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.
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According to the new market research report "Functional Safety Market by Device (Safety Sensors, Safety PLCs, Safety Relays, Valves, Actuators), System (Emergency shutdown System, Turbomachinery Control, Fire and Gas Monitoring Control, HIPPS, BMS, SCADA, DCS), Application - Global Forecast to 2022", the functional safety market is expected to be valued at 7.19 Billion by 2022, growing at a CAGR of 8.2% between 2017 and 2022. 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, owing to the rising incidents of accidents in these industries, are driving the growth of the market.
Browse 69 market data tables and 53 figures spread through 177 pages and in-depth TOC on "Functional Safety Market - Global Forecast to 2022"
“Oil & gas applications held the largest size of the overall functional safety market in 2016“
Oil & gas applications held the largest size of the overall functional safety market in 2016.
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Oil & gas process plants are prone to potential incidents that can affect people, assets, and the environment in and outside the plants. Functional safety is a matter of concern in the oil & gas industry.
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, thereby driving market growth.
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“Emergency shutdown (ESD) systems to hold the largest share of the function safety market for safety instrumented systems by 2022”
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 emergency shutdown systems (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.
“Functional safety market in APAC expected to grow at a high rate between 2017 and 2022”
APAC is expected to be a fast-growing market for functional safety in the next five years. The growth of the market can be attributed to the increasing industrialization in emerging economies such as China and India.
China and India have already adopted functional safety in various processes such as oil & gas and power generation. Functional safety solutions such as safety instrumented systems are required to provide functional safety for automation solutions such as SCADA and DCS.
The adoption of safety automation solutions in the manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth.
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The major players operating in this market are Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co.
(US). The other players in this market include General Electric Co. (US), Honeywell International Inc.
(US), HIMA Paul Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), OMRON Corporation (Japan), and Yokogawa Electric Corporation (Japan).
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