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Global Functional Safety Market Expected to Generate a Value of USD 7.1 Billion by End of the Forecast Period, 2019-2024 - ResearchAndMarkets.com

December 27, 2019 GMT

DUBLIN--(BUSINESS WIRE)--Dec 27, 2019--

The “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” report has been added to ResearchAndMarkets.com’s offering.

The functional safety market is estimated to grow from USD 4.6 billion in 2019 to USD 7.1 billion by 2024, at a CAGR of 8.8%.

Functional safety market to exhibit significant growth during 2019-2024

The key factors driving the market’s growth include 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. However, high investment required for installing functional safety systems and lack of awareness and complexity of standards will likely restrain the growth.

Market for fire & gas monitoring systems to grow at highest CAGR during forecast period

The fire and gas monitoring system market is estimated to grow at the highest CAGR from 2019 to 2024. Fire and gas safety systems continuously monitor fire or combustible/toxic gas leakages and provide early warning to prevent escalations. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries, thereby contributing to the high growth of the market for fire & gas systems.

Oil & gas industry to hold major share of functional safety market during forecast period

The oil & gas industry is expected to hold the majority market share from 2019 to 2024. The oil & gas industry faces different types of risks and hazards, thereby giving rise to serious accidents that might have an adverse impact on people, assets, and environment. In avoiding such incidents, functional safety becomes a matter of utmost importance. Various safety instrumented systems are used in the oil & gas industry. For instance, ESDs are used to minimize the consequences of emergencies by shutting down systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control. Further, HIPPS are used to safeguard pipelines, vessels, and process packages against overpressure.

Europe to be largest market for functional safety systems during forecast period

Europe is expected to lead the global functional safety market, in terms of size, from 2019 to 2024. The functional safety and functional safety requirements are stringent in Europe; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. A few key market players, such as ABB (Switzerland), Omron (Japan), and Siemens (Germany), offer safety solutions and services to manufacturing companies in Europe.

Reasons to buy the report:

Key Topics Covered:

1 Introduction

1.1 Study Objectives

1.2 Market Definition and Scope

1.3 Study Scope

1.4 Currency

1.5 Limitations

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.2 Market Size Estimation

2.3 Market Breakdown & Data Triangulation

2.4 Research Assumptions

3 Executive Summary

4 Premium Insights

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

5.1 Introduction

5.2 Market Dynamics

5.3 Safety Integrity Level (SIL)

5.4 Process Flow Analysis of Functional Safety

6 Functional Safety Market, By System

6.1 Introduction

6.2 Emergency Shutdown System (ESD)

6.3 Fire & Gas Monitoring

6.4 High Integrity Pressure Protection System (HIPPS)

6.5 Burner Management System (BMS)

6.6 Turbomachinery Control (TMC)

7 Functional Safety Market, By Offering

7.1 Introduction

7.2 Component

7.3 Service

8 Functional Safety Market, By Industry

8.1 Introduction

8.2 Oil & Gas

8.3 Food & Beverages

8.4 Pharmaceuticals

8.5 Chemicals

8.6 Power Generation

8.7 Metals & Mining

8.8 Water & Wastewater

8.9 Others

9 Geographic Analysis

9.1 Introduction

9.2 North America

9.3 Europe

9.4 APAC

9.5 RoW

10 Competitive Landscape

10.1 Overview

10.2 Market Ranking Analysis: Functional Safety Market

10.3 Competitive Leadership Mapping

10.4 Strength of Product Portfolio

10.5 Business Strategy Excellence

10.6 Competitive Situation & Trends

11 Company Profiles

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

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KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY ENERGY HARDWARE OIL/GAS

SOURCE: Research and Markets

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PUB: 12/27/2019 09:34 AM/DISC: 12/27/2019 09:34 AM

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