Functional Safety Market by System (ESD, F&G, TMC, BMS, HIPPS, SCADA, DCS), Device (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, Emergency Stop Devices), Sales Channel, Industry & Region - Global Forecast to 2027
[264 Pages Report] The functional safety market size is predicted to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027, at a CAGR of 6.8%. To adopt functional safety standards, system manufacturers need to perform safety analysis not just at the system level but also at the device level. The growing emphasis on improved functional safety and security in the Industrial Revolution 4.0 will likely create new opportunities for functional safety market.
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Market Dynamics
DRIVERS: Rising trend of Industry 4.0 across industries
Industry 4.0 involves new digital industrial technologies in which sensors, machines, and IT systems are connected along the value chain. The concept of Industry 4.0 evolved in Europe and is widely used in the manufacturing sector worldwide. The wide adoption of Industry 4.0 by manufacturing companies requires the integration of functional safety and cybersecurity to reduce risks associated with hazardous events caused by the malfunctioning of programmable electronic devices. Industry 4.0 provides a new digital transformation vision for the factories in the near future, which allows the functioning of plants continuously and prevents unnecessary shutdowns. In these plants and factories, the safety of the machinery will be a critical factor. In industrial revolution 4.0, functional safety delivers confidence that a piece of equipment or device will carry out its safety functionality whenever it is required to do so. Industry 4.0 and the Industrial Internet of Things (IIoT) movements are driving the need for more robust and inherently safe devices such as safety PLCs and sensors in factories.
RESTRAINTS: Complex global standards and lack of awareness
One of the major restraining factors for the growth of the functional safety market is the lack of awareness about the advantages of using these systems. The workforce in plants and factories in emerging economies is still unaware of the availability of safety devices that can safeguard the machinery and labor. Most manufacturers do not appoint safety experts who provide advice regarding the adoption of safety devices necessary in each machine or process. Every company should focus on educating its workers about the safety standards used in their plants, to minimize the risks of accidents. Further, in the case end users are aware of the benefits of safety devices, the complexity in their development and integration restricts their implementation. Certified and trained mechanical, electronics, and software engineers, along with functional safety management professionals, need to work cohesively to design robust safety management devices. The challenge increases while installing and validating a new system, because the lack of awareness about the system's functioning could lead to accidents/emergencies in the future. It is critical to ensure that the system fully meets the safety integrity level (SIL) requirements.
OPPORTUNITIES: Rising acceptance of IIoT technology in industries
The Industrial Internet of Things (IIoT) is creating new opportunities for integrated safety and compliance services. IIoT can acquire data from sensors that measure pressure, level, and the flow of liquids, 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. Using IIoT, companies can integrate their processes with safety systems and can monitor the same in real-time. The Industrial Internet of Things (IIoT) provides the benefits of low-cost, low-power microprocessors to improve safety, usability, and energy efficiency while meeting industrial expectations of security and reliability. Various manufacturing companies are still far away from using IIoT to support safety instrumented functions (SIFs) directly in plants, factories, or industrial areas, handling hazardous products. Further, 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: Shortage of skilled functional safety certified workforce
Functional safety system manufacturers require a workforce with relevant certifications to enable the proper handling of functional safety systems. The technologies and skillsets used in functional safety systems require trained workers to handle the systems. Moreover, industries are increasingly focusing on adopting new safety technologies, and for that, they required a skilled workforce; but they are facing a shortage of skilled functional safety certified workforce. Due to this, developing countries continue to struggle with the efficient implementation of functional safety solutions in industrial automation. Hence, the lack of a skilled workforce poses challenges to the overall growth of the functional safety system market.
“The safety sensors market for functional safety is projected to grow at a higher CAGR during the forecast period.”
The safety sensors market for functional safety is projected to grow at a higher CAGR during forecast period. The stereoscopic vision technology has been gaining traction in the market for the past few years as it gathers accurate information from high-volume traffic data. Sensors deployed in a safety system are developed and designed to ensure a safe output based on the logic in case of a measurement or signal transmission does not occur. These safety sensors include the elements of redundancy wherein if any one element fails, then another takes control over the operation, and thus avoids productivity losses resulting from shutdown. These safety sensors are also being used in functional safety systems such as emergency shutdown systems (ESDs), high integrity pressure protection systems (HIPPS), fire and gas monitoring systems (FGS), and burner management systems (BMS), and turbomachinery control systems (TMCs). Safety sensor-based products are incorporated into functional safety systems for different applications such as to sense movement and position of machinery, tracking tooling data, and helping integrate automated systems.
“Automotive is expected to grow at the highest CAGR from 2022 to 2027”
Automotive is expected to grow at the highest CAGR from 2022 to 2027, owing to key growth trends in the automotive industry such as electrification, autonomous driving, and vehicle connectivity features, which are driving the demand for vehicles across the world. Functional safety systems play a vital role in the automotive industry. Machine safety systems used in the automotive industry detect unsafe conditions and trigger actions to reduce unsafe conditions. Safety devices such as safety sensors, safety PLCs, and emergency stop devices are widely used to mitigate the impact of the risks associated with dangerous processes.
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“The market in Asia Pacific projected to grow at the highest CAGR from 2022 to 2027.”
The market in Asia Pacific is projected to grow at the highest CAGR during forecast period. The economic growth of heavily regulated industries such as oil & gas and power has increased the demand for functional safety industry in developing economies, particularly in China and India. Japan is a smaller country in terms of land size but is responsible for huge production output and energy consumption. The safety standards practiced in Japan are strict and focused on the safety of workers in various industries. Asia Pacific is one of the major industrial markets in the world. China, Japan, India, South Korea, and the Rest of Asia Pacific (including primarily Australia, Thailand, Indonesia, Singapore, and Malaysia) are considered for market analysis in Asia Pacific
Key Market Players
Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US) are among a few top functional safety companies in the market
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|
Report Metric |
Details |
|
Market Size Available for Years |
2018–2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022–2027 |
|
Units |
Value (USD Million/Billion) |
|
Segments Covered |
System, Device, SIL type, Sales Channel, and Industry |
|
Geographic Regions Covered |
North America, Asia Pacific, Europe, and RoW |
|
Companies Covered |
Major Players: Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation Inc. (US) and Others- (Total 20 players have been covered) |
This research report categorizes the functional safety market by system, device, sales channel, SIL type industry and region.
