOMACHINERY CONTROL MARKET FOR PHARMACEUTICALS, BY REGION, 2016–2019 (USD MILLION)
            TABLE 132 TURBOMACHINERY CONTROL MARKET FOR PHARMACEUTICALS, BY REGION,  2025 (USD MILLION)
            TABLE 133 TURBOMACHINERY CONTROL MARKET FOR METALS & MINING, BY REGION, 2016–2019 (USD MILLION)
            TABLE 134 TURBOMACHINERY CONTROL MARKET FOR METALS & MINING, BY REGION, 2020–2025 (USD MILLION)
            TABLE 135 TURBOMACHINERY CONTROL MARKET FOR OTHERS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 136 TURBOMACHINERY CONTROL MARKET FOR OTHERS, BY REGION, 2020–2025 (USD MILLION) 
      6.6.2 IMPACT OF COVID-19 ON MARKET FOR TURBOMACHINERY CONTROL
            TABLE 137 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET FOR TURBO MACHINERY, 2016–2025

7 FUNCTIONAL SAFETY MARKET, BY OFFERING (Page No. - 130)
  7.1 INTRODUCTION
      FIGURE 22 MARKET, BY OFFERING
      TABLE 138 MARKET, BY OFFERING, 2016–2019 (USD MILLION)
      TABLE 139 MARKET, BY OFFERING, 2020–2025 (USD MILLION)
  7.2 COMPONENT
      FIGURE 23 SAFETY SENSORS TO HOLD LARGEST SIZE OF MARKET, BY COMPONENT, IN 2020
      TABLE 140 MARKET, BY COMPONENT, 2016–2019 (USD MILLION)
      TABLE 141 MARKET, BY COMPONENT, 2020–2025 (USD MILLION)
      TABLE 142 PRE- AND POST-COVID-19 ANALYSIS OF MARKET, BY COMPONENT, 2016–2025 
      7.2.1 SAFETY SENSORS
            7.2.1.1 Safety sensors hold largest share of functional safety market
                    TABLE 143 MARKET FOR SAFETY SENSORS, BY SYSTEM, 2016–2019 (USD MILLION) 
                    TABLE 144 MARKET FOR SAFETY SENSORS, BY SYSTEM , 2020–2025 (USD MILLION) 
                    TABLE 145 MARKET FOR SAFETY SENSORS, BY REGION,  2016–2019 (USD MILLION) 
                    TABLE 146 MARKET FOR SAFETY SENSORS, BY REGION,  2020–2025 (USD MILLION) 
                    TABLE 147 MARKET FOR SAFETY SENSORS, BY INDUSTRY, 2016–2019 (USD MILLION) 
                    TABLE 148 MARKET FOR SAFETY SENSORS, BY INDUSTRY, 2020–2025 (USD MILLION) 
      7.2.2 PROGRAMMABLE SAFETY SYSTEMS
            7.2.2.1 Market for programmable safety systems to grow at highest rate during forecast period
                    TABLE 149 MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BYSYSTEM , 2016–2019 (USD MILLION)
                    TABLE 150 MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BY SYSTEM , 2020–2025 (USD MILLION) 
                    TABLE 151 MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BY REGION, 2016–2019 (USD MILLION) 
                    TABLE 152 MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BY REGION, 2020–2025 (USD MILLION) 
                    TABLE 153 MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BY INDUSTRY, 2016–2019 (USD MILLION) 
                    TABLE 154 MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BY INDUSTRY, 2020–2025 (USD MILLION) 
      7.2.3 SAFETY CONTROLLERS/MODULES/RELAYS
            7.2.3.1 High requirement for safety components in functional safety systems
                    TABLE 155 MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY SYSTEM, 2016–2019 (USD MILLION)
                    TABLE 156 MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY SYSTEM, 2020–2025 (USD MILLION)
                    TABLE 157 MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY INDUSTRY, 2016–2019 (USD MILLION)
                    TABLE 158 MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY INDUSTRY, 2020–2025 (USD MILLION)
                    TABLE 159 MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 160 MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY REGION, 2020–2025 (USD MILLION)
      7.2.4 SAFETY SWITCHES
            7.2.4.1 Functional safety switches are used to protect equipment and users during hazardous situations
                    TABLE 161 MARKET FOR SAFETY SWITCHES, BY SYSTEM, 2016–2019 (USD MILLION) 
                    TABLE 162 MARKET FOR SAFETY SWITCHES, BY SYSTEM, 2020–2025 (USD MILLION) 
                    TABLE 163 MARKET FOR SAFETY SWITCHES, BY INDUSTRY, 2016–2019 (USD MILLION) 
                    TABLE 164 MARKET FOR SAFETY SWITCHES, BY INDUSTRY, 2020–2025 (USD MILLION) 
                    TABLE 165 MARKET FOR SAFETY SWITCHES, BY REGION, 2016–2019 (USD MILLION) 
                    TABLE 166 MARKET FOR SAFETY SWITCHES, BY REGION, 2020–2025 (USD MILLION) 
