HOME Top Market Reports Functional Safety Market by Device (Safety Sensors, Safety PLCs, Safety Relays, Valves, Actuators), System (Emergency shutdown System, Turbomachinery Control, Fire and Gas Monitoring Control, HIPPS, BMS, SCADA, DCS), Application - Global Forecast to 2022

Functional Safety Market by Device (Safety Sensors, Safety PLCs, Safety Relays, Valves, Actuators), System (Emergency shutdown System, Turbomachinery Control, Fire and Gas Monitoring Control, HIPPS, BMS, SCADA, DCS), Application - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: May 2017
Report Code: SE 5286

 

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The functional safety market is expected to be valued at USD 7.19 Billion in 2022, growing at a CAGR of 8.2% during the forecast period. Mandatory functional safety standards and government policies, rising emphasis on proactive functional safety systems, and increasing demand for safety instrumented systems in the chemical and oil & gas industries are the key factors driving the growth of this market.

The base year considered for the study is 2016, and the forecast period is considered between 2017 and 2022. The objective of the report is to provide a detailed analysis of the functional safety market on the basis of device, system, application, and geography. The report provides detailed information regarding the major factors influencing the growth of this market.

The research methodology used to estimate and forecast the functional safety market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources referred to for this research include information from various journals and databases such as IEEE journals, magazines, and leading players’ newsletters. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the said market from the revenues of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments which have then been verified through primary research by conducting extensive interviews of people holding key positions such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the figure below.

Functional Safety Market

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

The major players operating in this market are Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co. (US). The other prominent players in this market include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric Corporation (Japan).

Target Audience of the Report:

  • Functional safety devices and systems manufacturers
  • Safety equipment suppliers
  • Functional safety certification providers
  • Semiconductor product designers and fabricators
  • Functional safety lifecycle service providers
  • Governments, financial institutions, and investment communities
  • Original equipment manufacturers (OEMs)
  • Product manufacturers
  • Suppliers for chemical and oil & gas industries
  • Research organizations
  • Technology investors
  • Technology standards organizations, forums, alliances, and associations

 “This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments.”

Scope of the Report:

This research report categorizes the functional safety market on the basis of device, system, application, and geography.

By Device:

  • Safety Sensors
  • Safety Switches
  • Safety Controllers/Modules/Relays
  • Programmable Safety Systems
  • Emergency Stop Devices
  • Final Control Elements
    • Valves
    • Actuators
  • Others

By System:

  • Safety Instrumented Systems
    • Emergency Shutdown Systems (ESD)
    • Fire & Gas Monitoring Control
    • Turbomachinery Control (TMC)       
    • Burner Management Systems (BMS)
    • High-Integrity Pressure Protection Systems (HIPPS)
  • Industrial Control Systems
    • Supervisory Control And Data Acquisition (SCADA) Systems
    • Distributed Control Systems (DCS) 

By Application:

  • Process Industry
    • Oil & Gas
    • Power Generation
    • Chemicals
    • Food & Beverages
    • Water & Wastewater
    • Pharmaceuticals and Biotech
    • Metal & Mining
    • Others
  • Discrete Industry
    • Automotive
    • Railways
    • Medical

By Geography:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations:

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

Company Information:

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

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 List of Major Secondary Sources
                    2.1.1.2 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Break Down of Primary Interviews
                    2.1.2.2 Key Data From Primary Sources
           2.1.3 Secondary and Primary Research
                    2.1.3.1 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Capturing 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 and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 30)

4 Premium Insights (Page No. - 36)
    4.1 Attractive Opportunities in the Functional Safety Market
    4.2 Functional Safety Market, By Device (2017–2022)
    4.3 Functional Safety Market for Process Industry (2017–2022)
    4.4 Functional Safety Market, By Application and Region (2017)
    4.5 Functional Safety Market, By Region
    4.6 Functional Safety Market, By Geography (2017)

