According to the new 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 2025", published by MarketsandMarkets™, the
Functional Safety Market was worth USD 4.4 billion in
2020 and is projected to reach USD 5.3 billion by
2025, at a CAGR of 3.8%.
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, rise in industrial revolution 4.0 and Fiscal policy steps
taken by regional financial institutions to keep manufacturing facilities
floating amidst COVID-19 crisis.
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Safety sensors to
lead functional safety market by 2025
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
The increasing adoption of functional safety solutions to comply
with these standards and workplace safety regulations is driving the growth of
the market in this region. Further, Currently, Russia,
the UK, and Norway are the key oil and
gas-producing countries based in Europe and
are the major contributors to the European functional safety market growth.
However, Europe region is one of the
most affected regions by COVID-19, economically. The outbreak of COVID-19 has
caused a major setback to the export-oriented economy of Europe owing to the shutting down of
manufacturing plants in the country. The automotive industry of Europe is severely affected as most of the
automobile trade of the country takes place with China and Italy.
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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