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Overview

The global functional safety market is expected to reach USD 5,691.0 million by 2026 at a CAGR of 5.33% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years. In the past, walkie talkie was mainly used for security purposes. The functional safety systems are also used as fire and gas monitoring control, turbo machinery control, and burner management systems, among others. In 2017, Exida certified Emerson Process Management Valve Automation, Inc. for functional safety required for maintaining safety and integrity.

Competitive Analysis

The key players of the global functional safety market are Honeywell International Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc., and Yokogawa Electric Corporation among others.

In December 2017, Rockwell Automation acquired Odos Imaging, a Scottish technology company that provides three-dimensional, time-of-flight sensing systems for industrial imaging applications. This acquisition enabled the company to expand its portfolio of smart sensing and safety products, an important part of the foundation for The Connected Enterprise.

June 2017, Rockwell Automation launched the Allen-Bradley GuardShield 450L safety light curtain system designed to enhance safety while improving productivity through transceiver technology. The light curtain system features a patented transceiver design that employs plug-in modules to establish each unit’s function as a transmitter or receiver. Once powered up, the transceiver learns its functionality from the plug-in module.

In June 2018, Yokogawa launched the OpreX Profit-driven Operation, a solution for process industries that drives seamless alignment with plant management objectives across the organization. The solution is centered on a methodology of interrelated performance indicators distilled from Yokogawa’s extensive domain knowledge and promotes profitability by optimizing the balance between conflicting objectives.

Read more@ https://www.marketresearchfuture.com/reports/functional-safety-market-3220

Segmental Analysis

The global functional safety market has been segmented based on devices, system, end-user, and region.

Based on system, the global market has been segmented into safety instrumented systems (sis), turbo machinery control (TMC), supervisory control system, burner management systems (BMS), emergency shutdown systems (ESD), fire & gas monitoring control, industrial control systems, high-integrity pressure protection systems (HIPPS),  distributed control systems (DCS). The industrial control systems segment accounted for the largest market share of 16.4% in 2019, with a market value of USD 654.4 million; it is expected to register a CAGR of 4.9% during the forecast period. The supervisory control systems segment was the second-largest market in 2019, valued at USD 569.0 million; it is projected to exhibit a CAGR of 5.3%. As per the ISA S84.01 and IEC 61508, SIS is defined as a distinct, reliable system that is used to safeguard a process to prevent a catastrophic release of toxic, flammable, or explosive chemicals. These systems are responsible for ensuring the safe operations in a plant or facility and monitoring the condition of values and the parameters of a plant within the operational limits, whenever the operation exceeds such limits. Functional safety for turbine and controls is one of the major needs in the energy sector as a small mishap can result in the loss of human lives and high damage costs. A safety supervisory control system is an integrated system that comprises a hardware and software component designed to monitor and regulate complex industrial processes. BMS is a safety solution, which enables the safe start-up, operation, and shut down of multiple process burners in a facility. ESD are specifically designed to minimize the effects of emergencies such as uncontrolled flooding, gas leaks, and fire outbreak, among others. HIPPS is a safety system designed to prevent unsafe conditions in work environments caused by high pressure. A HIPPS solution primarily consists of an initiator, logic solver, and final element.

By end user, the market has been segmented into oil & gas, metal & mining, retail and wholesale, manufacturing, food & beverage, water & wastewater, and others. The oil & gas segment accounted for the largest market share of 25.4% in 2019, with a market value of USD 1,012.5 million; it is expected to register a CAGR of 6.3% during the forecast period. Governments across the globe impose heavy restrictions on oil and gas companies owing to the risks associated with their operations. Mining and metal companies across the world are rapidly adopting automation to modernize operations. They are increasing the deployment of automated drilling operations and driverless haulage trucks, driving efficiency, increasing productivity, and decreasing expenditure. The increasing adoption of IoT in the retail sector is expected to drive the demand for functional safety systems in the global market during the forecast period. The growing population has led to an increase in demand for products, resulting in heavy pressure on the manufacturing industry. The food & beverage industry is under continuous pressure to provide high-quality products at the lowest price with consistent production.

The global functional safety market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. North America accounted for the largest market share of 35.22% in 2019, with a market value of USD 1,406.7 million; the market is expected to register the highest CAGR of 5.8% during the forecast period. Europe was the second-largest market in 2019, valued at USD 1,233.1 million; the market is projected to exhibit a CAGR of 4.6%. North America dominates the functional safety market based on the region due to existing infrastructure and major players’ presence in this region. Due to strict government regulations related to the designing and assessment of machinery for all its functions in all operating modes, Europe was the second largest region.

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