      7.2.5 EMERGENCY STOP DEVICES
            7.2.5.1 Emergency stop devices have wide range of safety applications in industries
                    TABLE 167 THREE COMMON TYPES OF EMERGENCY STOP DEVICES
                    TABLE 168 FUNCTIONAL SAFETY MARKET FOR EMERGENCY STOP DEVICES, BY SYSTEM, 2016–2019 (USD MILLION)
                    TABLE 169 MARKET FOR EMERGENCY STOP DEVICES, BY SYSTEM, 2020–2025 (USD MILLION)
                    TABLE 170 MARKET FOR EMERGENCY STOP DEVICES, BY INDUSTRY, 2016–2019 (USD MILLION) 
                    TABLE 171 MARKET FOR EMERGENCY STOP DEVICES, BY INDUSTRY, 2020–2025 (USD MILLION) 
                    TABLE 172 MARKET FOR EMERGENCY STOP DEVICES, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 173 MARKET FOR EMERGENCY STOP DEVICES, BY REGION, 2020–2025 (USD MILLION) 
      7.2.6 FINAL CONTROL ELEMENTS
            7.2.6.1 Demand for final control elements in oil & gas and power generation industries to continue to rise in future
                    TABLE 174 MARKET FOR FINAL CONTROL ELEMENTS, BY SYSTEM, 2016–2019 (USD MILLION)
                    TABLE 175 MARKET FOR FINAL CONTROL ELEMENTS, BY SYSTEM, 2020–2025 (USD MILLION)
                    TABLE 176 MARKET FOR FINAL CONTROL ELEMENTS, BY INDUSTRY, 2016–2019 (USD MILLION)
                    TABLE 177 MARKET FOR FINAL CONTROL ELEMENTS, BY INDUSTRY, 2020–2025 (USD MILLION)
                    TABLE 178 MARKET FOR FINAL CONTROL ELEMENTS, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 179 MARKET FOR FINAL CONTROL ELEMENTS, BY REGION, 2020–2025 (USD MILLION)
      7.2.7 OTHERS
            TABLE 180 MARKET FOR OTHERS, BY SYSTEM, 2016–2019 (USD MILLION) 
            TABLE 181 MARKET FOR OTHERS, BY SYSTEM, 2020–2025 (USD MILLION) 
            TABLE 182 MARKET FOR OTHERS, BY INDUSTRY, 2016–2019 (USD MILLION) 
            TABLE 183 MARKET FOR OTHERS, BY INDUSTRY, 2020–2025 (USD MILLION) 
            TABLE 184 MARKET FOR OTHERS, BY REGION, 2016–2019 (USD MILLION) 
            TABLE 185 MARKET FOR OTHERS, BY REGION, 2020–2025 (USD MILLION) 
  7.3 SERVICES
      TABLE 186 MARKET, BY SERVICE, 2016–2019 (USD MILLION)
      TABLE 187 MARKET, BY SERVICE, 2020–2025 (USD MILLION)
      TABLE 188 MARKET FOR SERVICES, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 189 MARKET FOR SERVICES, BY REGION, 2020–2025 (USD MILLION) 
      TABLE 190 MARKET FOR SERVICES, BY INDUSTRY, 2016–2019 (USD MILLION) 
      TABLE 191 MARKET FOR SERVICES, BY INDUSTRY, 2020–2025 (USD MILLION) 
      TABLE 192 PRE- AND POST-COVID-19 ANALYSIS OF MARKET FOR SERVICES
      7.3.1 TESTING, INSPECTION, AND CERTIFICATION
            7.3.1.1 Market for TIC services to grow at highest CAGR from 2019 to 2024
                    TABLE 193 FUNCTIONAL SAFETY MARKET FOR TESTING, INSPECTION, AND CERTIFICATION SERVICES, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 194 MARKET FOR TESTING, INSPECTION, AND CERTIFICATION SERVICES, BY REGION, 2020–2025 (USD MILLION)
                    TABLE 195 MARKET FOR TESTING, INSPECTION, AND CERTIFICATION SERVICES, BY SYSTEM, 2016–2019 (USD MILLION)
                    TABLE 196 MARKET FOR TESTING, INSPECTION, AND CERTIFICATION SERVICES, BY SYSTEM, 2020–2025 (USD MILLION)
      7.3.2 MAINTENANCE
            7.3.2.1 Maintenance services to continue to hold largest size of functional safety market during 2020–2025
                    TABLE 197 MARKET FOR MAINTENANCE SERVICES, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 198 MARKET FOR MAINTENANCE SERVICES, BY REGION, 2020–2025 (USD MILLION)
                    TABLE 199 MARKET FOR MAINTENANCE SERVICES, BY SYSTEM, 2016–2019 (USD MILLION)
                    TABLE 200 MARKET FOR MAINTENANCE SERVICES, BY SYSTEM, 2020–2025 (USD MILLION)
      7.3.3 TRAINING AND CONSULTING
            7.3.3.1 engineering and consulting services are gaining pace with rising adoption of HIPPS in process plants
                    TABLE 201 MARKET FOR TRAINING AND CONSULTING SERVICES, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 202 MARKET FOR TRAINING AND CONSULTING SERVICES, BY REGION, 2020–2025 (USD MILLION)
                    TABLE 203 MARKET FOR TRAINING AND CONSULTING SERVICES, BY SYSTEM, 2016–2019 (USD MILLION)
                    TABLE 204 MARKET FOR TRAINING AND CONSULTING SERVICES, BY SYSTEM, 2020–2025 (USD MILLION)

