Functional Safety Market

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Functional Safety Market by Offering (Component (Safety Sensor, Programmable Safety System, Final Control Element), Services), System (ESD, TMC, F&G, HIPPS, BMS), Industry (Oil & Gas, Chemicals, Power Generation), and Region - Global Forecast to 2024

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Report Code: SE 5286 Nov, 2019, by marketsandmarkets.com

[198 Pages Report] The functional safety market is expected to grow from USD 4.6 billion in 2019 to USD 7.1 billion by 2024, at a CAGR of 8.8%. The market’s growth is propelled by 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

Functional Safety Market for services to grow at higher CAGR from 2019 to 2024

The functional safety market for services is expected to grow at higher CAGR from 2019 to 2024. 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 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.

Functional safety market for power generation industry to exhibit high growth in market during forecast period

The power generation industry is expected to grow at the highest CAGR from 2019 to 2024. Power generation plants pose high risks to human lives as well as the environment. Therefore, a high level of functional safety is required for such plants. Functional safety systems, such as burner management, fire and gas monitoring, and emergency shutdown systems, are widely used in power plants. Fire and gas monitoring solutions are especially deployed in power plants and substations to address applicable laws and regulations. Further, a burner management system (BMS) protects boilers from exploding by ensuring safe and orderly operating sequences during start-ups and shutdowns.

Functional Safety Market

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. APAC presents a high potential for installation of functional safety in the oil & gas, chemicals, and power generation industries. The growing demand for petrochemicals in countries such as China and India is enforcing them to increase the production of oil, gas, and chemicals. The adoption of safety automation solutions in manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth.

Key Market Players

As of 2018, Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), and Siemens (Germany) were the major players in the functional safety market.

Schneider (France)

The company offers integrated solutions to various sectors. The company has a wide geographic presence and a diversified product portfolio. It is strategically positioned for providing software solutions for visualization and supervisory control, real-time operation management, asset management, and information management in process industry plants. The company has grown through mergers of various business divisions; as a result, it typically offers more than one brand and product in most markets and sectors. Its strong position in various markets that gives it a competitive advantage. Schneider Electric has a strong portfolio of functional safety-certified emergency stop devices and safety instrumented systems. The company has an expertise in DCS and offers a range of safety solutions.  

Honeywell (US)

Honeywell is a leading player in the field of industrial automation. The company offers aerospace products and services; control, sensing, and security technologies for homes, buildings, and industry; and performance material, and safety and productivity solutions. Honeywell offers a wide range of solutions related to functional safety through its Safety and Productivity segment. The company offers safety systems and solutions such as integrated control and safety systems, distributed control systems, control monitoring and safety systems, and industrial wireless solutions in the control, monitoring, and safety systems category. The company has launched various products recently to diversify its functional safety product portfolio. The launch of new advanced products is basically a result of extensive research & development conducted by the company. Honeywell has strong presence in the US, with ~57% revenue generated from this region.

ABB (Switzerland)

ABB is a leading power and automation technology company. The ABB Group was founded in 1988 as a result of the merger between Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). ABB offers functional safety solutions under the Industrial Automation business segment. The company has expertise in design, manufacturing, and implementation process safety systems. ABB has effectively installed and delivered safety systems in over 55 countries globally. The company has a significant range of functional safety systems that can be integrated with control systems. ABB has launched the innovation & expansion plan (PIE) to drive profitable growth for its businesses. The company is primarily focusing on organic growth through product launches and developments, and expansion of its safety product portfolio. For instance, in March 2019, the company upgraded the Ability System 800Xa; in August 2017, it launched all-new range of AFS contactors for safety applications. This will help the company maximize its revenue by targeting latent opportunities in these markets.

Other key players in the functional safety market include Johnson Controls (Tyco) (Ireland), Balluff (US), DEKRA (Germany), EXIDA (US), Mogas Industries (US), SGS group (Switzerland), Schlumberger (US), TUV Rheiland AG (Germany), TάV SάD (Germany), Velan Inc (Canada), Intertek (UK), Frames Group (Netherlands), Paladon Systems LTD (UK), Proserv Ingenious Simplicity (UK),  and Pietro Fiorentini (US).

Report Scope:

Report Metric

Details

Report Name

Functional Safety Market

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

Functional Safety Market Segmentation

In this report, the overall functional safety market is segmented into offering, system, industry, and geography.

