The functional safety market is expected to grow from USD 4.4 billion in 2020 to USD 5.3 billion by 2025, at a CAGR of 3.8%. The market’s growth is propelled by the Fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis, 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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COVID-19 Impact on the Global
Functional Safety Market
Covid-19 has severely impacted all the industries throughout the
globe. It is having a substantial impact on the global economy. Most companies
have put a complete stop or limit their production. The restriction put by the
government to curb the spread of the virus is what has deteriorated the
economies around the globe. However, the outbreak of COVID-19 has declined the
global market for functional safety. This is due to the disruptions in the
supply chain across the globe. The economies around the globe have declined as
there is major decline in the demand for products. The production across all
industries have been limited due to the pandemic, the shortage of raw material,
decline in exports and the disruptions in the supply chain are the major
factors contributing to the decline in the production as well as the decline in
the functional safety market.
Functional Safety
Market for services to grow at higher CAGR from 2020 to 2025
The market for services is expected to grow at
higher CAGR from 2020 to 2025. The services market pertaining to functional
safety is gaining pace with an increasing adoption of safety instrumented
systems (SIS) by manufacturing companies and growing demand for functional
safety, especially in oil & gas and chemical industries. Maintenance
services are expected to continue to hold the largest size of the functional
safety market based on service offerings, followed by testing, inspection, and
certification (TIC) services. Maintenance is a critical factor in the overall
life cycle of functional safety. After the installation of functional safety,
end users have to maintain the SIF and SIL level throughout the life cycle.
Food
& beverages industry to exhibit high growth in functional safety market
during forecast period
The food & beverages industry is expected to
grow at the highest CAGR from 2020 to 2025. The food & beverages industry
strives to achieve high quality and consistent production at a low price. This
can be achieved by making food & beverages plants more safe, flexible, and
profitable by choosing an integrated approach of automated safety control
systems such as functional safety solutions. Moreover, in food processing
plants, several dangerous machines are used for which plant managers should
follow safety regulations to avoid penalty. Nowadays, manufacturers of food
& beverages rely more on automated controls for production. To reduce the
risks of accidents and perform safe efficient operations, safety instruments
systems are implemented in these plants.
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Functional
safety market in APAC to grow at highest CAGR during forecast period
The functional safety market in APAC is expected to
grow at the highest CAGR during the forecast period. This growth would likely
be driven by increasing industrialization in emerging economies such as China
and India. The increased acceptance of international functional safety
standards is driving the growth of the market in this region. Rapid
industrialization, rising industrial emphasis, and organizational functional
safety, as well as the influence of multinational companies in adopting safety
systems, are also driving the growth of the market in APAC. In addition, the
growing number of power projects to meet the rising demand for electricity has
given momentum to the implementation of functional safety systems such as
burner management and fire and gas systems at plant locations.
Key Market Players
As of 2019, Emerson (US), Yokogawa (Japan), General
Electric (US), Omron (Japan), and Siemens (Germany) Schneider Electric
(France), Honeywell (US), ABB Ltd (Switzerland), Rockwell Automation (US), HIMA
Paul (Germany) were the major players in the functional safety market.