8 FUNCTIONAL SAFETY MARKET, BY INDUSTRY (Page No. - 164)
  8.1 INTRODUCTION
      FIGURE 24 GLOBAL FUNCTIONAL SAFETY MARKET, BY INDUSTRY
      TABLE 205 MARKET, BY INDUSTRY, 2016–2019 (USD MILLION)
      TABLE 206 MARKET, BY INDUSTRY, 2020–2025 (USD MILLION)
  8.2 OIL & GAS
      8.2.1 OIL & GAS INDUSTRY TO ACCOUNT FOR LARGEST MARKET SHARE IN 2025
      TABLE 207 MARKET FOR OIL & GAS INDUSTRY, BY OFFERING, 2016–2019 (USD MILLION)
      TABLE 208 MARKET FOR OIL & GAS INDUSTRY, BY OFFERING, 2020–2025 (USD MILLION)
      TABLE 209 MARKET FOR OIL & GAS INDUSTRY, BY SYSTEM, 2016–2019 (USD MILLION) 
      TABLE 210 MARKET FOR OIL & GAS INDUSTRY, BY SYSTEM, 2020–2025 (USD MILLION) 
      TABLE 211 MARKET FOR OIL & GAS INDUSTRY, BY COMPONENT, 2016–2019 (USD MILLION)
      TABLE 212 MARKET FOR OIL & GAS INDUSTRY, BY COMPONENT, 2020–2025 (USD MILLION)
      TABLE 213 MARKET FOR OIL & GAS INDUSTRY, BY SERVICE, 2016–2019 (USD MILLION) 
      TABLE 214 MARKET FOR OIL & GAS INDUSTRY, BY SERVICE, 2020–2025 (USD MILLION) 
      8.2.2 IMPACT OF COVID-19 ON OIL & GAS INDUSTRY
            TABLE 215 PRE- AND POST-COVID-19 ANALYSIS OF MARKET FOR OIL& GAS, 2016–2025
  8.3 FOOD & BEVERAGES
      8.3.1 FOOD & BEVERAGES INDUSTRY EMPLOYS FUNCTIONAL SAFETY DUE TO REGULATORY ISSUES
            TABLE 216 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY OFFERING, 2016–2019 (USD MILLION) 
            TABLE 217 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY OFFERING, 2020–2025 (USD MILLION) 
            TABLE 218 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY SYSTEM, 2016–2019 (USD MILLION) 
            TABLE 219 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY SYSTEM, 2020–2025 (USD MILLION) 
            TABLE 220 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY COMPONENT, 2016–2019 (USD MILLION) 
            TABLE 221 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY COMPONENT, 2020–2025 (USD MILLION) 
            TABLE 222 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY SERVICE, 2016–2019 (USD MILLION) 
            TABLE 223 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY SERVICE, 2020–2025 (USD MILLION) 
      8.3.2 IMPACT OF COVID-19 ON FOOD & BEVERAGES INDUSTRY
            TABLE 224 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, 2016–2025
  8.4 PHARMACEUTICALS
      8.4.1 PHARMACEUTICAL COMPANIES IMPLEMENT FUNCTIONAL SAFETY TO PREVENT POTENTIAL HAZARDS
            TABLE 225 MARKET FOR PHARMACEUTICALS INDUSTRY, BY OFFERING, 2016–2019 (USD MILLION) 
            TABLE 226 MARKET FOR PHARMACEUTICALS INDUSTRY, BY OFFERING, 2020–2025 (USD MILLION) 
            TABLE 227 MARKET FOR PHARMACEUTICALS INDUSTRY, BY SYSTEM, 2016–2019 (USD MILLION) 
            TABLE 228 MARKET FOR PHARMACEUTICALS INDUSTRY, BY SYSTEM, 2020–2025 (USD MILLION) 
            TABLE 229 MARKET FOR PHARMACEUTICALS INDUSTRY, BY COMPONENT, 2016–2019 (USD MILLION) 
            TABLE 230 MARKET FOR PHARMACEUTICALS INDUSTRY, BY COMPONENT, 2020–2025 (USD MILLION) 
            TABLE 231 MARKET FOR PHARMACEUTICALS INDUSTRY, BY SERVICE, 2016–2019 (USD MILLION) 
            TABLE 232 MARKET FOR PHARMACEUTICALS INDUSTRY, BY SERVICE, 2020–2025 (USD MILLION) 
      8.4.2 IMPACT OF COVID-19 ON PHARMACEUTICALS INDUSTRY
            TABLE 233 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, 2016–2025
  8.5 CHEMICALS
      8.5.1 DEMAND FOR SAFETY AND RELIABILITY IN CHEMICALS INDUSTRY PROPELS GROWTH OF MARKET
            TABLE 234 MARKET FOR CHEMICALS INDUSTRY, BY OFFERING, 2016–2019 (USD MILLION)
            TABLE 235 MARKET FOR CHEMICALS INDUSTRY, BY OFFERING, 2020–2025 (USD MILLION)
            TABLE 236 MARKET FOR CHEMICALS INDUSTRY, BY SYSTEM, 2016–2019 (USD MILLION)
            TABLE 237 MARKET FOR CHEMICALS INDUSTRY, BY SYSTEM, 2020–2025 (USD MILLION)
            TABLE 238 MARKET FOR CHEMICALS INDUSTRY, BY COMPONENT, 2016–2019 (USD MILLION)
            TABLE 239 MARKET FOR CHEMICALS INDUSTRY, BY COMPONENT, 2020–2025 (USD MILLION)
            TABLE 240 MARKET FOR CHEMICALS INDUSTRY, BY SERVICE, 2016–2019 (USD MILLION)
            TABLE 241 MARKET FOR CHEMICALS INDUSTRY, BY SERVICE, 2020–2025 (USD MILLION)