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:

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

Functional Safety Market By Industry:

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

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

Critical Questions:

  • Which component and service type of functional safety is expected to have the highest demand in the future?
  • Who are the top 5 players in the functional safety market?
  • What are the growth opportunities for manufacturers in various industries?
  • What is the process-flow analysis for functional safety system market?
  • How safety solutions providers can tap high growth opportunities in the functional safety market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 20)
    1.1 Study Objectives
    1.2 Market Definition and Scope
           1.2.1 Inclusions and 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. - 25)
    2.1 Research Data
           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
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at Market Share By Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing Market Share By Top-Down Analysis (Supply Side)
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 35)

4 Premium Insights (Page No. - 40)
    4.1 Attractive Growth Opportunities in Functional Safety Market
    4.2 Market, By System
    4.3 Market, By Component
    4.4 Market, By Service
    4.5 Market, By Offering
    4.6 Market, By Region

5 Market Overview (Page No. - 43)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Strict Mandates for Safety Regulations
                    5.2.1.2 Surging Demand for Safety Systems in Oil & Gas Industry
                    5.2.1.3 High Requirement for Reliable Safety Systems to Ensure Personnel and Asset Protection
                    5.2.1.4 Rise in Industrial Revolution 4.0
           5.2.2 Restraints
                    5.2.2.1 High Investment Required for Installing Functional Safety Systems
                    5.2.2.2 Lack of Awareness and Complexity of Standards
           5.2.3 Opportunities
                    5.2.3.1 Growing Acceptance of Workplace Safety Standards in Emerging Economies
                    5.2.3.2 Increasing Usage of Industrial Internet of Things (Iiot) Creating Opportunities for the Market
           5.2.4 Challenges
                    5.2.4.1 High Complexity of Safety Applications
                    5.2.4.2 Lack of Functional Safety Certified Workforce
    5.3 Safety Integrity Level (SIL)
           5.3.1 Functional Safety Standards
                    5.3.1.1 IEC 61508
                    5.3.1.2 IEC 61511
                    5.3.1.3 IEC 62061
                    5.3.1.4 IEC 62443
           5.3.2 Adoption of Different Technologies in Functional Safety
    5.4 Process Flow Analysis of Functional Safety

6 Functional Safety Market, By System (Page No. - 52)
    6.1 Introduction
    6.2 Emergency Shutdown System (ESD)
           6.2.1 Emergency Shutdown Systems Held Largest Size of Market in 2018
    6.3 Fire & Gas Monitoring
           6.3.1 Fire and Gas Monitoring System Mainly Used to Prevent and Lower After-Effects of Fire Accidents
    6.4 High Integrity Pressure Protection System (HIPPS)
           6.4.1 Rising Demand for Reliable Safety Solutions for Personnel and Asset Protection in High-Pressure Environments Triggers HIPPS Market Growth
    6.5 Burner Management System (BMS)
           6.5.1 BMS Helps in Reliable Monitoring, Operations, and Maintenance of All Assets in Plants
    6.6 Turbomachinery Control (TMC)
           6.6.1 TMC Provides Tight Control Over the Speed of Steam, Hydro, and Gas Turbines

7 Functional Safety Market, By Offering (Page No. - 79)
    7.1 Introduction
    7.2 Component
           7.2.1 Safety Sensor
                    7.2.1.1 Safety Sensors Hold Largest Share of Market
           7.2.2 Programmable Safety System
                    7.2.2.1 Programmable Safety Systems to Grow at Highest Rate During Forecast Period
           7.2.3 Safety Controller/Module/Relay
                    7.2.3.1 High Requirement of Safety Components in Functional Safety Systems
           7.2.4 Safety Switch
                    7.2.4.1 Functional Safety Switches are Used to Protect Equipment and Users During Hazardous Situations
           7.2.5 Emergency Stop Device
                    7.2.5.1 Emergency Stop Devices have Wide Range of Safety Applications in Industries
           7.2.6 Final Control Element
                    7.2.6.1 Demand for Final Control Element in Oil & Gas and Power Generation Industries to Continue to Rise in Future
           7.2.7 Others
    7.3 Service
           7.3.1 Testing, Inspection, and Certification
                    7.3.1.1 Market for TIC Services to Grow at Highest CAGR From 2019 to 2024
           7.3.2 Maintenance
                    7.3.2.1 Maintenance Services to Continue to Hold Largest Size of Market During 2019–2024
           7.3.3 Training and Consulting
                    7.3.3.1 Training and Consulting Services are Gaining Pace With Rising Adoption of HIPPS in Process Plants