5 Market Overview (Page No. - 40)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Mandatory Safety Standards and Government Regulations
                    5.2.1.2 Rising Emphasis on Proactive Functional Safety Systems
                    5.2.1.3 Increasing Adoption of Functional Safety Systems in the Oil & Gas Industry
           5.2.2 Restraints
                    5.2.2.1 High Initial Investments Related to the Installation of Functional Safety Systems
           5.2.3 Opportunities
                    5.2.3.1 Evolution of Industrial Revolution 4.0
                    5.2.3.2 Increased Scope for Advance Driver Assistance System (ADASS)
           5.2.4 Challenges
                    5.2.4.1 Increasing Complexity of Safety Applications
                    5.2.4.2 Lack of Functional Safety Certified Workforce

6 Industry Trends (Page No. - 45)
    6.1 Introduction
    6.2 Functional Safety Lifecycle
    6.3 Safety Integrity Level (SIL)
    6.4 Functional Safety Standards
           6.4.1 Process Industry
                    6.4.1.1 IEC 61508
                    6.4.1.2 IEC 61511
           6.4.2 Machinery
                    6.4.2.1 IEC 62061
           6.4.3 Railway
                    6.4.3.1 IEC 62278
                    6.4.3.2 IEC 62279
                    6.4.3.3 IEC 62425
           6.4.4 Automotive
                    6.4.4.1 ISO 26262
           6.4.5 Cyber Security
                    6.4.5.1 IEC 62443

7 Functional Safety Market, By Device (Page No. - 49)
    7.1 Introduction
    7.2 Safety Sensors
    7.3 Safety Switches
    7.4 Safety Controllers/Modules/Relays
    7.5 Programmable Safety Systems
    7.6 Emergency Stop Devices
    7.7 Final Control Elements
           7.7.1 Valves
           7.7.2 Actuators
    7.8 Others

8 Functional Safety Market, By System (Page No. - 61)
    8.1 Introduction
    8.2 Safety Instrumented Systems (SIS)
           8.2.1 Emergency Shutdown Systems (ESD)
           8.2.2 Fire & Gas Monitoring Control
           8.2.3 Turbomachinery Control (TMC)
           8.2.4 Burner Management System (BMS)
           8.2.5 High-Integrity Pressure Protection Systems (HIPPS)
    8.3 Industrial Control Systems
           8.3.1 Supervisory Control and Data Acquisition (SCADA) Systems
           8.3.2 Distributed Control System (DCS)

9 Functional Safety Market, By Application (Page No. - 81)
    9.1 Introduction
    9.2 Process Industry
           9.2.1 Oil & Gas
           9.2.2 Power Generation
           9.2.3 Chemical
           9.2.4 Food and Beverages
           9.2.5 Water and Wastewater
           9.2.6 Pharmaceutical and Biotech
           9.2.7 Metal & Mining
           9.2.8 Others
    9.3 Discrete Industries
           9.3.1 Automotive
           9.3.2 Railways
           9.3.3 Medical

10 Functional Safety Market, By Geography (Page No. - 103)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 Germany
             10.3.2 UK
             10.3.3 France
             10.3.4 Rest of Europe
     10.4 APAC
             10.4.1 China
             10.4.2 Japan
             10.4.3 South Korea
             10.4.4 India
             10.4.5 Rest of APAC
     10.5 RoW
             10.5.1 Middle East
             10.5.2 Africa
             10.5.3 South America