      8.5.2 IMPACT OF COVID-19 ON CHEMICALS INDUSTRY
            TABLE 242 PRE- AND POST-COVID-19 ANALYSIS OF  MARKET FOR CHEMICALS INDUSTRY
  8.6 POWER GENERATION
      8.6.1 POWER GENERATION INDUSTRY USES FUNCTIONAL SAFETY FOR PROTECTING PLANTS FROM HAZARDS
            TABLE 243 MARKET FOR POWER GENERATION INDUSTRY, BY OFFERING, 2016–2019 (USD MILLION) 
            TABLE 244 MARKET FOR POWER GENERATION INDUSTRY, BY OFFERING, 2020–2025 (USD MILLION) 
            TABLE 245 MARKET FOR POWER GENERATION INDUSTRY, BY SYSTEM, 2016–2019 (USD MILLION) 
            TABLE 246 MARKET FOR POWER GENERATION INDUSTRY, BY SYSTEM, 2020–2025 (USD MILLION) 
            TABLE 247 MARKET FOR POWER GENERATION INDUSTRY, BY COMPONENT, 2016–2019 (USD MILLION) 
            TABLE 248 MARKET FOR POWER GENERATION INDUSTRY, BY COMPONENT, 2020–2025 (USD MILLION) 
            TABLE 249 MARKET FOR POWER GENERATION INDUSTRY, BY SERVICE, 2016–2019 (USD MILLION) 
            TABLE 250 MARKET FOR POWER GENERATION INDUSTRY, BY SERVICE, 2020–2025 (USD MILLION) 
      8.6.2 IMPACT OF COVID-19 ON POWER GENERATION INDUSTRY
            TABLE 251 PRE- AND POST-COVID-19 ANALYSIS OF  MARKET FOR POWER GENERATION, 2016–2025
  8.7 METALS & MINING
      8.7.1 FUNCTIONAL SAFETY SYSTEMS HELP ENSURE EFFICIENT AND SAFE PRODUCTION IN METALS & MINING INDUSTRY
            TABLE 252 MARKET FOR METAL & MINING INDUSTRY, BY OFFERING, 2016–2019 (USD MILLION)
            TABLE 253 MARKET FOR METAL & MINING INDUSTRY, BY OFFERING, 2020–2025 (USD MILLION)
            TABLE 254 MARKET FOR METAL & MINING INDUSTRY, BY SYSTEM, 2016–2019 (USD MILLION)
            TABLE 255 MARKET FOR METAL & MINING INDUSTRY, BY SYSTEM, 2020–2025 (USD MILLION)
            TABLE 256 MARKET FOR METAL & MINING INDUSTRY, BY COMPONENT, 2016–2019 (USD MILLION)
            TABLE 257 MARKET FOR METAL & MINING INDUSTRY, BY COMPONENT, 2020–2025 (USD MILLION)
            TABLE 258 MARKET FOR METAL & MINING INDUSTRY, BY SERVICE, 2016–2019 (USD MILLION)
            TABLE 259 MARKET FOR METAL & MINING INDUSTRY, BY SERVICE, 2020–2025 (USD MILLION)
      8.7.2 IMPACT OF COVID-19 ON METALS & MINING INDUSTRY
            TABLE 260 PRE- AND POST-COVID-19 ANALYSIS OF MARKET FOR METALS & MINING, 2016–2025
  8.8 WATER & WASTEWATER
      8.8.1 FUNCTIONAL SAFETY HELPS IN IMPROVING OPERATIONAL EFFICIENCY AND SAVING OPERATIONAL COSTS OF WATER & WASTEWATER TREATMENT PLANTS
            TABLE 261 MARKET FOR WATER & WASTEWATER INDUSTRY, BY OFFERING, 2016–2019 (USD MILLION) 
            TABLE 262 MARKET FOR WATER & WASTEWATER INDUSTRY, BY OFFERING, 2020–2025 (USD MILLION) 
            TABLE 263 MARKET FOR WATER & WASTEWATER INDUSTRY, BY SYSTEM, 2016–2019 (USD MILLION) 
            TABLE 264 MARKET FOR WATER & WASTEWATER INDUSTRY, BY SYSTEM, 2020–2025 (USD MILLION) 
            TABLE 265 MARKET FOR WATER & WASTEWATER INDUSTRY, BY COMPONENT, 2016–2019 (USD MILLION) 
            TABLE 266 MARKET FOR WATER & WASTEWATER INDUSTRY, BY COMPONENT, 2020–2025 (USD MILLION) 
            TABLE 267 MARKET FOR WATER & WASTEWATER INDUSTRY, BY SERVICE, 2016–2019 (USD MILLION) 
            TABLE 268 MARKET FOR WATER & WASTEWATER INDUSTRY, BY SERVICE, 2020–2025 (USD MILLION) 
      8.8.2 IMPACT OF COVID-19 ON WATER & WASTEWATER INDUSTRY
            TABLE 269 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET FOR WATER &WASTEWATER INDUSTRY, 2016–2025
  8.9 OTHERS
      TABLE 270 MARKET FOR OTHER INDUSTRIES, BY OFFERING, 2016–2019 (USD MILLION) 
      TABLE 271 MARKET FOR OTHER INDUSTRIES, BY OFFERING, 2020–2025 (USD MILLION) 
      TABLE 272 MARKET FOR OTHER INDUSTRIES, BY SYSTEM, 2016–2019 (USD MILLION) 
      TABLE 273 MARKET FOR OTHER INDUSTRIES, BY SYSTEM, 2020–2025 (USD MILLION) 
      TABLE 274 MARKET FOR OTHER INDUSTRIES, BY COMPONENT, 2016–2019 (USD MILLION)
      TABLE 275 MARKET FOR OTHER INDUSTRIES, BY COMPONENT, 2020–2025 (USD MILLION)
      TABLE 276 MARKET FOR OTHER INDUSTRIES, BY SERVICE, 2016–2019 (USD MILLION) 
      TABLE 277 MARKET FOR OTHER INDUSTRIES, BY SERVICE, 2020–2025 (USD MILLION) 
      8.9.1 IMPACT OF COVID-19 ON OTHER INDUSTRIES
            TABLE 278 PRE- AND POST-COVID-19 ANALYSIS OF MARKET FOR OTHER INDUSTRIES, 2016–2025
  