By Device:
- Safety Sensors
- Safety Controllers/ Modules/ Relays
- Valves
- Programmable Safety Systems
- Safety Switches
- Actuators
- Emergency Stop Devices
- Others
By System:
- Emergency Shutdown Systems
- Fire & Gas Monitoring Controls
- Turbomachinery Controls
- Burner Management Systems
- High Integrity Pressure Protection Systems
- Distributed Control Systems
- Supervisory Control and Data Acquisition Systems
By Sales Channel:
- Direct Channel
- Distributors/ Resellers
- System Integrators
By SIL Type:
- SIL 2
- SIL 3
- SIL 4
By Industry:
-
Process Industry
-
Oil & Gas
- Upstream
- Midstream
- Downstream
- Power Generation
- Chemicals
- Food & beverages
- Water & Wastewater Treatment
- Pharmaceuticals
- Metals & Minings
- Others
-
Oil & Gas
- Discrete Industry
- Automotive
- Railways
- Medical
By Region
-
North America
- US
- Canada
- Mexico
-
Europe
- Germany
- UK
- France
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
-
Rest of the World
- Middle East
- Africa
- South America
Recent Developments
- In July 2021, Schneider Electric launched EcoStruxure Triconex Safety View which helps to reduce the risk impacts and ensure plant safety when risks are high.
- In June 2021, ABB Ltd. launched a DCS, which provides seamless operation. Moreover, it is a process control system, an electrical control system, and a safety system, and supports operator performance and asset utilization.
- In February 2021, Rockwell Automation Inc. launched safety devices, which help to create smart machines that provide meaningful information. With this information, users can easily monitor machine health, increase uptime, improve flexibility, and enhance safety.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the functional safety market during 2022-2027?
The global functional safety market is expected to record a CAGR of 6.8% from 2022–2027.
Does this report include the impact of COVID-19 on the functional safety market?
Yes, the report includes the impact of COVID-19 on the functional safety market.
What are the driving factors for the functional safety market?
Rising trend of Industry 4.0 across industries and increasing demand for functional safety systems in oil & gas sector are key driving factors for this market.
Which are the significant players operating in the functional safety market?
Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US) are among a few top players in the functional safety market.
Which region will grow at a fast rate in the future?
The functional safety market in Asia pacific is expected to grow at the highest CAGR during the forecast period. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 25)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
FIGURE 1 FUNCTIONAL SAFETY MARKET: SEGMENTATION
1.3.2 GEOGRAPHIC SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY & PRICING
1.5 LIMITATIONS
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 31)
2.1 RESEARCH DATA
FIGURE 2 FUNCTIONAL SAFETY MARKET: RESEARCH DESIGN
2.1.1 SECONDARY AND PRIMARY RESEARCH
2.1.2 SECONDARY DATA
2.1.2.1 List of major secondary sources
2.1.2.2 Key data from 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
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size by bottom-up analysis (demand side)
FIGURE 3 FUNCTIONAL SAFETY MARKET: BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for capturing market size by using top-down analysis (supply side)
FIGURE 4 FUNCTIONAL SAFETY MARKET: TOP-DOWN APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY FOR FUNCTIONAL SAFETY MARKET USING SUPPLY-SIDE ANALYSIS
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 6 DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.5 RISK ASSESSMENT
3 EXECUTIVE SUMMARY (Page No. - 44)
FIGURE 7 FUNCTIONAL SAFETY MARKET, 2018–2027 (USD MILLION)
FIGURE 8 PROGRAMMABLE SAFETY SYSTEMS TO WITNESS HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD
FIGURE 9 EMERGENCY SHUTDOWN SYSTEMS TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
FIGURE 10 OIL & GAS INDUSTRY TO ACCOUNT FOR LARGEST SHARE OF FUNCTIONAL SAFETY MARKET BETWEEN 2022 AND 2027
FIGURE 11 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD
4 PREMIUM INSIGHTS (Page No. - 49)
4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR FUNCTIONAL SAFETY MARKET
FIGURE 12 RISING ADOPTION OF FUNCTIONAL SAFETY SOLUTIONS IN VARIOUS INDUSTRIES FOR INCREASING OPERATIONAL EFFICIENCY AND SAFETY COMPLIANCE TO FUEL MARKET GROWTH DURING FORECAST PERIOD
4.2 FUNCTIONAL SAFETY MARKET, BY DEVICE
FIGURE 13 SAFETY SENSORS TO CAPTURE LARGEST MARKET SHARE FROM 2022 TO 2027
4.3 FUNCTIONAL SAFETY MARKET, BY SYSTEM
FIGURE 14 FIRE & GAS MONITORING CONTROLS TO REGISTER HIGHER CAGR FROM 2022 TO 2027
4.4 FUNCTIONAL SAFETY MARKET, BY INDUSTRY
FIGURE 15 OIL & GAS INDUSTRY TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2027
4.5 FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY COUNTRY AND INDUSTRY
FIGURE 16 OIL & GAS AND US TO BE LARGEST SHAREHOLDERS OF NORTH AMERICAN FUNCTIONAL SAFETY MARKET IN 2027
4.6 FUNCTIONAL SAFETY MARKET, BY COUNTRY
FIGURE 17 CHINA TO EXHIBIT HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET FROM 2022 TO 2027
5 MARKET OVERVIEW (Page No. - 53)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 FUNCTIONAL SAFETY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Strict mandates for safety regulations undertaken by governments