11 Competitive Landscape (Page No. - 119)
     11.1 Introduction
     11.2 Market Ranking Analysis: Functional Safety Market
     11.3 Vendor Dive Overview
             11.3.1 Vanguards
             11.3.2 Dynamic
             11.3.3 Innovators
             11.3.4 Emerging
     11.4 Business Strategies Adopted By Major Players in the Functional Safety Market (25 Companies)
     11.5 Analysis of the Product Portfolio of Major Players in the Functional Safety Market (25 Companies)
*Top 25 Companies Analyzed for This Study are – ABB Ltd. (Switzerland); Emerson Electric Co. (US); Honeywell International Inc. (US); Rockwell Automation, Inc. (US); Schneider Electric SE (France); Siemens AG (Germany); TUV Rheinland (Germany); Yokogawa Electric Corporation (Japan); Endress+Hauser Management AG (Switzerland); Exida.Com LLC (US); General Electric Co. (US); Hima Paul Hildebrandt GmbH (Germany); Mitsubishi Electric Corp. (Japan); Omron Corporation (Japan); Pilz GmbH & Co. Kg (Germany); Ul LLC (US); BEI Sensor (US); Bosch Rextroth Group (Germany); Moore Industries-International, Inc. (US); Pepperl+Fuchs GmbH (Germany); Phoenix Contact (Germany); Balluf Inc. (US); Intel Corporation (US); Mangan Software Solutions (US); Renesas Electronics Corporation (Japan)
     11.6 Competitive Situation and Trends
             11.6.1 New Product Launches and Developments
             11.6.2 Partnerships, Agreements, and Contracts
             11.6.3 Acquisitions and Collaborations

12 Company Profile (Page No. - 129)
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View)*
     12.1 Introduction
     12.2 ABB Ltd.
     12.3 Emerson Electric Co.
     12.4 Rockwell Automation, Inc.
     12.5 Schneider Electric SE
     12.6 Siemens AG
     12.7 General Electric Co.
     12.8 Honeywell International Inc.
     12.9 Omron Corporation
     12.10 Yokogawa Electric Corporation
     12.11 Endress+Hauser Management AG
     12.12 Hima Paul Hildebrandt GmbH + Co Kg
     12.13 TUV Rheiland AG
     12.14 Key Innovators
             12.14.1 Intel Corporation
             12.14.2 Balluf Inc.
             12.14.3 Mangan Software Solutions

*Details on Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 168)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Report
     13.7 Author Details


List of Tables (69 Tables)