9 GEOGRAPHIC ANALYSIS (Page No. - 199)
  9.1 INTRODUCTION
      FIGURE 25 MARKET IN CHINA TO GROW AT FASTEST RATE DURING FORECAST PERIOD
      TABLE 279 FUNCTIONAL SAFETY MARKET, BY REGION, 2016–2019 (USD MILLION)
      TABLE 280 MARKET, BY REGION, 2020–2025 (USD MILLION)
  9.2 NORTH AMERICA
      FIGURE 26 NORTH AMERICA: SNAPSHOT OF MARKET
      TABLE 281 MARKET IN NORTH AMERICA, BY COUNTRY, 2016–2019 (USD MILLION)
      TABLE 282 MARKET IN NORTH AMERICA, BY COUNTRY, 2020 - 2025 (USD MILLION) 
      TABLE 283 MARKET IN NORTH AMERICA, BY SYSTEM,  2016–2019 (USD MILLION) 
      TABLE 284 MARKET IN NORTH AMERICA, BY SYSTEM, 2020–2025 (USD MILLION) 
      TABLE 285 MARKET IN NORTH AMERICA, BY OFFERING, 2016–2019 (USD MILLION) 
      TABLE 286 MARKET IN NORTH AMERICA, BY OFFERING, 2020–2025 (USD MILLION) 
      TABLE 287 MARKET IN NORTH AMERICA, BY SERVICE, 2016–2019 (USD MILLION) 
      TABLE 288 MARKET IN NORTH AMERICA, BY SERVICE, 2020–2025 (USD MILLION) 
      TABLE 289 MARKET IN NORTH AMERICA, BY COMPONENT, 2016–2019 (USD MILLION) 
      TABLE 290 MARKET IN NORTH AMERICA, BY COMPONENT,  2020–2025 (USD MILLION) 
      9.2.1 IMPACT OF COVID-19 ON NORTH AMERICAN MARKET
            TABLE 291 PRE- AND POST-COVID-19 ANALYSIS OF MARKET IN NORTH AMERICA, 2016–2025
      9.2.2 US
            9.2.2.1 US to hold largest size of market in North America during forecast period
      9.2.3 CANADA
            9.2.3.1 Strict government regulations drive market in Canada
      9.2.4 MEXICO
            9.2.4.1 Abundance of oil & gas reserves in Mexico to offer opportunities for functional safety manufacturers
  9.3 EUROPE
      FIGURE 27 EUROPE: SNAPSHOT OF MARKET
      TABLE 292 MARKET IN EUROPE, BY COUNTRY, 2016–2019 (USD MILLION) 
      TABLE 293 MARKET IN EUROPE, BY COUNTRY, 2020–2025 (USD MILLION) 
      TABLE 294 MARKET IN EUROPE, BY SYSTEM, 2016–2019 (USD MILLION) 
      TABLE 295 MARKET IN EUROPE, BY SYSTEM, 2020–2025 (USD MILLION) 
      TABLE 296 MARKET IN EUROPE, BY OFFERING, 2016–2019 (USD MILLION) 
      TABLE 297 MARKET IN EUROPE, BY OFFERING, 2020–2025 (USD MILLION) 
      TABLE 298 MARKET IN EUROPE, BY SERVICE, 2016–2019 (USD MILLION) 
      TABLE 299 MARKET IN EUROPE, BY SERVICE, 2020–2025 (USD MILLION) 
      TABLE 300 MARKET IN EUROPE, BY COMPONENT, 2016–2019 (USD MILLION) 
      TABLE 301 MARKET IN EUROPE, BY COMPONENT, 2020–2025 (USD MILLION) 
      9.3.1 IMPACT OF COVID-19 ON EUROPEAN MARKET
            TABLE 302 PRE- AND POST-COVID-19 ANALYSIS OF FUNCTIONAL SAFETY MARKET IN EUROPE, 2016–2025
      9.3.2 UK
            9.3.2.1 Mandates for safety regulations propel demand for functional safety systems and services in UK
      9.3.3 GERMANY
            9.3.3.1 Germany to hold largest size of market in Europe during forecast period
      9.3.4 FRANCE
            9.3.4.1 Stringent safety requirements are driving market in France
      9.3.5 REST OF EUROPE
  9.4 APAC
      FIGURE 28 APAC: SNAPSHOT OF MARKET
      TABLE 303 MARKET IN APAC, BY COUNTRY, 2016–2019 (USD MILLION) 
      TABLE 304 MARKET IN APAC, BY COUNTRY, 2020–2025 (USD MILLION) 
      TABLE 305 MARKET IN APAC, BY SYSTEM, 2016–2019 (USD MILLION) 
      TABLE 306 MARKET IN APAC, BY SYSTEM, 2020–2025 (USD MILLION) 
      TABLE 307 MARKET IN APAC, BY OFFERING, 2016–2019 (USD MILLION) 
      TABLE 308 MARKET IN APAC, BY OFFERING, 2020–2025 (USD MILLION) 
      TABLE 309 MARKET IN APAC, BY SERVICE, 2016–2019 (USD MILLION) 
      TABLE 310 MARKET IN APAC, BY SERVICE, 2020–2025 (USD MILLION) 
      TABLE 311 MARKET IN APAC, BY COMPONENT, 2016–2019 (USD MILLION) 
      TABLE 312 MARKET IN APAC, BY COMPONENT, 2020–2025 (USD MILLION) 
      9.4.1 IMPACT OF COVID-19 ON MARKET IN APAC
            TABLE 313 PRE- AND POST-COVID-19 ANALYSIS OF MARKET IN BY APAC, 2016–2025 
      9.4.2 CHINA
            9.4.2.1 Oil & gas and chemicals are major end-user industries for functional safety in China
      9.4.3 JAPAN
            9.4.3.1 Fast-growing process industries in Japan are adhering to safety standards thereby, driving adoption of functional safety products
      9.4.4 INDIA
            9.4.4.1 market in India to grow at highest CAGR during forecast period
      9.4.5 SOUTH KOREA
            9.4.5.1 Stringent law to prevent industrial accidents drives market in South Korea
      9.4.6 REST OF APAC
  9.5 ROW
      FIGURE 29 MIDDLE EAST TO HOLD LARGER SIZE OF MARKET IN 2025
      TABLE 314 MARKET IN ROW, BY REGION, 2016–2019 (USD MILLION) 
      TABLE 315 MARKET IN ROW, BY REGION, 2020–2025 (USD MILLION) 
      TABLE 316 MARKET IN ROW, BY SYSTEM, 2016–2019 (USD MILLION) 
      TABLE 317 MARKET IN ROW, BY SYSTEM, 2020–2025 (USD MILLION) 
      TABLE 318 MARKET IN ROW, BY OFFERING, 2016–2019 (USD MILLION) 
      TABLE 319 MARKET IN ROW, BY OFFERING, 2020–2025 (USD MILLION) 
      TABLE 320 MARKET IN ROW, BY SERVICE, 2016–2019 (USD MILLION) 
      TABLE 321 MARKET IN ROW, BY SERVICE, 2020–2025 (USD MILLION) 
      TABLE 322 MARKET IN ROW, BY COMPONENT, 2016–2019 (USD MILLION) 
      TABLE 323 MARKET IN ROW, BY COMPONENT, 2020–2025 (USD MILLION) 
      9.5.1 IMPACT OF COVID-19 ON MARKET IN ROW
            TABLE 324 PRE- AND POST-COVID-19 ANALYSIS OF MARKET IN ROW, 2016–2025
      9.5.2 SOUTH AMERICA
            9.5.2.1 South America to be booming market for functional safety solutions
      9.5.3 MIDDLE EAST & AFRICA
            9.5.3.1 Middle East held larger size of market for oil & gas industry in 2019

