Global Functional Safety Market – Industry Analysis and Forecast (2020-2027)
Global functional safety market size was US$ 4.6 Bn in 2019 and is expected to reach US$ 9.03 Bn by 2027, at a CAGR of 8.8 % during forecast period.
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Global functional safety market Definition
Functional safety is the sub segment of the overall safety of a system or piece of equipment which are based on automatic protection. The purpose of functional safety is freedom from unbearable risk of physical injury or of damage to the health of people.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global functional safety market Dynamics
Standard safety norms, rules and regulations in each and every industry are the major driving factor behind the growth of market. Rising focus on aggressive security systems, increasing development of operational safety systems in oil and gas sector and high requirement for functional security-certified ESD in method and separate sectors are propelling the growth of market. Furthermore, growth in industrial revolution 4.0, large necessity of reliable safety systems to guarantee personnel and asset protection, rising adoption of workplace safety standards in developing economies and growing acceptance of industrial Internet of Things (Iot) are expected to improve the market growth.
However, high initial cost for installing functional safety systems is the major restraining factor that could hamper the growth of market. Also more complexity level of safety standards, lack of awareness among end user and lack of technically skilled functional safety certified workforce could hinder the growth of market.
Global Functional Safety Market: Segmentation Analysis
By devices, safety components such as sensors, switches and controllers are dominated the market in 2018 and is expected to grow at CAGR of XX% during forecast period. Safety sensors are used to detect workers who are entering hazardous areas and stop machines. A safety switches are used to switch off the electricity supply if an electrical fault is detected, to reduce the risk of electricity-related fires, electric shock, injury and death, which ultimately results into the growth of market.
By system, emergency shutdown systems segment dominated the market in 2018 and is expected keep its dominance at CAGR of XX% during forecast period. It is the process of stopping operations and isolating them from external connections or currents to minimize the possibility of an unwanted event. This system is widely used in oil and gas industry to reduce the ramification of emergency situations, associated with typically uncontrolled flooding, escape of hydrocarbons, or epidemic of fire in hydrocarbon carrying areas are expected to propel the growth of market.
Global Functional Safety Market: Regional Analysis
Region wise, Asia Pacific held the largest market share in 2018 and is expected to grow at CAGR of XX% during forecast period. The developing countries such as China, India and Japan are dominated the market. This is owing to increasing industrialization across the region. In addition, high adoption of functional safety system in industries such as oil & gas, chemicals, and power generation are driving the growth of market across the region.
The increasing acceptance of safety solution standards in the process industries is attributed to the growth of the market in the region. According to British Petroleum's Statistical Review of World Energy, 2018, more than 33% of the global refining capacity is determined in the Asia Pacific region.
The objective of the report is to present a comprehensive analysis of the Global Functional Safety Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Functional Safety Market dynamics, structure by analyzing the market segments and projects the Global Functional Safety Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Functional Safety Market make the report investor’s guide.
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The Scope of Global Functional Safety Market: Inquire before buying
Global Functional Safety Market, By Devices
• Safety Sensors
• Safety Switches
• Safety Controllers/Modules/Relays
• Programmable Safety Systems
• Emergency Stop Devices
• Final Control Elements
• Valves
• Actuators
• Other
Global Functional Safety Market, By System
• Safety Instrumented Systems
• Emergency Shutdown Systems (ESD)
• Fire & Gas Monitoring Control
• Turbo machinery 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)
Global Functional Safety Market, By End User
• Process Industry
• Oil & Gas
• Power Generation
• Chemicals
• Food & Beverages
• Water & Wastewater
• Pharmaceuticals and Biotech
• Metal & Mining
• Discrete Industry
• Automotive
• Railways
• Medical
• Others
Global Functional Safety Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Global Functional Safety Market, Key Players
• Siemens AG
• Rockwell Automation Inc
• ABB Ltd.
• Schneider Electric SE
• Emerson Electric Co
• General Electric Co
• Honeywell International Inc.
• HIMA Paul Hildebrandt GmbH
• Endress+Hauser Management AG
• TUV Rheinland
• Omron Corporation
• Yokogawa Electric Corporation
• Perforce
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