Table 1 Functional Safety Market, in Terms of Value and Volume, 2014–2022 (USD Billion)
Table 2 SIL-Related Measures
Table 3 Functional Safety Market, By Device, 2014–2022 (USD Million)
Table 4 By Market for Safety Sensors, By System, 2014–2022 (USD Million)
Table 5 By Market for Safety Switches, By System, 2014–2022 (USD Million)
Table 6 By Market for Safety Controllers/ Modules/Relays, By System, 2014–2022 (USD Million)
Table 7 By Market for Programmable Safety Systems, By System, 2014–2022 (USD Million)
Table 8 By Market for Emergency Stop Devices, By System, 2014–2022 (USD Million)
Table 9 By Market for Valves, By System, 2014–2022 (USD Million)
Table 10 By Market for Actuators, By System, 2014–2022 (USD Million)
Table 11 By Market for Other Devices, By System, 2014–2022 (USD Million)
Table 12 By Market, By System, 2014–2022 (USD Million)
Table 13 By Market for Safety Instrumented Systems, 2014–2022 (USD Million)
Table 14 By Market for Industrial Control Systems, 2014–2022 (USD Million)
Table 15 Market for Emergency Shutdown Systems for Process Industry, By Application, 2014–2022 (USD Million)
Table 16 By Market for Emergency Shutdown Systems for Discrete Industry, By Application, 2014–2022 (USD Million)
Table 17 By Market for Emergency Shutdown Systems, By Region, 2014–2022 (USD Million)
Table 18 By Market for Fire & Gas Monitoring Control for Process Industry, By Application, 2014–2022 (USD Million)
Table 19 By Market for Fire & Gas Monitoring Control for Discrete Industry, By Application, 2014–2022 (USD Million)
Table 20 By Market for Fire & Gas Monitoring Control, By Region, 2014–2022 (USD Million)
Table 21 By Market for Turbomachinery Control for Process Industry, By Application, 2014–2022 (USD Million)
Table 22 By Market for Turbomachinery Control, By Region, 2014–2022 (USD Million)
Table 23 By Market for Burner Management Systems for Process Industry, By Application, 2014–2022 (USD Million)
Table 24 By Market for Burner Management Systems, By Region, 2014–2022 (USD Million)
Table 25 By Market for High-Integrity Pressure Protection Systems for Process Industry, By Application, 2014–2022 (USD Million)
Table 26 By Market for High-Integrity Pressure Protection Systems, By Region, 2014–2022 (USD Million)
Table 27 By Market for SCADA Systems for Process Industry, By Application, 2014–2022 (USD Million)
Table 28 By Market for SCADA Systems for Discrete Industry, By Application, 2014–2022 (USD Million)
Table 29 By Market for SCADA Systems, By Region, 2014–2022 (USD Million)
Table 30 By Market for Distributed Control Systems for Process Industry, By Application, 2014–2022 (USD Million)
Table 31 By Market for Distributed Control Systems, By Region, 2014–2022 (USD Million)
Table 32 Functional Safety Market, By Application, 2014–2022 (USD Million)
Table 33 By Market for Process Industry, By Application, 2014–2022 (USD Million)
Table 34 By Market for Discrete Industry, By Application, 2014–2022 (USD Million)
Table 35 By Market for Oil and Gas Industry, By System, 2014–2022 (USD Million)
Table 36 By Market for Oil and Gas Industry, By Region, 2014–2022 (USD Million)
Table 37 By Market for Power Generation Industry, By System, 2014–2022 (USD Million)
Table 38 By Market for Power Generation Industry, By Region, 2014–2022 (USD Million)
Table 39 By Market for Chemical Industry, By System, 2014–2022 (USD Million)
Table 40 By Market for Chemical Industry, By Region, 2014–2022 (USD Million)
Table 41 By Market for Food and Beverages Industry, By System, 2014–2022 (USD Million)
Table 42 By Market for Food and Beverages Industry, By Region, 2014–2022 (USD Million)
Table 43 By Market for Water and Wastewater Industry, By System, 2014–2022 (USD Million)
Table 44 By Market for Water and Wastewater Industry, By Region, 2014–2022 (USD Million)
Table 45 By Market for Pharmaceutical and Biotech Industry, By System, 2014–2022 (USD Million)
Table 46 By Market for Pharmaceutical and Biotech Industry, By Region, 2014–2022 (USD Million)
Table 47 By Market for Metal & Mining Industry, By System, 2014–2022 (USD Million)
Table 48 By Market for Metal & Mining Industry, By Region, 2014–2022 (USD Million)
Table 49 By Market for Other Process Industry, By System, 2014–2022 (USD Million)
Table 50 By Market for Other Process Industry, By Region, 2014–2022 (USD Million)
Table 51 By Market for Automotive Industry, By System, 2014–2022 (USD Million)
Table 52 By Market for Automotive Industry, By Region, 2014–2022 (USD Million)
Table 53 By Market for Railway Industry, By System, 2014–2022 (USD Million)
Table 54 By Market for Railway Industry, By Region, 2014–2022 (USD Million)
Table 55 By Market for Medical Industry, By System, 2014–2022 (USD Million)
Table 56 By Market for Medical Industry, By Region, 2014–2022 (USD Million)
Table 57 Functional Safety Market, By Region, 2014–2022 (USD Million)
Table 58 By Market in North America, 2014–2022 (USD Million)
Table 59 By Market in North America, By System, 2014–2022 (USD Million)
Table 60 By Market in Europe, 2014–2022 (USD Million)
Table 61 By Market in Europe, By System, 2014–2022 (USD Million)
Table 62 By Market in APAC, 2014–2022 (USD Million)
Table 63 By Market in APAC, By System, 2014–2022 (USD Million)
Table 64 By Market in RoW, 2014–2022 (USD Million)
Table 65 By Market in RoW, By System, 2014–2022 (USD Million)
Table 66 Ranking of the Key Players in the Functional Safety Market, 2016
Table 67 Most Significant Product Launches in the Functional Safety Market, 2015–2017
Table 68 Most Significant Partnerships and Agreements in the Functional Safety Market, 2015–2017
Table 69 Most Significant Acquisitions and Collaborations in the Functional Safety Market, 2015–2017