5.2.1.2 Increasing adoption of functional safety systems in oil & gas sector to enhance machine and worker safety
5.2.1.3 Surging demand for functional safety solutions to reduce accidents and ensure asset protection
5.2.1.4 Rising trend of Industry 4.0 across industries
FIGURE 19 FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF DRIVERS
5.2.2 RESTRAINTS
5.2.2.1 High initial investment, installation, and maintenance costs associated with functional safety systems
5.2.2.2 Complex global standards and lack of awareness
FIGURE 20 FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF RESTRAINTS
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing importance of enhanced machine and worker safety in emerging economies
5.2.3.2 Rising acceptance of IIoT technology in industries
FIGURE 21 FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF OPPORTUNITIES
5.2.4 CHALLENGES
5.2.4.1 Issues in designing safety systems that meet complex functional safety standards
5.2.4.2 Shortage of skilled functional safety certified workforce
FIGURE 22 FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF CHALLENGES
5.3 VALUE CHAIN ANALYSIS
FIGURE 23 FUNCTIONAL SAFETY MARKET: VALUE CHAIN ANALYSIS
5.4 ECOSYSTEM ANALYSIS
FIGURE 24 FUNCTIONAL SAFETY MARKET: ECOSYSTEM ANALYSIS
TABLE 1 FUNCTIONAL SAFETY MARKET: ECOSYSTEM
5.4.1 PROCESS FLOW ANALYSIS OF FUNCTIONAL SAFETY MARKET
FIGURE 25 PROCESS FLOW ANALYSIS – FUNCTIONAL SAFETY MARKET
5.5 PRICING ANALYSIS
TABLE 2 AVERAGE SELLING PRICES OF COMPONENTS/DEVICES OF FUNCTIONAL SAFETY SYSTEMS OFFERED BY TOP COMPANIES, 2021
TABLE 3 INDICATIVE PRICES OF FUNCTIONAL SAFETY COMPONENTS/DEVICES
5.5.1 AVERAGE SELLING PRICES OF COMPONENTS OFFERED BY KEY PLAYERS
FIGURE 26 AVERAGE SELLING PRICES OF COMPONENTS OFFERED BY KEY PLAYERS
TABLE 4 AVERAGE SELLING PRICES OF COMPONENTS OFFERED BY KEY PLAYERS (USD)
5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
FIGURE 27 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN FUNCTIONAL SAFETY MARKET
5.7 TECHNOLOGY ANALYSIS
5.7.1 COMPUTER VISION
5.7.2 AUTOMATED MACHINE LEARNING
5.7.3 INTERNET OF THINGS
5.7.4 VIRTUAL REALITY
5.7.5 5G
5.8 PORTER’S FIVE FORCES ANALYSIS
TABLE 5 FUNCTIONAL SAFETY MARKET: PORTER’S FIVE FORCES ANALYSIS
5.9 KEY STAKEHOLDERS & BUYING CRITERIA
5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 28 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 3 INDUSTRIES
TABLE 6 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 3 INDUSTRIES (%)
5.9.2 BUYING CRITERIA
FIGURE 29 KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES
TABLE 7 KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES
5.10 CASE STUDIES
TABLE 8 FUNCTIONAL SAFETY RELAY REQUIRED FOR MACHINE SAFETY AND ENHANCING SAFETY OF WATER CUTTER
TABLE 9 TANK OVERSPILL PROTECTION SYSTEM OFFERED BY EMERSON ELECTRIC CO. HELPS TO INCREASE SAFETY MEASURES
TABLE 10 ULTRASONIC GAS LEAK DETECTION SYSTEM USED FOR EARLY DETECTION OF GAS LEAKS IN CRITICAL SITUATIONS
TABLE 11 IMPLEMENTATION OF FUNCTIONAL SAFETY LIFECYCLE COMPLIANT WITH REQUIREMENTS OF IEC 61511/ISA 84 TO STAGE 3 FSA
5.11 TRADE ANALYSIS
FIGURE 30 IMPORT SCENARIO OF TAPS, COCKS, VALVES, AND SIMILAR APPLIANCES, BY KEY COUNTRY, 2016−2020 (USD MILLION)
FIGURE 31 EXPORT DATA FOR TAPS, COCKS, VALVES, AND SIMILAR APPLIANCES, BY KEY COUNTRY, 2016−2020 (USD MILLION)
5.12 PATENT ANALYSIS
FIGURE 32 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS
TABLE 12 TOP 20 PATENT OWNERS IN US IN LAST 10 YEARS
FIGURE 33 NUMBER OF PATENTS GRANTED PER YEAR FROM 2012 TO 2021
TABLE 13 LIST OF FEW PATENTS IN FUNCTIONAL SAFETY MARKET, 2020–2021
5.13 KEY CONFERENCES & EVENTS, 2022–2023
TABLE 14 FUNCTIONAL SAFETY MARKET: DETAILED LIST OF CONFERENCES & EVENTS
5.14 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1 STANDARDS
TABLE 19 STANDARDS FOR FUNCTIONAL SAFETY MARKET
6 FUNCTIONAL SAFETY MARKET, BY DEVICE (Page No. - 80)
6.1 INTRODUCTION
FIGURE 34 FUNCTIONAL SAFETY MARKET, BY DEVICE
FIGURE 35 SAFETY SENSORS TO HOLD LARGEST SIZE OF FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD
TABLE 20 FUNCTIONAL SAFETY MARKET, BY DEVICE, 2018–2021 (USD MILLION)
TABLE 21 FUNCTIONAL SAFETY MARKET, BY DEVICE, 2022–2027 (USD MILLION)
6.2 DEVICE
6.2.1 SAFETY SENSORS
6.2.1.1 Safety sensors are used in various functional safety systems such as ESD and HIPPS
TABLE 22 FUNCTIONAL SAFETY MARKET FOR SAFETY SENSORS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 23 FUNCTIONAL SAFETY MARKET FOR SAFETY SENSORS, BY SYSTEM, 2022–2027 (USD MILLION)
6.2.2 SAFETY CONTROLLERS/MODULES/RELAYS
6.2.2.1 Safety relays operate efficiently to meet existing safety standards
TABLE 24 FUNCTIONAL SAFETY MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 25 FUNCTIONAL SAFETY MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY SYSTEM, 2022–2027 (USD MILLION)
6.2.3 PROGRAMMABLE SAFETY SYSTEMS
6.2.3.1 Market for programmable safety systems is anticipated to grow at rapid rate in coming years
TABLE 26 FUNCTIONAL SAFETY MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 27 FUNCTIONAL SAFETY MARKET FOR PROGRAMMABLE SAFETY SYSTEMS, BY SYSTEM, 2022–2027 (USD MILLION)
6.2.4 SAFETY SWITCHES
6.2.4.1 Safety switches are designed to protect operators and equipment in automation plants
TABLE 28 FUNCTIONAL SAFETY MARKET FOR SAFETY SWITCHES, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 29 FUNCTIONAL SAFETY MARKET FOR SAFETY SWITCHES, BY SYSTEM, 2022–2027 (USD MILLION)