10 COMPETITIVE LANDSCAPE (Page No. - 228)
   10.1 OVERVIEW
        FIGURE 30 KEY DEVELOPMENTS IN MARKET (2019 TO 2020)
   10.2 MARKET RANKING ANALYSIS: FUNCTIONAL SAFETY MARKET
        FIGURE 31 RANKING OF KEY PLAYERS IN MARKET, 2019
   10.3 COMPETITIVE LEADERSHIP MAPPING
        10.3.1 VISIONARIES
        10.3.2 INNOVATORS
        10.3.3 DYNAMIC DIFFERENTIATORS
        10.3.4 EMERGING COMPANIES
               FIGURE 32 FUNCTIONAL SAFETY MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2019
   10.4 STRENGTH OF PRODUCT PORTFOLIO
        FIGURE 33 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN MARKET
   10.5 BUSINESS STRATEGY EXCELLENCE
        FIGURE 34 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN MARKET
   10.6 COMPETITIVE SITUATION & TRENDS
        10.6.1 CONTRACTS, AGREEMENTS, AND PARTNERSHIPS
               TABLE 325 CONTRACTS, AGREEMENTS, AND PARTNERSHIPS, JOINT VENTURES, 2018–2020 
        10.6.2 PRODUCT LAUNCHES & DEVELOPMENTS
               TABLE 326 PRODUCT LAUNCHES AND DEVELOPMENTS, 2018–2020
        10.6.3 ACQUISITIONS
               TABLE 327 ACQUISITIONS, 2017–2018