List of Figures (53 Figures)

Figure 1 Markets Covered
Figure 2 Functional Safety Market: Research Design
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach to Arrive at the Market Size
Figure 5 Data Triangulation
Figure 6 Functional Safety Market, in Terms of Value and Volume, 2014–2022
Figure 7 Functional Safety Market, By System, 2014–2022, (USD Billion)
Figure 8 Functional Safety Market for Power Generation Applications to Grow at the Highest Rate Between 2017 and 2022
Figure 9 Automotive Application to Hold the Largest Share of the Functional Safety Market for the Discrete Industry By 2022
Figure 10 By Market in APAC to Grow at the Highest Rate During the Forecast Period
Figure 11 Increasing Demand for Function Safety in Oil and Gas Applications to Drive Market Growth During the Forecast Period
Figure 12 Safety Sensors to Hold the Largest Share of the Functional Safety Market During the Forecast Period
Figure 13 Market for Power Generation Applications to Grow at the Highest Rate Between 2017 and 2022
Figure 14 Europe to Hold the Largest Share of the Functional Safety Market in 2017
Figure 15 By Market in APAC to Grow at the Highest Rate During the Forecast Period
Figure 16 US to Hold the Largest Share of the Functional Safety Market in 2017
Figure 17 Functional Safety Market Dynamics
Figure 18 Functional Safety Lifecycle
Figure 19 Functional Safety Market, By Device
Figure 20 Safety Sensors to Hold the Largest Size of the Functional Safety Market in During the Forecast Period
Figure 21 Market for Fire and Gas Monitoring to Grow at the Highest Rate Between 2017 and 2022
Figure 22 Fire and Gas Monitoring Control to Dominate the Functional Safety Market for Programmable Safety Systems During the Forecast Period
Figure 23 Functional Safety Market, By System
Figure 24 Emergency Shutdown Systems to Hold the Largest Size of the Market for Safety Instrumented Systems By 2022
Figure 25 Emergency Shutdown System Market for Power Generation Industry to Grow at the Highest Rate During the Forecast Period
Figure 26 Market for Turbomachinery Control in APAC to Grow at the Highest Rate Between 2017 and 2022
Figure 27 Market for High-Integrity Pressure Protection Systems for Power Generation Industry to Grow at the Highest Rate Between 2017 and 2022
Figure 28 Oil & Gas Industry to Hold the Largest Size of the Functional Safety Market for SCADA Systems By 2022
Figure 29 Functional Safety Market, By Application
Figure 30 Market for Power Generation Industry to Grow at the Highest Rate Between 2017 and 2022
Figure 31 Market for Power Generation Industry in APAC to Grow at the Highest Rate During the Forecast Period
Figure 32 Europe to Hold the Largest Size of the Functional Safety Market for Water and Wastewater Industry By 2022
Figure 33 Functional Safety Market for Automotive Industry in APAC to Grow at the Highest Rate During the Forecast Period
Figure 34 Geographical Snapshot: Functional Safety Market
Figure 35 Market for Fire and Gas Monitoring Control in North America to Grow at the Highest Rate During the Forecast Period
Figure 36 Snapshot of the Functional Safety Market in Europe
Figure 37 Snapshot of the Functional Safety Market in APAC
Figure 38 Emergency Shutdown Systems to Hold the Largest Size of the Functional Safety Market in RoW in 2017
Figure 39 Key Growth Strategies Adopted By the Companies Between 2015 and 2017
Figure 40 Dive Chart
Figure 41 Battle for Market Share : New Product Launches and Developments Emerged as Key Strategies Between 2015 and 2017
Figure 42 Geographic Revenue Mix of Top 5 Players (2016)
Figure 43 ABB Ltd.: Company Snapshot
Figure 44 Emerson Electric Co.: Company Snapshot
Figure 45 Rockwell Automation, Inc.: Company Snapshot
Figure 46 Schneider Electric SE: Company Snapshot
Figure 47 Siemens AG: Company Snapshot
Figure 48 General Electric Co.: Company Snapshot
Figure 49 Honeywell International Inc.: Company Snapshot
Figure 50 Omron Corporation: Company Snapshot
Figure 51 Yokogawa Electric Corporation: Company Snapshot
Figure 52 Endress+ Hauser Management AG: Company Snapshot (2015)
Figure 53 TUV Rheinland AG: Company Snapshot