8 Functional Safety Market, By Industry (Page No. - 99)
    8.1 Introduction
    8.2 Oil & Gas
           8.2.1 Oil & Gas Industry to Account for Largest Market Share
    8.3 Food & Beverages
           8.3.1 Food & Beverages Industry Employ Functional Safety Owing to Regulatory Issues
    8.4 Pharmaceuticals
           8.4.1 Pharmaceutical Companies Implement Functional Safety to Prevent Potential Hazards
    8.5 Chemicals
           8.5.1 Demand for Safety and Reliability in Chemicals Industry Propels Growth for Market
    8.6 Power Generation
           8.6.1 Power Generation Industry Uses Functional Safety for Protecting Plants From Hazard
    8.7 Metals & Mining
           8.7.1 Functional Safety System Helps Ensure Efficient and Safe Production in Metals & Mining Industry
    8.8 Water & Wastewater
           8.8.1 Functional Safety Helps in Improving Operational Efficiency and Saving Operational Costs of Water & Wastewater Treatment Plants
    8.9 Others

9 Geographic Analysis (Page No. - 118)
    9.1 Introduction
    9.2 North America
           9.2.1 US
                    9.2.1.1 US to Hold Largest Size of Market in North America During Forecast Period
           9.2.2 Canada
                    9.2.2.1 Strict Government Regulations Drive Market in Canada
           9.2.3 Mexico
                    9.2.3.1 Abundance of Oil & Gas Reserves in Mexico to Offer Opportunities for Functional Safety Manufacturers
    9.3 Europe
           9.3.1 UK
                    9.3.1.1 Mandate for Safety Regulations Propels Demand for Functional Safety System and Services in Uk
           9.3.2 Germany
                    9.3.2.1 Germany to Hold Largest Size of Market in Europe During Forecast Period
           9.3.3 France
                    9.3.3.1 Stringent Safety Requirements are Driving Market in France
           9.3.4 Rest of Europe
    9.4 APAC
           9.4.1 China
                    9.4.1.1 Oil & Gas and Chemicals are Major End-User Industries for Functional Safety in China
           9.4.2 Japan
                    9.4.2.1 Fast-Growing Process Industries in Japan are Adhering to Safety Standards
           9.4.3 India
                    9.4.3.1 Market in India to Grow at Highest CAGR During Forecast Period
           9.4.4 South Korea
                    9.4.4.1 Stringent Law to Prevent Industrial Accidents Drives Market in South Korea
           9.4.5 Rest of APAC
    9.5 RoW
           9.5.1 South America
                    9.5.1.1 South America to Be Booming Market for Functional Safety
           9.5.2 Middle East & Africa
                    9.5.2.1 Middle East Held Larger Size of Market for Oil & Gas Industry in 2018

10 Competitive Landscape (Page No. - 139)
     10.1 Overview
     10.2 Market Ranking Analysis: Functional Safety Market
     10.3 Competitive Leadership Mapping
             10.3.1 Visionaries
             10.3.2 Innovators
             10.3.3 Dynamic Differentiators
             10.3.4 Emerging Companies
     10.4 Strength of Product Portfolio
     10.5 Business Strategy Excellence
     10.6 Competitive Situation & Trends
             10.6.1 Contracts, Agreements, and Partnerships
             10.6.2 Product Launches & Developments
             10.6.3 Acquisitions

11 Company Profiles (Page No. - 151)
(Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
     11.1 Key Players
             11.1.1 Schneider Electric
             11.1.2 Honeywell
             11.1.3 ABB
             11.1.4 Rockwell
             11.1.5 Hima Paul
             11.1.6 Yokogawa
             11.1.7 Emerson Electric
             11.1.8 GE
             11.1.9 Omron
             11.1.10 Siemens Ag
     11.2 Right to Win
     11.3 Other Key Players
             11.3.1 Johnson Controls
             11.3.2 Balluff GmbH
             11.3.3 Mogas Industries
             11.3.4 Pietro Fiorentini (Arvan SRL)
             11.3.5 Frames Group
             11.3.6 Schlumberger
             11.3.7 Intertek
             11.3.8 Dekra SE
             11.3.9 TUV SUD
             11.3.10 TUV Rheinland
             11.3.11 SGS Group
             11.3.12 Exida
             11.3.13 Velan Inc
             11.3.14 Paladon Systems Ltd.
             11.3.15 Proserv Ingenious Simplicity

