According to the market research report "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", was worth USD 4.6 billion in 2019 and is projected to reach USD
7.1 billion by 2024, at a CAGR of 8.8%.
The major factors fueling the 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.
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Safety sensors to lead functional safety market by 2024
The rising demand for functional safety-certified sensors in
process 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. Moreover, sensors used in a safety system are
developed and designed to ensure safe, logic-based outputs in case a
measurement or signal transmission does not occur. Safety sensors are used in
automatic safety barriers, edges, electronic safety sensors, emergency stops
(e-stops), palm buttons, safety controls, laser scanners, light curtains, mats,
optoelectronic devices (single and multi-beam), and two-hand safety controls.
Further, safety sensor is leading functional safety market as they perform
important functions such as continuous process sensing and finding
inconsistencies within processes.
Emergency shutdown systems to hold largest share of functional
safety market during forecast period
The rising demand for functional safety-certified ESD systems in
several industries and the increasing implementation of functional safety
measures by several governments are the key factors driving the growth of the
market for ESD systems. Oil & gas plants are prone to incidents that can
adversely affect people and the environment. Functional safety systems such as
emergency shutdown systems can considerably reduce the risk of accidents in oil
& gas plants by initiating plant shutdown in emergencies. Therefore,
functional safety systems are widely used in the oil & gas industry. ESD
systems are widely used in petrochemicals, pharmaceuticals, manufacturing,
power, and healthcare industries.
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Europe to be largest market for functional safety systems during
forecast period
Europe presents a substantial market for functional safety
systems as functional safety standards are strictly followed within the
European Economic Area (comprises all European Union countries). The region’s
safety standards and directives restrict the supply and operations of machines
that do not meet the regulatory requirements. The region’s stringent regulatory
standards and safety directives are driving the growth of the functional safety
market in Europe.
Major players in the functional safety market include Emerson
(US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France),
Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens
(Germany), and Others.
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Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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