The functional safety market is expected to be valued at USD 7.19 Billion by 2022, growing at a CAGR of 8.2% between 2016 and 2022. Mandatory safety standards and government policies, rising emphasis on proactive functional safety systems, and increasing demand for functional safety systems in the oil & gas industry are some of the major factors driving the growth of the market. High initial investments related to the installation of functional safety systems act as a major restraining factors for the growth of this market. This market has been segmented on the basis of device, system, application, and geography.

Safety sensors held the largest share of the overall functional safety market in 2016. Safety sensors are widely used in various components that form a part of the safety instrumented such as emergency shutdown systems (ESDs), high-integrity pressure protection systems (HIPPSs), fire and gas monitoring systems (FGSs), burner management systems (BMSs), and turbo machinery control systems (TMCs). The increasing security requirements for protecting workers and production units from any accidents, according to the strict functional safety regulations fulfilling the national and international standards, are driving the demand for safety sensors

Emergency shutdown systems (ESD) held the largest share of the overall functional safety market in 2016. Internationally recognized standards such as ANSI/ISA S84.01 and IEC 61508 serve as guidelines to ensure functional safety to mitigate or avoid hazardous situations. During an emergency, an ESD system shuts down the process in a safe and orderly manner. Various parameters are considered while implementing an ESD system, such as cost effectiveness of the system, compliance with current government rules and regulations, litigation costs that may occur in case of the absence of an ESD system. The rising demand for functional safety-certified ESD in the process and discrete industries and the increasing implementation of regulatory measures pertaining to functional safety by several governments are the key factors driving the growth of the market for ESD systems.

Oil & gas applications held the largest share of the functional safety market in 2016. Functional safety is a matter of concern in the oil & gas industry. Continuous developments in the oil & gas industry require safety automation technologies for handling complex processes. The lack of proper safety instrumented systems in the oil & gas industry may lead to production loss, stress on affected components and systems, and hazards during system restoration. Due to this, the adoption of safety instrumented systems in the oil & gas industry is increasing.

Functional Safety Market

APAC is expected to be the fastest-growing market for functional safety between 2017 and 2022. With the growing automotive and manufacturing sectors, China has become one of the countries witnessing the highest adoption of functional safety solutions in APAC. In APAC, China holds the largest market share, and the market in this country is also expected to grow at a high rate between 2017 and 2022. The said market in APAC is expected to witness a significant growth in the coming years due to the rising industrialization in emerging economies such as China and India. These countries have already adopted functional safety solutions for various process applications such as oil & gas and power generation. The increasing adoption of safety automation solutions in the process industries in this region is contributing to the growth of the market in APAC.

Key market players such as Siemens AG (Germany), Rockwell Automation, Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), Emersion Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), General Electric Co. (US), Omron Corporation (Japan), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), and Yokogawa Electric Corporation (Japan) are focusing on product launches and developments, acquisitions, collaborations, partnerships, and agreements strategies to enhance their product offerings and expand their businesses.

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