6.2.5 VALVES
6.2.5.1 Demand for valves is expected to rise in future due to increasing adoption of functional safety standards in emerging countries such as China and India
TABLE 30 FUNCTIONAL SAFETY MARKET FOR VALVES, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 31 FUNCTIONAL SAFETY MARKET FOR VALVES, BY SYSTEM, 2022–2027 (USD MILLION)
6.2.6 ACTUATORS
6.2.6.1 Extensive use of actuators in oil & gas industry is expected to drive growth of functional safety market
TABLE 32 FUNCTIONAL SAFETY MARKET FOR ACTUATORS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 33 FUNCTIONAL SAFETY MARKET FOR ACTUATORS, BY SYSTEM, 2022–2027 (USD MILLION)
6.2.7 EMERGENCY STOP DEVICES
6.2.7.1 Emergency stop devices provide workers means of stopping devices during emergencies
TABLE 34 THREE COMMON TYPES OF EMERGENCY STOP DEVICES
TABLE 35 FUNCTIONAL SAFETY MARKET FOR EMERGENCY STOP DEVICES, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 36 FUNCTIONAL SAFETY MARKET FOR EMERGENCY STOP DEVICES, BY SYSTEM, 2022–2027 (USD MILLION)
6.2.8 OTHERS
TABLE 37 FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 38 FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM, 2022–2027 (USD MILLION)
6.3 SERVICES
6.3.1 DESIGN, ENGINEERING, & MAINTENANCE SERVICES ARE EXPECTED TO HOLD LARGEST SIZE OF FUNCTIONAL SAFETY SERVICES MARKET
FIGURE 36 FUNCTIONAL SAFETY MARKET, BY SERVICE
TABLE 39 FUNCTIONAL SAFETY MARKET, BY SERVICE, 2018–2021 (USD MILLION)
TABLE 40 FUNCTIONAL SAFETY MARKET, BY SERVICE, 2022–2027 (USD MILLION)
TABLE 41 FUNCTIONAL SAFETY MARKET, BY SERVICE TYPE, 2018–2021 (USD MILLION)
TABLE 42 FUNCTIONAL SAFETY MARKET, BY SERVICE TYPE, 2022–2027 (USD MILLION)
6.3.2 TESTING, INSPECTION, & CERTIFICATION
6.3.3 DESIGN, ENGINEERING, & MAINTENANCE
6.3.4 TRAINING & CONSULTING
7 FUNCTIONAL SAFETY MARKET, BY SYSTEM (Page No. - 97)
7.1 INTRODUCTION
FIGURE 37 FUNCTIONAL SAFETY MARKET, BY SYSTEM
FIGURE 38 EMERGENCY SHUTDOWN SYSTEMS TO HOLD LARGEST SIZE OF FUNCTIONAL SAFETY MARKET IN 2027
TABLE 43 FUNCTIONAL SAFETY MARKET, BY SYSTEM TYPE, 2018–2021 (USD MILLION)
TABLE 44 FUNCTIONAL SAFETY MARKET, BY SYSTEM TYPE, 2022–2027 (USD MILLION)
TABLE 45 FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 46 FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2022–2027 (USD MILLION)
7.2 EMERGENCY SHUTDOWN SYSTEMS
7.2.1 EMERGENCY SHUTDOWN SYSTEMS ARE DESIGNED TO MINIMIZE DAMAGES IN EMERGENCY SITUATIONS
TABLE 47 FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 48 FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 49 FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY REGION, 2018–2021 (USD MILLION)
TABLE 50 FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS, BY REGION, 2022–2027 (USD MILLION)
7.3 FIRE & GAS MONITORING CONTROLS
7.3.1 EFFICIENT AND RELIABLE FIRE AND GAS MONITORING SYSTEMS ARE CRUCIAL TO SAFEGUARD ASSETS AND PEOPLE IN VARIOUS INDUSTRIES
TABLE 51 FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 52 FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 53 FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS, BY REGION, 2018–2021 (USD MILLION)
TABLE 54 FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS, BY REGION, 2022–2027 (USD MILLION)
7.4 TURBOMACHINERY CONTROLS
7.4.1 TURBOMACHINERY CONTROLS PROVIDE SAFETY FROM UNEXPECTED BREAKDOWNS IN PLANTS
TABLE 55 FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 56 FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 57 FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS, BY REGION, 2018–2021 (USD MILLION)
TABLE 58 FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS, BY REGION, 2022–2027 (USD MILLION)
7.5 BURNER MANAGEMENT SYSTEMS
7.5.1 BMS HELPS IN SAFE AND RELIABLE MONITORING, OPERATIONS, AND MAINTENANCE OF ALL COMBUSTION ASSETS IN PLANTS
TABLE 59 FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 60 FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 61 FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS, BY REGION, 2018–2021 (USD MILLION)
TABLE 62 FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS, BY REGION, 2022–2027 (USD MILLION)
7.6 HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS
7.6.1 HIPPS PROTECTS PLANT EQUIPMENT, PERSONNEL, AND ENVIRONMENT BY RELIABLY AND SAFELY CLOSING SOURCE OF OVERPRESSURE
TABLE 63 FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 64 FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 65 FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY REGION, 2018–2021 (USD MILLION)
TABLE 66 FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY REGION, 2022–2027 (USD MILLION)
7.7 DISTRIBUTED CONTROL SYSTEMS
7.7.1 DCS MAINTAINS DIGITAL COMMUNICATION BETWEEN VARIOUS COMPONENTS AND ALLOWS EFFECTIVE CONTROL OVER PROCESSES
TABLE 67 FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 68 FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 69 FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS, BY REGION, 2018–2021 (USD MILLION)
TABLE 70 FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS, BY REGION, 2022–2027 (USD MILLION)
7.8 SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS
7.8.1 SCADA IS CONSIDERED FUNCTIONAL SAFETY SYSTEM THAT OPERATES TO PROVIDE CONTROL OF REMOTE DEVICES AND ALSO ACQUIRE DATA FROM THESE DEVICES
TABLE 71 FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 72 FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 73 FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY REGION, 2018–2021 (USD MILLION)