*Details on Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 191)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide—Functional Safety Market
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details


List of Tables (156 Tables)

Table 1 Functional Safety Market, By System, 2017–2024 (USD Million)
Table 2 Functional Safety Market for Emergency Shutdown Systems, By Offering, 2017–2024 (USD Million)
Table 3 Functional Safety Market for Emergency Shutdown Systems, By Component, 2017–2024 (USD Million)
Table 4 Market for Emergency Shutdown Systems, By Service, 2017–2024 (USD Million)
Table 5 Market for Emergency Shutdown Systems, By Industry, 2017–2024 (USD Million)
Table 6 Market for Emergency Shutdown Systems, By Region, 2017–2024 (USD Million)
Table 7 Emergency Shutdown System Market for Oil & Gas, By Region, 2017–2024 (USD Million)
Table 8 Emergency Shutdown System Market for Power Generation, By Region, 2017–2024 (USD Million)
Table 9 Emergency Shutdown System Market for Chemicals, By Region, 2017–2024 (USD Million)
Table 10 Emergency Shutdown System Market for Food & Beverages, By Region, 2017–2024 (USD Million)
Table 11 Emergency Shutdown System Market for Water & Wastewater, By Region, 2017–2024 (USD Million)
Table 12 Emergency Shutdown System Market for Pharmaceuticals, By Region, 2017–2024 (USD Million)
Table 13 Emergency Shutdown System Market for Metals and Mining, By Region, 2017–2024 (USD Million)
Table 14 Emergency Shutdown System Market for Others, By Region, 2017–2024 (USD Million)
Table 15 Fire & Gas Monitoring Market, By Offering, 2017–2024 (USD Million)
Table 16 Fire & Gas Monitoring Market, By Component, 2017–2024 (USD Million)
Table 17 Fire & Gas Monitoring Market, By Service, 2017–2024 (USD Million)
Table 18 Fire & Gas Monitoring Market, By Industry, 2017–2024 (USD Million)
Table 19 Fire & Gas Monitoring Market for Oil & Gas, By Region, 2017–2024 (USD Million)
Table 20 Fire & Gas Monitoring Market for Oil & Gas, By Region, 2017–2024 (USD Million)
Table 21 Fire & Gas Monitoring Market for Power Generation, By Region, 2017–2024 (USD Million)
Table 22 Fire & Gas Monitoring Market for Chemicals, By Region, 2017–2024 (USD Million)
Table 23 Fire & Gas Monitoring Market for Food & Beverages, By Region, 2017–2024 (USD Million)
Table 24 Fire & Gas Monitoring Market for Water & Wastewater, By Region, 2017–2024 (USD Million)
Table 25 Fire & Gas Monitoring Market for Pharmaceuticals, By Region, 2017–2024 (USD Million)
Table 26 Fire & Gas Monitoring Market for Metals & Mining, By Region, 2017–2024 (USD Million)
Table 27 Fire & Gas Monitoring Market for Others, By Region, 2017–2024 (USD Million)
Table 28 High Integrity Pressure Protection System Market, By Offering, 2017–2024 (USD Million)
Table 29 High Integrity Pressure Protection System Market, By Component, 2017–2024 (USD Million)
Table 30 High Integrity Pressure Protection System Market, By Service, 2017–2024 (USD Million)
Table 31 High Integrity Pressure Protection System Market, By Industry, 2017–2024 (USD Million)
Table 32 High Integrity Pressure Protection System Market, By Region, 2017–2024 (USD Million)
Table 33 High Integrity Pressure Protection System Market for Oil & Gas, By Region, 2017–2024 (USD Million)
Table 34 High Integrity Pressure Protection System Market for Power Generation, By Region, 2017–2024 (USD Million)
Table 35 High Integrity Pressure Protection System Market for Chemicals, By Region, 2017–2024 (USD Million)
Table 36 High Integrity Pressure Protection System Market for Food & Beverages, By Region, 2017–2024 (USD Million)
Table 37 High Integrity Pressure Protection System Market for Water & Wastewater, By Region, 2017–2024 (USD Million)
Table 38 High Integrity Pressure Protection System Market for Pharmaceuticals, By Region, 2017–2024 (USD Million)
Table 39 High Integrity Pressure Protection System Market for Metals & Mining, By Region, 2017–2024 (USD Million)
Table 40 High Integrity Pressure Protection System Market for Others, By Region, 2017–2024 (USD Million)
Table 41 Burner Management System Market, By Offering, 2017–2024 (USD Million)
Table 42 Burner Management System Market, By Component, 2017–2024 (USD Million)
Table 43 Burner Management System Market, By Service, 2017–2024 (USD Million)
Table 44 Burner Management System Market, By Industry, 2017–2024 (USD Million)
