Description
Global Functional Safety Market Research Report—Forecast till 2026
Market Snapshot
Global Functional Safety Market valued is anticipated to reach USD 5,691.0 Million by 2026 with a CAGR of 5.33% during the review period, 2020–2026. Functional safety is a component of the overall safety of a system that deals with automatic protection. Many functional safety provider companies are offering services that are widely used in various sectors, such as medical, transportation, utilities, and chemical, to mitigate operational risks. These systems provide safety for the products, personnel, and equipment, among others. Functional safety systems are expected to attain notable market expansion in the global market as these solutions are used for reducing hazards via automated safety systems.
The global functional safety market is expected to register substantial market growth owing to the largest market value of USD 3,993.9 Million in 2019. The growth of the global market is attributed to the rising use of IIoT and industrial automation. Various industry segments such as oil & gas, military & aerospace, automotive, and manufacturing industries are using functional safety services to ensure security. The functional safety systems are majorly used in industrial control systems, distributed control systems, supervisory control systems, and safety instrumented systems, among others. Functional safety is appropriate for keeping an eye on sources of inputs and failure reactions to anticipate the blunder in a safeguarded way. Additionally, A portion of the high-level useful security frameworks also incorporates fire and gas observing arrangements, burner the board arrangements, and emergency closure arrangements.
Market Segmentation
Global Functional Safety Market has been segmented based on Devices, System, end-ser, and Region. By Devices segment the global market has been classified into Actuators, Safety Sensors, Final Control Elements, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Safety Switches, Valves, Others
In terms of System segment the global functional safety market has been categorized into Safety Instrumented Systems, Turbo Machinery Control (TMC), Supervisory Control System, Burner Management Systems (BMS), Emergency Shutdown Systems (ESD), Fire & Gas Monitoring Control, Industrial Control Systems, High-Integrity Pressure Protection Systems (HIPPS), Distributed Control Systems (DCS), Others. The end-User segment divides the global market into Oil & Gas, Metal and Mining, Pharmaceuticals and Biotech, Retail and Wholesale, Manufacturing, Power Generation, Others.
Regional Analysis
Geographically, Global Functional Safety Market has been studied across North America, Europe, Asia-Pacific, the rest of the world.
North America is anticipated to register a CAGR of 5.8% during the review period. The region accounted for the largest market share of 35.22% with a market value of USD 1,406.7 million, in 2019.
Europe is anticipated to exhibit the second largest market of the global functional safety market with a healthy CAGR of 4.6% during the review period. The region accounted for USD 1,233.1 million, in 2019.
Major Players
The Major Players of the Global Functional Safety Market include Honeywell International Inc., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., and Yokogawa Electric Corporation, among others.
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
Table of Contents
TABLE OF CONTENT
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
2.4 LIST OF ASSUMPTIONS
3 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 DRIVERS
4.2.1 INCREASE IN THE NUMBER OF MOBILE APPLICATIONS
4.2.2 INTRODUCTION OF GOVERNMENT POLICIES AND SAFETY STANDARDS
4.2.3 DRIVERS IMPACT ANALYSIS
4.3 RESTRAINT
4.3.1 SIGNIFICANT INVESTMENT REQUIRED FOR INSTALING FUNCTIONAL SAFETY SYSTEMS
4.3.2 RESTRAINT IMPACT ANALYSIS