11 COMPANY PROFILES (Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)* (Page No. - 238) 
   11.1 KEY PLAYERS
        11.1.1 SCHNEIDER ELECTRIC
               FIGURE 35 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
        11.1.2 HONEYWELL
               FIGURE 36 HONEYWELL: COMPANY SNAPSHOT
        11.1.3 ABB
               FIGURE 37 ABB: COMPANY SNAPSHOT
        11.1.4 ROCKWELL
               FIGURE 38 ROCKWELL: COMPANY SNAPSHOT
        11.1.5 HIMA PAUL
        11.1.6 YOKOGAWA
               FIGURE 39 YOKOGAWA: COMPANY SNAPSHOT
        11.1.7 EMERSON ELECTRIC
               FIGURE 40 EMERSON: COMPANY SNAPSHOT
        11.1.8 GE
               FIGURE 41 GE: COMPANY SNAPSHOT
               FIGURE 42 OMRON: COMPANY SNAPSHOT
        11.1.10 SIEMENS AG
                FIGURE 43 SIEMENS: COMPANY SNAPSHOT
   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 TάV SάD
        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
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies. 

12 ADJACENT & RELATED MARKETS (Page No. - 273)
   12.1 INTRODUCTION
   12.2 LIMITATIONS
   12.3 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY INDUSTRY
        12.3.1 INTRODUCTION
               TABLE 328 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY INDUSTRY, 2016–2024 (USD BILLION)
               TABLE 329 PROCESS AUTOMATION AND INSTRUMENTATION MARKET FOR SOLUTIONS, BY INDUSTRY, 2016–2024 (USD BILLION)
               TABLE 330 PROCESS AUTOMATION AND INSTRUMENTATION MARKET FOR INSTRUMENTS, BY INDUSTRY, 2016–2024 (USD BILLION)
        12.3.2 CHEMICALS
        12.3.3 ENERGY & POWER
        12.3.4 FOOD & BEVERAGES
        12.3.5 METALS & MINING
        12.3.6 OIL & GAS
        12.3.7 PHARMACEUTICALS
        12.3.8 PULP & PAPER
        12.3.9 WATER & WASTEWATER
        12.3.10 OTHERS
   12.4 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION
        12.4.1 INTRODUCTION
               TABLE 331 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION, 2016–2024 (USD BILLION)
        12.4.2 NORTH AMERICA
               TABLE 332 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN NORTH AMERICA, BY COUNTRY, 2016–2024 (USD BILLION)
                12.4.2.1 US
                12.4.2.2 CANADA
                12.4.2.3 Mexico
        12.4.3 EUROPE
               TABLE 333 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN EUROPE, BY COUNTRY, 2016–2024 (USD BILLION) 
                12.4.3.1 Germany
                12.4.3.2 UK
                12.4.3.3 France
                12.4.3.4 Rest of EUROPE
        12.4.4 APAC
               TABLE 334 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN APAC, BY COUNTRY, 2016–2024 (USD BILLION) 
               12.4.4.1 China
        12.4.5 JAPAN
        12.4.6 INDIA
        12.4.7 REST OF APAC
   12.5 ROW
        TABLE 335 PROCESS AUTOMATION & INSTRUMENTATION MARKET IN ROW, BY REGION, 2016–2024 (USD BILLION)
        12.5.1 MIDDLE EAST & AFRICA
        12.5.2 SOUTH AMERICA