TABLE 74 FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY REGION, 2022–2027 (USD MILLION)
8 FUNCTIONAL SAFETY MARKET, BY INDUSTRY (Page No. - 117)
8.1 INTRODUCTION
FIGURE 39 FUNCTIONAL SAFETY MARKET, BY INDUSTRY
FIGURE 40 OIL & GAS INDUSTRY TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2027
TABLE 75 FUNCTIONAL SAFETY MARKET, BY INDUSTRY TYPE, 2018–2021 (USD MILLION)
TABLE 76 FUNCTIONAL SAFETY MARKET, BY INDUSTRY TYPE, 2022–2027 (USD MILLION)
TABLE 77 FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 78 FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
8.2 PROCESS INDUSTRY
8.2.1 OIL & GAS
8.2.1.1 Oil & gas industry expected to account for largest market share during forecast period
TABLE 79 FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY STREAM, 2018–2021 (USD MILLION)
TABLE 80 FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY STREAM, 2022–2027 (USD MILLION)
8.2.1.2 Upstream
8.2.1.3 Midstream
8.2.1.4 Downstream
TABLE 81 FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 82 FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 83 FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY REGION, 2018–2021 (USD MILLION)
TABLE 84 FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY REGION, 2022–2027 (USD MILLION)
8.2.2 POWER GENERATION
8.2.2.1 Power generation industry uses burner management systems for protecting plants from hazards
TABLE 85 FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 86 FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 87 FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY REGION, 2018–2021 (USD MILLION)
TABLE 88 FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY REGION, 2022–2027 (USD MILLION)
8.2.3 CHEMICALS
8.2.3.1 Safety and reliability are important factors in chemicals industry, which are expected to drive market growth in coming years
TABLE 89 FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 90 FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 91 FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY REGION, 2018–2021 (USD MILLION)
TABLE 92 FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY REGION, 2022–2027 (USD MILLION)
8.2.4 FOOD & BEVERAGES
8.2.4.1 Emergency shutdown systems help in identifying abnormal conditions in food & beverages industry and initiate safe shutdowns in case of emergencies
TABLE 93 FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 94 FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 95 FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY REGION, 2018–2021 (USD MILLION)
TABLE 96 FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY REGION, 2022–2027 (USD MILLION)
8.2.5 WATER & WASTEWATER TREATMENT
8.2.5.1 Water & wastewater treatment industry widely adopts functional safety solutions to safeguard plant environment from failures
TABLE 97 FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 98 FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 99 FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT, BY REGION, 2018–2021 (USD MILLION)
TABLE 100 FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT, BY REGION, 2022–2027 (USD MILLION)
8.2.6 PHARMACEUTICALS
8.2.6.1 Effective safety instrumented system prevents potential hazards and ensures machine safety in pharmaceuticals industry
TABLE 101 FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 102 FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 103 FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY REGION, 2018–2021 (USD MILLION)
TABLE 104 FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY REGION, 2022–2027 (USD MILLION)
8.2.7 METALS & MINING
8.2.7.1 Fire & gas monitoring control systems help in reducing accident risks and damage in emergencies in metals & mining industry
TABLE 105 FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 106 FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 107 FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY REGION, 2018–2021 (USD MILLION)
TABLE 108 FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY REGION, 2022–2027 (USD MILLION)
8.2.8 OTHERS
TABLE 109 FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 110 FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 111 FUNCTIONAL SAFETY MARKET FOR OTHERS, BY REGION, 2018–2021 (USD MILLION)
TABLE 112 FUNCTIONAL SAFETY MARKET FOR OTHERS, BY REGION, 2022–2027 (USD MILLION)
8.3 DISCRETE INDUSTRY
8.3.1 AUTOMOTIVE
8.3.1.1 Machine safety systems used in automotive industry detect unsafe conditions
TABLE 113 FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 114 FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 115 FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY REGION, 2018–2021 (USD MILLION)
TABLE 116 FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY REGION, 2022–2027 (USD MILLION)
8.3.2 RAILWAYS
8.3.2.1 Functional safety systems improve railways and associated infrastructure safety by continuously monitoring various critical parameters
TABLE 117 FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 118 FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 119 FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY REGION, 2018–2021 (USD MILLION)
TABLE 120 FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY REGION, 2022–2027 (USD MILLION)
8.3.3 MEDICAL
