[177 Pages Report] The functional safety market
is expected to be valued at USD 7.19 Billion in 2022, growing at a CAGR
of 8.2% during the forecast period. 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 are the key
factors driving the growth of this market.
High
initial investments related to the installation of functional safety
systems act as a major restraining factors for the growth of this
market. This market has been segmented on the basis of device, system,
application, and geography.
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Safety sensors held the largest share of the overall functional safety market in 2016. Safety
sensors are widely used in various components that form a part of the
safety instrumented such as emergency shutdown systems (ESDs),
high-integrity pressure protection systems (HIPPSs), fire and gas
monitoring systems (FGSs), burner management systems (BMSs), and turbo
machinery control systems (TMCs). The increasing security requirements
for protecting workers and production units from any accidents,
according to the strict functional safety regulations fulfilling the
national and international standards, are driving the demand for safety
sensors.
Emergency
shutdown systems (ESD) held the largest share of the overall functional
safety market in 2016. 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 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.
Oil
& gas applications held the largest share of the functional safety
market in 2016. Functional safety is a matter of concern in the oil
& gas industry. Continuous developments in the oil & gas
industry require safety automation technologies for handling complex
processes. 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.
APAC
is expected to be the fastest-growing market for functional safety
between 2017 and 2022. With the growing automotive and manufacturing
sectors, China has become one of the countries witnessing the highest
adoption of functional safety solutions in APAC. In APAC, China holds
the largest market share, and the market in this country is also
expected to grow at a high rate between 2017 and 2022.
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Key
market players such as Siemens AG (Germany), Rockwell Automation, Inc.
(US), ABB Ltd. (Switzerland), Schneider Electric SE (France), Emersion
Electric Co. (US), Honeywell International Inc. (US), HIMA Paul
Hildebrandt GmbH (Germany), General Electric Co. (US), Omron Corporation
(Japan), Endress+Hauser Management AG (Switzerland), TUV Rheinland
(Germany), and Yokogawa Electric Corporation (Japan) are focusing on
product launches and developments, acquisitions, collaborations,
partnerships, and agreements strategies to enhance their product
offerings and expand their businesses.
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