Dublin, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global functional safety market size is estimated to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027, at a CAGR of 6.8%.
Mandates for safety regulations play a significant role in the growth of the functional safety market. The US government and governments of countries in Europe are undertaking constructive measures to prevent accidents by enforcing regulations related to personnel and process safety and installing certified equipment, including explosion-proof sensors, switches, and actuators in hazardous locations.
Systems compliant with SIL 3 accounted for the largest share in the functional safety market in 2021
The systems compliant with SIL 3 accounted for the largest share in the functional safety market in 2021 and witnessed the fastest growth in the global functional safety market, by SIL type. Presently, systems based on this safety compliance are adopted by most companies in the functional safety market.
For instance, Schneider Electric offers a safety PLC controller, named Modicon M580, which is compliant with SIL 3 and is being used in process industries such as power generation, oil & gas, metals & mining, and water & wastewater treatment. Further, Triconex, a brand of Schneider Electric, provides Trident safety instrumented systems with SIL 3 certification, which are used in various industrial applications such as upstream and midstream oil and gas, chemicals, and pharmaceuticals.
In 2021, the distributors/resellers sales channel contributed the highest to the functional safety market
Distributors/resellers are considered partners with the manufacturers and are closely associated with the manufacturers. For a newly established company that does not have brand recognition in the market, a strong distributor relationship can help establish effective sales in various regions. The distributors buy the products directly from the manufacturers, hold the inventory of the products, offer after-sale services, and resell the products to resellers or sometimes to the end-users directly. In 2021, the distributors/resellers segment contributed the highest to the functional safety market, by sales channel.
The market in North America is expected to grow at a significant CAGR from 2022 to 2027
The market in North America is expected to grow at a significant CAGR from 2022 to 2027. The market in this region is expected to hold a significant share owing to the stringent functional safety regulations in the US and Canada that are strictly followed across various process industries. Safety standards developed by OSHA, ANSI, and CSA Group have forced various industries to implement functional safety at their workplaces.
In addition, a rising focus on workplace safety in the oil & gas and refining industries has promoted encouraging investments in the functional safety market in North America. North America in this study comprises the US and Canada, which are the major oil and gas producing countries. Further, several suppliers and manufacturers of safety systems have their facilities in the region. Rockwell Automation Inc. (US), General Electric Company (US), Emerson Electric Co. (US), and Honeywell International Inc. (US) are among the key players in the functional safety market in North America.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities for Functional Safety Market
4.2 Functional Safety Market, by Device
4.3 Functional Safety Market, by System
4.4 Functional Safety Market, by Industry
4.5 Functional Safety Market in North America, by Country and Industry
4.6 Functional Safety Market, by Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
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
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
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
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
5.3 Value Chain Analysis
5.4 Ecosystem Analysis
5.4.1 Process Flow Analysis of Functional Safety Market
5.5 Pricing Analysis
5.5.1 Average Selling Prices of Components Offered by Key Players
5.6 Trends/Disruptions Impacting Customer's Business
5.7 Technology Analysis
5.8 Porter's Five Forces Analysis
5.9 Key Stakeholders & Buying Criteria
5.9.1 Key Stakeholders in Buying Process
5.9.2 Buying Criteria
5.10 Case Studies
5.11 Trade Analysis
5.12 Patent Analysis
5.13 Key Conferences & Events, 2022-2023
5.14 Regulatory Bodies, Government Agencies, and Other Organizations
5.14.1 Standards
6 Functional Safety Market, by Device
6.1 Introduction
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
6.2.2 Safety Controllers/Modules/Relays
6.2.2.1 Safety Relays Operate Efficiently to Meet Existing Safety Standards
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
6.2.4 Safety Switches
6.2.4.1 Safety Switches are Designed to Protect Operators and Equipment in Automation Plants
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
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
6.2.7 Emergency Stop Devices
6.2.7.1 Emergency Stop Devices Provide Workers Means of Stopping Devices During Emergencies
6.2.8 Others
6.3 Services
6.3.1 Design, Engineering, & Maintenance Services are Expected to Hold Largest Size of Functional Safety Services Market
6.3.2 Testing, Inspection, & Certification
6.3.3 Design, Engineering, & Maintenance
6.3.4 Training & Consulting
7 Functional Safety Market, by System
7.1 Introduction
7.2 Emergency Shutdown Systems
7.2.1 Emergency Shutdown Systems are Designed to Minimize Damages in Emergency Situations
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
7.4 Turbomachinery Controls
7.4.1 Turbomachinery Controls Provide Safety from Unexpected Breakdowns in Plants
7.5 Burner Management Systems
7.5.1 Bms Helps in Safe and Reliable Monitoring, Operations, and Maintenance of All Combustion Assets in Plants
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
7.7 Distributed Control Systems
7.7.1 Dcs Maintains Digital Communication Between Various Components and Allows Effective Control Over Processes
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
8 Functional Safety Market, by Industry
8.1 Introduction
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
8.2.1.2 Upstream
8.2.1.3 Midstream
8.2.1.4 Downstream
8.2.2 Power Generation
8.2.2.1 Power Generation Industry Uses Burner Management Systems for Protecting Plants from Hazards
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
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
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
8.2.6 Pharmaceuticals
8.2.6.1 Effective Safety Instrumented System Prevents Potential Hazards and Ensures Machine Safety in Pharmaceuticals Industry
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
8.2.8 Others
8.3 Discrete Industry
8.3.1 Automotive
8.3.1.1 Machine Safety Systems Used in Automotive Industry Detect Unsafe Conditions
8.3.2 Railways
8.3.2.1 Functional Safety Systems Improve Railways and Associated Infrastructure Safety by Continuously Monitoring Various Critical Parameters
8.3.3 Medical
8.3.3.1 Stringent Safety Standards and Regulatory Compliances for Medical Industry are Driving Demand for Functional Safety Systems
9 Functional Safety Market, by Sil Type
9.1 Introduction
9.2 Sil 2
9.3 Sil 3
9.4 Sil 4
10 Functional Safety Market, by Sales Channel
10.1 Introduction
10.2 Direct Channel
10.3 Distributors/Resellers
10.4 System Integrators
11 Geographic Analysis
12 Competitive Landscape
12.1 Introduction
12.2 Key Player Strategies/Right to Win
12.3 Top 5 Company Revenue Analysis
12.4 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
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
12.7 Functional Safety Market: Company Footprint
12.8 Competitive Benchmarking
12.9 Competitive Situations and Trends
12.9.1 Functional Safety Market: Product Launches
12.9.2 Functional Safety Market: Deals
13 Company Profiles
13.1 Key Players
13.1.1 Schneider Electric
13.1.2 Abb Ltd.
13.1.3 Honeywell International Inc.
13.1.4 Emerson Electric Co.
13.1.5 Rockwell Automation Inc.
13.1.6 Yokogawa Electric Corporation
13.1.7 Hima Paul Hildebrandt GmbH
13.1.8 General Electric Company
13.1.9 Omron Corporation
13.1.10 Siemens
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 Tuv Sud Ag
13.2.9 Tuv Rheinland
13.2.10 Sgs
14 Adjacent & Related Markets
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/551wc6
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