8.3.3.1 Stringent safety standards and regulatory compliances for medical industry are driving demand for functional safety systems
TABLE 121 FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 122 FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY SYSTEM, 2022–2027 (USD MILLION)
TABLE 123 FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY REGION, 2018–2021 (USD MILLION)
TABLE 124 FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY REGION, 2022–2027 (USD MILLION)
9 FUNCTIONAL SAFETY MARKET, BY SIL TYPE (Page No. - 143)
9.1 INTRODUCTION
FIGURE 41 FUNCTIONAL SAFETY MARKEY: PERCENTAGE CONTRIBUTIONS OF SIL TYPES, 2021
9.2 SIL 2
9.3 SIL 3
9.4 SIL 4
10 FUNCTIONAL SAFETY MARKET, BY SALES CHANNEL (Page No. - 145)
10.1 INTRODUCTION
FIGURE 42 FUNCTIONAL SAFETY MARKET: PERCENTAGE CONTRIBUTION OF SALES CHANNELS, 2021
10.2 DIRECT CHANNEL
10.3 DISTRIBUTORS/RESELLERS
10.4 SYSTEM INTEGRATORS
11 GEOGRAPHIC ANALYSIS (Page No. - 147)
11.1 INTRODUCTION
FIGURE 43 FUNCTIONAL SAFETY MARKET, BY GEOGRAPHY
FIGURE 44 CHINA TO EXHIBIT HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET FROM 2022 TO 2027
TABLE 125 FUNCTIONAL SAFETY MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 126 FUNCTIONAL SAFETY MARKET, BY REGION, 2022–2027 (USD MILLION)
11.2 NORTH AMERICA
FIGURE 45 NORTH AMERICA: SNAPSHOT OF FUNCTIONAL SAFETY MARKET
FIGURE 46 US TO ACCOUNT FOR LARGEST SHARE OF NORTH AMERICAN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD
TABLE 127 FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 128 FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 129 FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 130 FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY SYSTEM, 2022–2027 (USD MILLION)
11.2.1 US
11.2.1.1 Increasing oil production is offering functional safety solution providers opportunity to meet growing demand for safety systems
11.2.2 CANADA
11.2.2.1 Strict government regulations drive functional safety market in Canada
11.2.3 MEXICO
11.2.3.1 Growing safety requirements in oil & gas industry are boosting functional safety market growth
11.3 EUROPE
FIGURE 47 EUROPE: SNAPSHOT OF FUNCTIONAL SAFETY MARKET
FIGURE 48 GERMANY TO REGISTER HIGHEST CAGR IN EUROPEAN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD
TABLE 131 FUNCTIONAL SAFETY MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 132 FUNCTIONAL SAFETY MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 133 FUNCTIONAL SAFETY MARKET IN EUROPE, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 134 FUNCTIONAL SAFETY MARKET IN EUROPE, BY SYSTEM, 2022–2027 (USD MILLION)
11.3.1 GERMANY
11.3.1.1 Germany to hold largest size of functional safety market in Europe during forecast period
11.3.2 UK
11.3.2.1 Mandates for safety regulations propel demand for functional safety systems and services in UK
11.3.3 FRANCE
11.3.3.1 Stringent safety requirements are driving functional safety market in France
11.3.4 REST OF EUROPE
11.4 ASIA PACIFIC
FIGURE 49 ASIA PACIFIC: SNAPSHOT OF FUNCTIONAL SAFETY MARKET
FIGURE 50 CHINA TO ACCOUNT FOR LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC DURING FORECAST PERIOD
TABLE 135 FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 136 FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 137 FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 138 FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY SYSTEM, 2022–2027 (USD MILLION)
FALSE
11.4.1 CHINA
11.4.1.1 Growth of automotive industry will help drive functional safety market in China
11.4.2 JAPAN
11.4.2.1 Process and discrete industries in Japan are adhering to safety standards thereby, driving adoption of functional safety products
11.4.3 INDIA
11.4.3.1 Increasing number of power projects to meet rising electricity demand in India propels adoption of functional safety systems at plant locations
11.4.4 SOUTH KOREA
11.4.4.1 Stringent laws to prevent industrial accidents drive functional safety market
11.4.5 REST OF ASIA PACIFIC
11.5 ROW
FIGURE 51 MIDDLE EAST TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN ROW DURING FORECAST PERIOD
TABLE 139 FUNCTIONAL SAFETY MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
TABLE 140 FUNCTIONAL SAFETY MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
TABLE 141 FUNCTIONAL SAFETY MARKET IN MIDDLE EAST, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 142 FUNCTIONAL SAFETY MARKET IN MIDDLE EAST, BY COUNTRY, 2022–2027 (USD MILLION)
TABLE 143 FUNCTIONAL SAFETY MARKET IN ROW, BY SYSTEM, 2018–2021 (USD MILLION)
TABLE 144 FUNCTIONAL SAFETY MARKET IN ROW, BY SYSTEM, 2022–2027 (USD MILLION)
11.5.1 MIDDLE EAST
11.5.1.1 Middle East held largest share of functional safety market in RoW in 2021
11.5.2 AFRICA
11.5.2.1 High potential in power, chemicals, and mining industries creating opportunities for functional safety market in Africa
11.5.3 SOUTH AMERICA
11.5.3.1 Expansion of pharmaceuticals industry has contributed to increased deployment of safety systems in manufacturing plants
12 COMPETITIVE LANDSCAPE (Page No. - 170)
12.1 INTRODUCTION
12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
TABLE 145 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN FUNCTIONAL SAFETY MARKET
12.3 TOP 5 COMPANY REVENUE ANALYSIS
FIGURE 52 FUNCTIONAL SAFETY MARKET: REVENUE ANALYSIS OF TOP 5 PLAYERS, 2017–2021
12.4 MARKET SHARE ANALYSIS, 2021
TABLE 146 FUNCTIONAL SAFETY MARKET: MARKET SHARE ANALYSIS (2021)