Table 45 Burner Management System Market, By Region, 2017–2024 (USD Million)
Table 46 Burner Management System Market for Oil & Gas, By Region, 2017–2024 (USD Million)
Table 47 Burner Management System Market for Power Generation, By Region, 2017–2024 (USD Million)
Table 48 Burner Management System Market for Chemicals, By Region, 2017–2024 (USD Million)
Table 49 Burner Management System Market for Food & Beverages, By Region, 2017–2024 (USD Million)
Table 50 Burner Management System Market for Water & Wastewater, By Region, 2017–2024 (USD Million)
Table 51 Burner Management System Market for Pharmaceuticals, By Region, 2017–2024 (USD Million)
Table 52 Burner Management System Market for Metals & Mining, By Region, 2017–2024 (USD Million)
Table 53 Burner Management System Market for Others, By Region, 2017–2024 (USD Million)
Table 54 Turbomachinery Control Market, By Offering, 2017–2024 (USD Million)
Table 55 Turbomachinery Control Market, By Component, 2017–2024 (USD Million)
Table 56 Turbomachinery Control Market, By Service, 2017–2024 (USD Million)
Table 57 Turbomachinery Control Market, By Industry, 2017–2024 (USD Million)
Table 58 Turbomachinery Control Market, By Region, 2017–2024 (USD Million)
Table 59 Turbomachinery Control Market for Oil & Gas, By Region, 2017–2024 (USD Million)
Table 60 Turbomachinery Control Market for Power Generation, By Region, 2017–2024 (USD Million)
Table 61 Turbomachinery Control Market for Chemicals, By Region, 2017–2024 (USD Million)
Table 62 Turbomachinery Control Market for Food & Beverages, By Region, 2017–2024 (USD Million)
Table 63 Turbomachinery Control Market for Water & Wastewater, By Region, 2017–2024 (USD Million)
Table 64 Turbomachinery Control Market for Pharmaceuticals, By Region, 2017–2024 (USD Million)
Table 65 Turbomachinery Control Market for Metals & Mining, By Region, 2017–2024 (USD Million)
Table 66 Turbomachinery Control Market for Others, By Region, 2017–2024 (USD Million)
Table 67 Functional Safety Market, By Offering, 2017–2024 (USD Million)
Table 68 Market, By Component, 2017–2024 (USD Million)
Table 69 Market for Safety Sensors, By System, 2017–2024 (USD Million)
Table 70 Market for Safety Sensors, By Region, 2017–2024 (USD Million)
Table 71 Market for Safety Sensors, By Industry, 2017–2024 (USD Million)
Table 72 Market for Programmable Safety Systems, By System, 2017–2024 (USD Million)
Table 73 Market for Programmable Safety Systems, By Region, 2017–2024 (USD Million)
Table 74 Market for Programmable Safety Systems, By Industry, 2017–2024 (USD Million)
Table 75 Market for Safety Controllers/Modules/Relays, By Industry, 2017–2024 (USD Million)
Table 76 Market for Safety Controllers/Modules/Relays, By Region, 2017–2024 (USD Million)
Table 77 Market for Safety Controllers/Modules/Relays, By System, 2017–2024 (USD Million)
Table 78 Market for Safety Switches, By Industry, 2017–2024 (USD Million)
Table 79 Market for Safety Switches, By Region, 2017–2024 (USD Million)
Table 80 Market for Safety Switches, By System, 2017–2024 (USD Million)
Table 81 Three Common Types of Emergency Stop Devices
Table 82 Market for Emergency Stop Devices, By Industry, 2017–2024 (USD Million)
Table 83 Market for Emergency Stop Devices, By Region, 2017–2024 (USD Million)
Table 84 Market for Emergency Stop Devices, By System, 2017–2024 (USD Million)
Table 85 Market for Final Control Elements, By Industry, 2017–2024 (USD Million)
Table 86 Market for Final Control Elements, By Region, 2017–2024 (USD Million)
Table 87 Market for Final Control Elements, By System, 2017–2024 (USD Million)
Table 88 Market for Others, By Industry, 2017–2024 (USD Million)
Table 89 Market for Others, By Region, 2017–2024 (USD Million)
Table 90 Market for Others, By System, 2017–2024 (USD Million)
Table 91 Market, By Service, 2017–2024 (USD Million)
Table 92 Market for Services, By Region, 2017–2024 (USD Million)
Table 93 Market for Services, By Industry, 2017–2024 (USD Million)
Table 94 Market for Testing, Inspection, and Certification Services, By Region, 2017–2024 (USD Million)
Table 95 Market for Testing, Inspection, and Certification Services, By System, 2017–2024 (USD Million)
Table 96 Market for Maintenance Services, By Region, 2017–2024 (USD Million)
Table 97 Market for Maintenance Services, By System, 2017–2024 (USD Million)
