Functional
safety covers the implementation of safety instrumented systems and related
services to mitigate risks associated with a process in which components such
as sensors, logic controls, and acting elements are
used. Implementing functional safety ensures that safety critical control and protective systems
are appropriately specified, designed, installed, and maintained. Safety
devices such as sensors, programmable safety systems, and final elements are an
integral part of safety instrumented systems and industrial control systems.
The
adoption of standards such as IEC 61508 and IEC 61511 has increased the dependency
on functional safety systems to achieve the required risk reduction targets.
IEC 61508 and IEC 61511 are performance-based standards that promote the
concept of the functional safety life cycle.
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The
growth of the functional
safety market is attributed to 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. The functional
safety market is expected to reach USD 7.1 billion
by 2024 from USD 4.6 billion in 2019, at
a CAGR of 8.8%. Schneider (France), Rockwell (US), and Yokogawa (Japan) are
the leading players in the functional safety market.
Schneider (France)
The company offers integrated solutions to various sectors. The company has a
wide geographic presence and a diversified product portfolio. It is strategically positioned for providing software
solutions for visualization and supervisory control, real-time operation
management, asset management, and information management in process industry
plants. The company has grown through mergers of various business
divisions; as a result, it typically offers more than one brand and product in
most markets and sectors. Its strong position in various markets that gives it
a competitive advantage. Schneider Electric has a
strong portfolio of functional safety-certified emergency stop devices and
safety instrumented systems. The company has expertise in DCS and offers a
range of safety solutions.
ABB (Switzerland)
ABB is a leading power and automation technology company. The ABB
Group was founded in 1988 as a result of
the merger between Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). ABB
offers functional safety solutions under the Industrial Automation business
segment. The company has expertise in design, manufacturing, and implementation
process safety systems. ABB has effectively installed and delivered safety
systems in over 55 countries globally. The company has a significant range of
functional safety systems that can be integrated with control systems. ABB has
launched the innovation & expansion plan (PIE) to drive profitable growth
for its businesses. The company is primarily focusing on organic growth through
product launches and developments, and expansion of its safety product
portfolio. For instance, in March 2019, the company upgraded the Ability System
800Xa; in August 2017, it launched an all-new range of AFS contactors for
safety applications. This will help the company maximize its revenue by
targeting latent opportunities in these markets.
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