12.5 COMPANY EVALUATION QUADRANT, 2021
12.5.1 STAR
12.5.2 EMERGING LEADER
12.5.3 PERVASIVE
12.5.4 PARTICIPANT
FIGURE 53 FUNCTIONAL SAFETY MARKET: COMPANY EVALUATION QUADRANT, 2021
12.6 SMALL AND MEDIUM ENTERPRISES (SMES) EVALUATION QUADRANT, 2021
12.6.1 PROGRESSIVE COMPANY
12.6.2 RESPONSIVE COMPANY
12.6.3 DYNAMIC COMPANY
12.6.4 STARTING BLOCK
FIGURE 54 FUNCTIONAL SAFETY MARKET, SME EVALUATION QUADRANT, 2021
12.7 FUNCTIONAL SAFETY MARKET: COMPANY FOOTPRINT
TABLE 147 COMPANY FOOTPRINT
TABLE 148 INDUSTRY: COMPANY FOOTPRINT
TABLE 149 REGIONAL: COMPANY FOOTPRINT
12.8 COMPETITIVE BENCHMARKING
TABLE 150 FUNCTIONAL SAFETY MARKET: DETAILED LIST OF KEY STARTUPS/SMES
TABLE 151 FUNCTIONAL SAFETY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
12.9 COMPETITIVE SITUATIONS AND TRENDS
12.9.1 FUNCTIONAL SAFETY MARKET: PRODUCT LAUNCHES
12.9.2 FUNCTIONAL SAFETY MARKET: DEALS
13 COMPANY PROFILES (Page No. - 188)
(Business overview, Products offered, Recent Developments, MNM view)*
13.1 KEY PLAYERS
13.1.1 SCHNEIDER ELECTRIC
TABLE 152 SCHNEIDER ELECTRIC: BUSINESS OVERVIEW
FIGURE 55 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
TABLE 153 SCHNEIDER ELECTRIC: PRODUCT OFFERINGS
TABLE 154 SCHNEIDER ELECTRIC: PRODUCT LAUNCHES
TABLE 155 SCHNEIDER ELECTRIC: DEALS
13.1.2 ABB LTD.
TABLE 156 ABB LTD: BUSINESS OVERVIEW
FIGURE 56 ABB LTD: COMPANY SNAPSHOT
TABLE 157 ABB LTD: PRODUCT OFFERINGS
TABLE 158 ABB LTD: PRODUCT LAUNCHES
TABLE 159 ABB LTD: DEALS
13.1.3 HONEYWELL INTERNATIONAL INC.
TABLE 160 HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW
FIGURE 57 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
TABLE 161 HONEYWELL INTERNATIONAL INC.: PRODUCT OFFERINGS
TABLE 162 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES
TABLE 163 HONEYWELL INTERNATIONAL INC.: DEALS
13.1.4 EMERSON ELECTRIC CO.
TABLE 164 EMERSON ELECTRIC CO.: BUSINESS OVERVIEW
FIGURE 58 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT
TABLE 165 EMERSON ELECTRIC CO.: PRODUCT OFFERINGS
TABLE 166 EMERSON ELECTRIC CO.: PRODUCT LAUNCHES
TABLE 167 EMERSON ELECTRIC CO.: DEALS
13.1.5 ROCKWELL AUTOMATION INC.
TABLE 168 ROCKWELL AUTOMATION INC.: BUSINESS OVERVIEW
FIGURE 59 ROCKWELL AUTOMATION INC.: COMPANY SNAPSHOT
TABLE 169 ROCKWELL AUTOMATION INC.: PRODUCT OFFERINGS
TABLE 170 ROCKWELL AUTOMATION INC.: PRODUCT LAUNCHES
TABLE 171 ROCKWELL AUTOMATION INC.: DEALS
13.1.6 YOKOGAWA ELECTRIC CORPORATION
TABLE 172 YOKOGAWA ELECTRIC CORPORATION: BUSINESS OVERVIEW
FIGURE 60 YOKOGAWA ELECTRIC CORPORATION: COMPANY SNAPSHOT
TABLE 173 YOKOGAWA ELECTRIC CORPORATION: PRODUCT OFFERINGS
TABLE 174 YOKOGAWA ELECTRIC CORPORATION: PRODUCT LAUNCHES
TABLE 175 YOKOGAWA ELECTRIC CORPORATION.: DEALS
13.1.7 HIMA PAUL HILDEBRANDT GMBH
TABLE 176 HIMA PAUL HILDEBRANDT GMBH: BUSINESS OVERVIEW
TABLE 177 HIMA PAUL HILDEBRANDT GMBH: PRODUCT OFFERINGS
TABLE 178 HIMA PAUL HILDEBRANDT GMBH: PRODUCT LAUNCHES
13.1.8 GENERAL ELECTRIC COMPANY
TABLE 179 GENERAL ELECTRIC COMPANY: BUSINESS OVERVIEW
FIGURE 61 GENERAL ELECTRIC COMPANY: COMPANY SNAPSHOT
TABLE 180 GENERAL ELECTRIC COMPANY: PRODUCT OFFERINGS
13.1.9 OMRON CORPORATION
TABLE 181 OMRON CORPORATION: BUSINESS OVERVIEW
FIGURE 62 OMRON CORPORATION: COMPANY SNAPSHOT
TABLE 182 OMRON CORPORATION: PRODUCT OFFERINGS
TABLE 183 OMRON CORPORATION: PRODUCT LAUNCHES
13.1.10 SIEMENS
TABLE 184 SIEMENS: BUSINESS OVERVIEW
FIGURE 63 SIEMENS: COMPANY SNAPSHOT
TABLE 185 SIEMENS: PRODUCT OFFERINGS
TABLE 186 SIEMENS: DEALS
13.2 OTHER KEY PLAYERS
13.2.1 JOHNSON CONTROLS, INC.
13.2.2 BALLUFF GMBH
13.2.3 SCHLUMBERGER LIMITED
13.2.4 VELAN INC.
13.2.5 PALADON SYSTEMS LTD.
13.2.6 INTERTEK GROUP PLC
13.2.7 DEKRA
13.2.8 TÜV SÜD AG
13.2.9 TUV RHEINLAND
13.2.10 SGS
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
14 ADJACENT & RELATED MARKETS (Page No. - 238)
14.1 INTRODUCTION
14.2 LIMITATIONS
14.3 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION
FIGURE 64 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, GEOGRAPHIC ANALYSIS
TABLE 187 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 188 PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION, 2022–2027 (USD MILLION)
FIGURE 65 GEOGRAPHIC SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET
14.4 NORTH AMERICA
FIGURE 66 SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN NORTH AMERICA
FIGURE 67 US TO LEAD NORTH AMERICAN PROCESS AUTOMATION AND INSTRUMENTATION MARKET THROUGHOUT FORECAST PERIOD
TABLE 189 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 190 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
14.4.1 US
14.4.1.1 Increasing adoption of automation solutions in oil & gas, pharmaceuticals, and food & beverages industries drives market growth in US
14.4.2 CANADA
14.4.2.1 Growing support offered by Canadian government to small-scale food processing industries to adopt advanced technologies such as machine learning and automation to boost market growth
14.4.3 MEXICO
14.4.3.1 Rising adoption of Industry 4.0 to provide growth opportunities for process automation and instrumentation market
14.5 EUROPE
FIGURE 68 SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN EUROPE
FIGURE 69 GERMANY TO HOLD LARGEST SHARE OF EUROPEAN PROCESS AUTOMATION AND INSTRUMENTATION MARKET DURING FORECAST PERIOD
