[177 Pages Report] The functional safety market is expected to be valued at USD 7.19 Billion in 2022, growing at a CAGR of 8.2% during the forecast period. Mandatory functional safety standards and government policies, rising emphasis on proactive functional safety systems, and increasing demand for safety instrumented systems in the chemical and oil & gas industries are the key factors driving the growth of this market.
High initial investments related to the installation of functional safety systems act as a major restraining factors for the growth of this market. This market has been segmented on the basis of device, system, application, and geography.
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Safety sensors held the largest share of the overall functional safety market in 2016. Safety sensors are widely used in various components that form a part of the safety instrumented such as emergency shutdown systems (ESDs), high-integrity pressure protection systems (HIPPSs), fire and gas monitoring systems (FGSs), burner management systems (BMSs), and turbo machinery control systems (TMCs). The increasing security requirements for protecting workers and production units from any accidents, according to the strict functional safety regulations fulfilling the national and international standards, are driving the demand for safety sensors.
Emergency shutdown systems (ESD) held the largest share of the overall functional safety market in 2016. Internationally recognized standards such as ANSI/ISA S84.01 and IEC 61508 serve as guidelines to ensure functional safety to mitigate or avoid hazardous situations. During an emergency, an ESD system shuts down the process in a safe and orderly manner. Various parameters are considered while implementing an ESD system, such as cost effectiveness of the system, compliance with current government rules and regulations, litigation costs that may occur in case of the absence of an ESD system. The rising demand for functional safety-certified ESD in the process and discrete 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 for ESD systems.
Oil & gas applications held the largest share of the functional safety market in 2016. Functional safety is a matter of concern in the oil & gas industry. Continuous developments in the oil & gas industry require safety automation technologies for handling complex processes. The lack of proper safety instrumented systems in the oil & gas industry may lead to production loss, stress on affected components and systems, and hazards during system restoration. Due to this, the adoption of safety instrumented systems in the oil & gas industry is increasing.
APAC is expected to be the fastest-growing market for functional safety between 2017 and 2022. With the growing automotive and manufacturing sectors, China has become one of the countries witnessing the highest adoption of functional safety solutions in APAC. In APAC, China holds the largest market share, and the market in this country is also expected to grow at a high rate between 2017 and 2022.
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Key market players such as Siemens AG (Germany), Rockwell Automation, Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), Emersion Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), General Electric Co. (US), Omron Corporation (Japan), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), and Yokogawa Electric Corporation (Japan) are focusing on product launches and developments, acquisitions, collaborations, partnerships, and agreements strategies to enhance their product offerings and expand their businesses.
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