Table 98 Market for Training and Consulting Services, By Region, 2017–2024 (USD Million)
Table 99 Market for Training and Consulting Services, By System, 2017–2024 (USD Million)
Table 100 Market, By Industry, 2017–2024 (USD Million)
Table 101 Market for Oil & Gas Industry, By Offering, 2017–2024 (USD Million)
Table 102 Market for Oil & Gas Industry, By System, 2017–2024 (USD Million)
Table 103 Market for Oil & Gas Industry, By Component, 2017–2024 (USD Million)
Table 104 Market for Oil & Gas Industry, By Service, 2017–2024 (USD Million)
Table 105 Market for Food & Beverages Industry, By Offering, 2017–2024 (USD Million)
Table 106 Market for Food & Beverages Industry, By System, 2017–2024 (USD Million)
Table 107 Market for Food & Beverages Industry, By Component, 2017–2024 (USD Million)
Table 108 Market for Food & Beverages Industry, By Service, 2017–2024 (USD Million)
Table 109 Market for Pharmaceuticals Industry, By Offering, 2017–2024 (USD Million)
Table 110 Market for Pharmaceuticals Industry, By System, 2017–2024 (USD Million)
Table 111 Market for Pharmaceuticals Industry, By Component, 2017–2024 (USD Million)
Table 112 Market for Pharmaceuticals Industry, By Service, 2017–2024 (USD Million)
Table 113 Market for Chemicals Industry, By Offering, 2017–2024 (USD Million)
Table 114 Market for Chemicals Industry, By System, 2017–2024 (USD Million)
Table 115 Market for Chemicals Industry, By Component, 2017–2024 (USD Million)
Table 116 Market for Chemicals Industry, By Service, 2017–2024 (USD Million)
Table 117 Market for Power Generation Industry, By Offering, 2017–2024 (USD Million)
Table 118 Market for Power Generation Industry, By System, 2017–2024 (USD Million)
Table 119 Market for Power Generation Industry, By Component, 2017–2024 (USD Million)
Table 120 Market for Power Generation Industry, By Service, 2017–2024 (USD Million)
Table 121 Market for Metal & Mining Industry, By Offering, 2017–2024 (USD Million)
Table 122 Market for Metal & Mining Industry, By System, 2017–2024 (USD Million)
Table 123 Market for Metal & Mining Industry, By Component, 2017–2024 (USD Million)
Table 124 Market for Metal & Mining Industry, By Service, 2017–2024 (USD Million)
Table 125 Market for Water & Wastewater Industry, By Offering, 2017–2024 (USD Million)
Table 126 Market for Water & Wastewater Industry, By System, 2017–2024 (USD Million)
Table 127 Market for Water & Wastewater Industry, By Component, 2017–2024 (USD Million)
Table 128 Market for Water & Wastewater Industry, By Service, 2017–2024 (USD Million)
Table 129 Market for Other Industries, By Offering, 2017–2024 (USD Million)
Table 130 Market for Other Industries, By System, 2017–2024 (USD Million)
Table 131 Market for Other Industries, By Component, 2017–2024 (USD Million)
Table 132 Market for Other Industries, By Service, 2017–2024 (USD Million)
Table 133 Market, By Region, 2017–2024 (USD Million)
Table 134 Market in North America, By Country, 2017–2024 (USD Million)
Table 135 Market in North America, By System, 2017–2024 (USD Million)
Table 136 Market in North America, By Offering, 2017–2024 (USD Million)
Table 137 Market in North America, By Service, 2017–2024 (USD Million)
Table 138 Market in North America, By Component, 2017–2024 (USD Million)
Table 139 Market in Europe, By Country, 2017–2024 (USD Million)
Table 140 Market in Europe, By System, 2017–2024 (USD Million)
Table 141 Market in Europe, By Offering, 2017–2024 (USD Million)
Table 142 Market in Europe, By Service, 2017–2024 (USD Million)
Table 143 Market in Europe, By Component, 2017–2024 (USD Million)
Table 144 Market in APAC, By Country, 2017–2024 (USD Million)
Table 145 Market in APAC, By System, 2017–2024 (USD Million)
Table 146 Market in APAC, By Offering, 2017–2024 (USD Million)
Table 147 Market in APAC, By Service, 2017–2024 (USD Million)
Table 148 Market in APAC, By Component, 2017–2024 (USD Million)
Table 149 Market in RoW, By Region, 2017–2024 (USD Million)
Table 150 Market in RoW, By System, 2017–2024 (USD Million)
Table 151 Market in RoW, By Offering, 2017–2024 (USD Million)
Table 152 Market in RoW, By Service, 2017–2024 (USD Million)
Table 153 Market in RoW, By Component, 2017–2024 (USD Million)
Table 154 Contracts, Agreements and Partnerships, Joint Ventures, 2017–2019
Table 155 Product Launches and Developments, 2017–2019
Table 156 Acquisitions, 2017–2018


