Newark, NJ, Aug. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global functional safety market is expected to grow from USD 4.98 billion in 2019 and to reach USD 7.91 billion by 2027, growing at a CAGR of 5.96% during the forecast period 2020-2027.
The demand for functional safety is dependent upon many manufacturing activities. The small and medium scale industries are increasingly adopting mobile backend as a service, which is why the need for system safety has grown in the recent years, which in turn has increased the demand for functional safety. Further, the introduction of stringent regulations provided for safety assurance has fuelled market growth.
Functional safety is a part of an installed system which ensures the proper working of the whole system. It prevents any potential damage from hardware or operation failure that affects the output. Thus, functional safety provides freedom from future risks. Functional safety is also essential for the prevention of loss of life in chemical manufacturing plants. It provides automatic protection functions which can sense any type of fault in the manufacturing unit. The functional safety has to be designed as per the requirements of the business and accordingly certified to a prescribed safety standard.
The growing focus on aggressive security systems in many regions is a primary reason for market growth. Also, the increasing use of the Industrial Internet of Things (IIoT) in many verticals has opened new opportunities for the functional safety market. There are many industries which are integrating intelligent sensors, actuators, transmitters with the systems for minimizing the probability of any risk. Apart from this, digital communication systems and logic controllers are increasingly being used in industries which fall under the high-risk group. The increasing awareness among the consumers regarding safety preventions is another reason for the growing demand for functional safety in different verticals. However, the high capital expenditure during the installation process is hindering the market growth.
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Key players operating in the global functional safety market include Schneider, Emerson, Yokogawa, Siemens, Johnson Controls, Omron, ABB, Rockwell, General Electric, Balluff, Proserv Ingenious Simplicity, Hima Paul, Honeywell and others. The manufacturers of the functional safety market are seeking to gain higher market shares by adopting expansionary strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership, to strengthen their position in the market. General Electric and Schneider are some of the biggest manufacturers present in the global market of functional safety.
- In February 2020, the leading manufacturer, Rockwell, launched a product named E100 Electronic motor overload relay for the prevention of motor damage and downtime.
- In April 2019, Schneider launched a product, Easergy P5 Protection relay which is designed for the protection of critical assets. The product will also help to control the vital assets in a better and reliable way.
Emergency shutdown system (ESD) dominated the market and held the largest market share of 29.02% in the year 2019
On the basis of the system segment, the global functional safety market includes emergency shutdown system, high integrity pressure protection system, fire and gas monitoring system, burner management system, turbo-machinery control and others. Emergency shutdown system (ESD) dominated the market and held the largest market share of 29.02% in the year 2019. There are several industries which are increasingly demanding the certified ESDs for ensuring maximum safety for their systems. The ESDs are found to be most effective in oil and gas plants as these are the industries which are prone to high risks. The impact of an event is too high in the oil and gas plants, including loss of life and irreparable damage to the environment. Further, the government in certain regions have made it mandatory to install ESDs in some selected industries, which is driving the market growth.
The component segment dominated the market and held the largest market share of 63.90% in the year 2019
On the basis of the product type segment, the global functional safety market includes component and service. The component segment further includes safety switches, safety sensors, programmable safety system, emergency stop device, final control elements and safety controller/modules. The service segment is further categorized into maintenance, training & consulting, inspection and testing & certification. The component segment dominated the market and held the largest market share of 63.90% in the year 2019. The component segment has higher demand in many industries. The segment is mainly driven by the safety sensors. These safety sensors are majorly used in the process industries due to the implementation order by the government. These sensors are specifically designed for ensuring logical outputs by sensing a fault in the system. It is used in emergency stops, safety controls, edges, etc.
Process industry dominated the market and held the largest market share of 61.02% in the year 2019
The end-user segment is categorized into the process industry and discrete industry. Process industry dominated the market and held the largest market share of 61.02% in the year 2019. The process industry further includes power generation, oil and gas, water and wastewater, mining and metal, food and beverages, chemicals and pharmaceuticals. The discrete industry consists of railways, automobiles, medical and others. Process industries are more prone to an unlikely event, and the impact is also huge. Thus, the demand for functional safety is more in process industries.
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Regional Segment Analysis of the Functional safety Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global functional safety market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for the significant market share of 34.11% in the year 2019. The stringent regulations have made it compulsory for the regional industries to install functional safety. Further, the availability of advance technology along with aware population has also contributed to the market growth. However, Europe is projected to grow at the highest CAGR during the forecast period. The introduction of workplace regulations and compliance with standard laws are the reason expected to drive the market growth in the region.
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About the report:
The global functional safety market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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