4.4 OPPORTUNITY
4.4.1 INCREASING USE OF IIOT
4.5 CHALLENGE
4.5.1 LACK OF SKILLED EXPERTISE IN IMPLEMENTING FUNCTIONAL SAFETY
4.6 IMPACT OF COVID-19 ON THE GLOBAL FUNCTIONAL SAFETY MARKET
4.6.1 IMPACT ON MANUFACTURERS
4.6.2 IMPACT ON SUPPLY CHAIN
5 MARKET FACTOR ANALYSIS
5.1 VALUE CHAIN ANALYSIS
5.1.1 DESIGNERS AND PROGRAMMERS
5.1.2 SOFTWARE DEVELOPERS
5.1.3 SYSTEM INTEGRATORS
5.1.4 SERVICE PROVIDERS
5.1.5 END USERS
5.2 PORTER’S FIVE FORCES MODEL
5.2.1 THREAT OF NEW ENTRANTS
5.2.2 BARGAINING POWER OF SUPPLIERS
5.2.3 THREAT OF SUBSTITUTES
5.2.4 BARGAINING POWER OF BUYERS
5.2.5 INTENSITY OF RIVALRY
6 GLOBAL FUNCTIONAL SAFETY MARKET, BY DEVICES
6.1 OVERVIEW
6.2 ACTUATORS
6.3 SAFETY SENSORS
6.4 FINAL CONTROL ELEMENTS
6.5 SAFETY CONTROLLERS/MODULES/RELAYS
6.6 PROGRAMMABLE SAFETY SYSTEMS
6.7 EMERGENCY STOP DEVICES
6.8 SAFETY SWITCHES
6.9 VALVES
7 GLOBAL FUNCTIONAL SAFETY MARKET, BY SYSTEM
7.1 OVERVIEW
7.2 SAFETY INSTRUMENTED SYSTEMS (SIS)
7.3 TURBO MACHINERY CONTROL (TMC)
7.4 SUPERVISORY CONTROL SYSTEM
7.5 BURNER MANAGEMENT SYSTEMS (BMS)
7.6 EMERGENCY SHUTDOWN SYSTEMS (ESD)
7.7 FIRE & GAS MONITORING CONTROL
7.8 INDUSTRIAL CONTROL SYSTEMS
7.9 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS (HIPPS)
7.10 DISTRIBUTED CONTROL SYSTEMS (DCS)
8 GLOBAL FUNCTIONAL SAFETY MARKET, BY END USER
8.1 OVERVIEW
8.2 OIL & GAS
8.3 METAL & MINING
8.4 RETAIL AND WHOLESALE
8.5 MANUFACTURING
8.6 FOOD & BEVERAGES
8.7 WATER & WASTEWATER
8.8 OTHERS
9 GLOBAL FUNCTIONAL SAFETY MARKET, BY REGION
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 US
9.2.2 CANADA
9.2.3 MEXICO
9.3 EUROPE
9.3.1 UK
9.3.2 GERMANY
9.3.3 FRANCE
9.3.4 REST OF EUROPE
9.4 ASIA-PACIFIC
9.4.1 CHINA
9.4.2 JAPAN
9.4.3 INDIA
9.4.4 REST OF ASIA-PACIFIC
9.5 REST OF THE WORLD
9.5.1 MIDDLE EAST & AFRICA
9.5.2 SOUTH AMERICA
10 COMPETITIVE LANDSCAPE
10.1 COMPETITIVE OVERVIEW
10.2 COMPETITIVE BENCHMARKING
11 COMPANY PROFILES
11.1 HONEYWELL INTERNATIONAL INC.
11.1.1 COMPANY OVERVIEW
11.1.2 FINANCIAL OVERVIEW
11.1.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.1.4 KEY DEVELOPMENTS
11.1.5 SWOT ANALYSIS
11.1.6 KEY STRATEGIES
11.2 ABB LTD.
11.2.1 COMPANY OVERVIEW
11.2.2 FINANCIAL OVERVIEW
11.2.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.2.4 KEY DEVELOPMENTS
11.2.5 SWOT ANALYSIS
11.2.6 KEY STRATEGIES
11.3 SCHNEIDER ELECTRIC SE
11.3.1 COMPANY OVERVIEW
11.3.2 FINANCIAL OVERVIEW
11.3.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.3.4 KEY DEVELOPMENTS
11.3.5 SWOT ANALYSIS
11.3.6 KEY STRATEGIES
11.4 EMERSON ELECTRIC CO.
11.4.1 COMPANY OVERVIEW
11.4.2 FINANCIAL OVERVIEW
11.4.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.4.4 KEY DEVELOPMENTS
11.4.5 SWOT ANALYSIS
11.4.6 KEY STRATEGIES
11.5 GENERAL ELECTRIC CO.
11.5.1 COMPANY OVERVIEW
11.5.2 FINANCIAL OVERVIEW
11.5.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.5.4 KEY DEVELOPMENTS
11.5.5 SWOT ANALYSIS
11.5.6 KEY STRATEGIES
11.6 ENDRESS+HAUSER
11.6.1 COMPANY OVERVIEW
11.6.2 FINANCIAL OVERVIEW
11.6.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.6.4 KEY DEVELOPMENTS
11.6.5 SWOT ANALYSIS
11.6.6 KEY STRATEGIES
11.7 SIEMENS AG
11.7.1 COMPANY OVERVIEW
11.7.2 FINANCIAL OVERVIEW
11.7.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.7.4 KEY DEVELOPMENTS
11.7.5 SWOT ANALYSIS
11.7.6 KEY STRATEGIES
11.8 OMRON CORPORATION
11.8.1 COMPANY OVERVIEW
11.8.2 FINANCIAL OVERVIEW
11.8.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.8.4 KEY DEVELOPMENTS
11.8.5 SWOT ANALYSIS
11.8.6 KEY STRATEGIES
11.9 ROCKWELL AUTOMATION INC.
11.9.1 COMPANY OVERVIEW
11.9.2 FINANCIAL OVERVIEW
11.9.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.9.4 KEY DEVELOPMENTS
11.9.5 SWOT ANALYSIS
11.9.6 KEY STRATEGIES
11.10 YOKOGAWA ELECTRIC CORPORATION
11.10.1COMPANY OVERVIEW
11.10.2FINANCIAL OVERVIEW
11.10.3PRODUCTS/SOLUTIONS/SERVICES OFFERED
11.10.4KEY DEVELOPMENTS
11.10.5SWOT ANALYSIS
11.10.6KEY STRATEGIES