List of Figures (39 Figures)

Figure 1 Functional Safety Market: Research Design
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
Figure 4 Functional Safety Market: Bottom-Up Approach
Figure 5 Functional Safety Market: Top-Down Approach
Figure 6 Data Triangulation
Figure 7 Functional Safety Market for Services to Grow at Higher CAGR During Forecast Period
Figure 8 Market for Programmable Safety Systems to Grow at Highest CAGR During Forecast Period
Figure 9 Maintenance Services to Hold Largest Size of Market During Forecast Period
Figure 10 Oil & Gas Held Major Share of Functional Safety Market in 2018
Figure 11 Europe to Hold Largest Share of Functional Safety Market in 2019
Figure 12 Mandate for Safety Regulations and Rising Demand for Safety Systems in Oil & Gas Industry to Boost Adoption of Functional Safety
Figure 13 Emergency Shutdown System to Hold Largest Size of Market By 2024
Figure 14 Safety Sensor to Hold Largest Size of Market By 2024
Figure 15 Maintenance to Hold Largest Size of Market By 2024
Figure 16 Component to Hold Larger Share of Market in 2019
Figure 17 Europe to Hold Largest Size of Market During Forecast Period
Figure 18 Process Flow Analysis – Functional Safety Market
Figure 19 Emergency Shutdown System to Hold Largest Size of Market During Forecast Period
Figure 20 Functional Safety Market, By Offering
Figure 21 Safety Sensor to Hold Largest Size of Market, By Component, in 2019
Figure 22 Global Functional Safety Market, By Industry
Figure 23 China to Grow at Fastest Rate During Forecast Period
Figure 24 North America: Snapshot of Functional Safety Market
Figure 25 Europe: Snapshot of Functional Safety Market
Figure 26 APAC: Snapshot of Functional Safety Market
Figure 27 Middle East to Hold Larger Size of Functional Safety Market By 2024
Figure 28 Key Developments in Functional Safety Market (2017 to 2019)
Figure 29 Ranking of Key Players in Functional Safety Market, 2017
Figure 30 Functional Safety Market (Global) Competitive Leadership Mapping, 2018
Figure 31 Schneider: Company Snapshot
Figure 32 Honeywell: Company Snapshot
Figure 33 ABB: Company Snapshot
Figure 34 Rockwell: Company Snapshot
Figure 35 Yokogawa: Company Snapshot
Figure 36 Emerson: Company Snapshot
Figure 37 GE: Company Snapshot
Figure 38 Omron: Company Snapshot
Figure 39 Siemens: Company Snapshot

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

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.

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.

Study 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)

Report Code
SE 5286
Published ON
Nov, 2019
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