According to
the new market research report "Functional Safety Market
by Device (Safety Sensors, Safety PLCs, Safety Relays, Valves, Actuators),
System (Emergency shutdown System, Turbomachinery Control, Fire and Gas
Monitoring Control, HIPPS, BMS, SCADA, DCS), Application - Global Forecast to
2022", the functional safety market is expected to be
valued at 7.19 Billion by 2022, growing at a CAGR of 8.2% between 2017 and
2022.
Mandatory
functional safety standards and government policies, rising emphasis on
proactive functional safety systems, and increasing demand for safety
instrumented systems in the chemical and oil & gas industries, owing to the
rising incidents of accidents in these industries, are driving the growth of
the market.
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“Oil & gas applications
held the largest size of the overall functional safety market in 2016“
Oil &
gas applications held the largest size of the overall functional safety market
in 2016. Oil & gas process plants are prone to potential incidents that can
affect people, assets, and the environment in and outside the plants.
Functional safety is a matter of concern in the oil & gas industry. The
lack of proper safety instrumented systems in the oil & gas industry may
lead to production loss, stress on affected components and systems, and hazards
during system restoration. Due to this, the adoption of safety instrumented
systems in the oil & gas industry is increasing, thereby driving market
growth.
“Emergency shutdown (ESD) systems to hold the largest share of the
function safety market for safety instrumented systems by 2022”
Internationally
recognized standards such as ANSI/ISA S84.01 and IEC 61508 serve as guidelines
to ensure functional safety to mitigate or avoid hazardous situations. During
an emergency, an ESD system shuts down the process in a safe and orderly
manner. Various parameters are considered while implementing an ESD system,
such as cost effectiveness of the system, compliance with current government
rules and regulations, litigation costs that may occur in case of the absence
of an ESD system. The rising demand for functional safety-certified emergency
shutdown systems (ESD) in the process and discrete industries and the
increasing implementation of regulatory measures pertaining to functional
safety by several governments are the key factors driving the growth of the
market for ESD systems.
“Functional safety market in APAC expected to grow at a high rate
between 2017 and 2022”
APAC is
expected to be a fast-growing market for functional safety in the next five
years. The growth of the market can be attributed to the increasing
industrialization in emerging economies such as China and India. China and
India have already adopted functional safety in various processes such as oil
& gas and power generation. Functional safety solutions such as safety
instrumented systems are required to provide functional safety for automation
solutions such as SCADA and DCS. The adoption of safety automation solutions in
the manufacturing industries in this region is increasing significantly with
rapid industrialization, thereby contributing to market growth.
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The major
players operating in this market are Siemens AG (Germany), Rockwell Automation
Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson
Electric Co. (US). The other players in this market include General Electric
Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH
(Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany),
OMRON Corporation (Japan), and Yokogawa Electric Corporation (Japan).
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