13 APPENDIX (Page No. - 285)
   13.1 INSIGHTS OF INDUSTRY EXPERTS
   13.2 DISCUSSION GUIDE—FUNCTIONAL SAFETY MARKET
   13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
   13.4 AVAILABLE CUSTOMIZATIONS
   13.5 RELATED REPORTS
   13.6 AUTHOR DETAILS

The study involved 4 major activities for estimating the size of the functional safety market. Exhaustive secondary research was conducted to collect information on the market. The next step involved validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources such as encyclopedias, directories, and databases, Occupational Safety and Health Administration (OSHA), International Electrotechnical Commission (IEC), American National Standards Institute (ANSI), and International Standard Organization (ISO)) have been used to identify and collect information for an extensive technical and commercial study of the functional safety market.

Primary Research

In the primary research process, primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for this report. Primary sources, such as experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as assess prospects. Key players in the functional safety market have been identified through secondary research, and their respective market rankings have been determined through primary and secondary research. This research included studying annual reports of top market players and interviewing key opinion leaders, such as CEOs, directors, and marketing personnel.

Functional Safety Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the functional safety market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research.

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Functional Safety Market Size: Bottom-Up Approach

Functional Safety Market Size, and Share

Data Triangulation

After arriving at the overall market size, the total market has been split into several segments. To complete the overall market engineering process and arrive at exact statistics for all segments, market breakdown and data triangulation procedures have been employed wherever applicable. The data has been triangulated by studying various factors and trends from both demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Report Objectives:

  • To describe and forecast the functional safety market, in terms of value, by offering, system, and industry
  • To describe and forecast the market, in terms of value, by region—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding factors (drivers, restraints, opportunities, and challenges) influencing market growth
  • To provide a detailed overview of the value chain of the functional safety market
  • To analyze opportunities for stakeholders in the functional safety market by identifying its high-growth segments
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To strategically profile key players and comprehensively analyze their market shares and core competencies along with detailing the competitive leadership and analyzing growth strategies such as product launches and developments, expansions, acquisitions, agreements, mergers, joint ventures, and partnerships of leading players.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs. The following customization options are available for the report.

Company information:

Detailed analysis and profiling of additional market players (up to 5)

COVID-19

Get in-depth analysis of the COVID-19 impact on the Functional Safety Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Functional Safety Market

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