TABLE 191 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 192 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
14.5.1 GERMANY
14.5.1.1 Declining working-age population and stringent regulatory framework in Germany promote deployment of process automation solutions across process industries
14.5.2 UK
14.5.2.1 Increasing adoption of IoT across several industries to foster process automation and instrumentation market
14.5.3 FRANCE
14.5.3.1 Thriving chemical and food processing industries in France fuel demand for process automation and instrumentation solutions
14.5.4 REST OF EUROPE
14.6 ASIA PACIFIC
FIGURE 70 SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC
FIGURE 71 CHINA TO ACCOUNT FOR LARGEST SHARE OF PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC DURING FORECAST PERIOD
TABLE 193 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 194 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
14.6.1 CHINA
14.6.1.1 Growing demand for SCADA from water & wastewater treatment industry to foster market growth in China
14.6.2 JAPAN
14.6.2.1 Increasing labor shortage and labor wages to accelerate demand for automation solutions in Japan
14.6.3 INDIA
14.6.3.1 Supportive government initiatives to fuel adoption of automation solutions across process industries in India
14.6.4 REST OF ASIA PACIFIC
14.7 ROW
FIGURE 72 MIDDLE EAST TO COMMAND PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ROW THROUGHOUT FORECAST PERIOD
TABLE 195 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
TABLE 196 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
14.7.1 MIDDLE EAST
14.7.1.1 Strong oil & gas industry in Middle East drives demand for process automation solutions
TABLE 197 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN MIDDLE EAST, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 198 PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN MIDDLE EAST, BY COUNTRY, 2022–2027 (USD MILLION)
14.7.2 SOUTH AMERICA
14.7.2.1 High demand for automation in oil & gas industry to fuel market growth in South America
14.7.3 AFRICA
14.7.3.1 Increased use of automation in mining industry to streamline processes provides growth opportunities for process automation and instrumentation market
15 APPENDIX (Page No. - 256)
15.1 INSIGHTS OF INDUSTRY EXPERTS
15.2 DISCUSSION GUIDE
15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
15.4 AVAILABLE CUSTOMIZATIONS
15.5 RELATED REPORTS
15.6 AUTHOR DETAILS
The study involved four major activities in estimating the current size of the functional safety market. Exhaustive secondary research has been done to collect information on the market, peer market, and parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the functional safety market.
Secondary Research
Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, and investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.
Various secondary sources include corporate filings such as annual reports, investor presentations, and financial statements, trade, business and professional associations, white papers, manufacturing associations, and more.
Primary Research
Primary sources mainly consist of several experts from the core and related industries, along with preferred functional safety system providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply-side included various industry experts (with a key focus on the impact of COVID-19), such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from functional safety system providers, such as Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.
The breakdown of primary respondents is provided below.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the functional safety market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:
- Major players in the industry and markets have been identified through extensive secondary research.
- The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Report Objectives
- To define, describe, and forecast the functional safety market based on system, and device
- To define, describe, and forecast the functional safety market based on SIL type
- To define, describe, and forecast the functional safety market based on sales channel and industry
- To describe and forecast the size of the functional safety market based on four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World, along with their respective countries
- To provide detailed information regarding factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market size
- To study the complete value chain of the functional safety market
- To provide a detailed analysis of the impact of COVID-19 on the functional safety market, its segments, and market players
- To analyze opportunities for stakeholders by identifying high-growth segments of the market
- To strategically profile the key players and comprehensively analyze their market positions in terms of their ranking and core competencies2
- To analyze competitive developments, such as product launches, acquisitions, collaborations, agreements, and partnerships, in the market
Available Customizations:
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
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Growth opportunities and latent adjacency in Functional Safety Market