Functional Safety Market by Device, System, Application - Global Forecast to 2022

  • ID: 4267761
  • Report
  • Region: Global
  • 179 Pages
  • Markets and Markets
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The Functional Safety Market Is Expected to Grow at a CAGR of 8.2% Between 2017 and 2022 to Reach USD 7.19 Billion by 2022

FEATURED COMPANIES

  • ABB Ltd. (Switzerland)
  • BEI Sensor (US)
  • Exida.Com LLC (US)
  • Intel Corporation (US)
  • Phoenix Contact (Germany)
  • TUV Rheinland (Germany)
  • MORE

The key factors driving the growth of the this market include 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. However, high initial investments related to the installation of functional safety systems act as a major restraining factor for the growth of this market.

“Safety sensors to hold the largest share of the functional safety market by 2022”

Safety sensors are used in automatic safety barriers, edges, electronic safety sensors, emergency stop (e-stop), palm buttons, safety controls, laser scanners, light curtains, mats, optoelectronic devices (single and multi-beam), and two-hand safety controls. The increasing security requirements for protecting workers and production units from any accidents, according to the strict regulations fulfilling the national and international standards, are driving the demand for safety sensors.

“Market for fire & gas monitoring control to grow at a high rate between 2017 and 2022”

Fire and gas safety systems continuously monitor situations such as a fire or combustible or toxic gas release within the plant; provide early warning; and guide on preventing escalation of the incident and protecting the process or environment. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries such as oil & gas, chemical, and power generation, thereby contributing to the high growth of the market for fire and gas monitoring control.

“Market for power generation applications to grow at a high rate between 2017 and 2022”

The functional safety market for power generation applications is expected to grow at a high rate during the forecast period. Safety systems play an important role in maintaining functional safety and efficiency of power plants. Some of the major benefits of applying safety instrumented systems in power plants are efficiency improvement, operation optimization, unplanned downtime reduction, and high cost savings. Due to this, safety instrumented systems are widely adopted in power generation plants, which is contributing to market growth.

“Europe to hold the largest share of the overall functional safety market during the forecast period”

The implementation of various directives and industrial process and machine safety regulations in the region is driving the demand for functional safety systems. Europe follows safety standards such as EN 61508, EN 61511, and EN 62061. 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.

The break-up of the profiles of primary participants for the report has been given below:

  • By Company Type: Tier 1 – 20%, Tier 2 – 43%, and Tier 3 – 37%
  • By Designation: C–Level Executives – 65% and Directors– 35%
  • By Region: North America - 24%, Europe – 38%, APAC – 23%, and RoW – 15%

Research Coverage:
The research report covers the overall functional safety market on the basis of device, system, application, and geography. The market, on the basis of device, has been segmented into safety sensors, safety switches, safety controllers/modules/relays, programmable safety systems, emergency stop devices, valves, actuators, and others. Based on system, the market has been classified into safety instrumented systems and industrial control systems. The market, on the basis of application, has been segmented into process industry and discrete industry. The process industry has been further segmented into oil & gas, chemicals, power generation, food & beverages, metal & mining, water & wastewater, pharmaceuticals and biotech, and others; and the discrete industry has been subsegmented into automotive, railways, and medical. The report covers the market in four major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Key Benefits of Buying the Report:

  • Illustrative segmentations, analyses, and forecasts for the market based on device, system, application, and geography have been conducted to give an overall view of the functional safety market.
  • The major drivers, restraints, opportunities, and challenges for the functional safety market have been detailed in this report.
  • The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • ABB Ltd. (Switzerland)
  • BEI Sensor (US)
  • Exida.Com LLC (US)
  • Intel Corporation (US)
  • Phoenix Contact (Germany)
  • TUV Rheinland (Germany)
  • MORE
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Package Size
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Break Down of Primary Interviews
2.1.2.2 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing Market Share By Bottom-Up Analysis (Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Share By Top-Down Analysis (Supply Side)
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Functional Safety Market
4.2 Functional Safety Market, By Device (2017-2022)
4.3 Functional Safety Market for Process Industry (2017-2022)
4.4 Functional Safety Market, By Application and Region (2017)
4.5 Functional Safety Market, By Region
4.6 Functional Safety Market, By Geography (2017)

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Mandatory Safety Standards and Government Regulations
5.2.1.2 Rising Emphasis on Proactive Functional Safety Systems
5.2.1.3 Increasing Adoption of Functional Safety Systems in the Oil & Gas Industry
5.2.2 Restraints
5.2.2.1 High Initial Investments Related to the Installation of Functional Safety Systems
5.2.3 Opportunities
5.2.3.1 Evolution of Industrial Revolution 4.0
5.2.3.2 Increased Scope for Advance Driver Assistance System (ADASS)
5.2.4 Challenges
5.2.4.1 Increasing Complexity of Safety Applications
5.2.4.2 Lack of Functional Safety Certified Workforce

6 Industry Trends
6.1 Introduction
6.2 Functional Safety Lifecycle
6.3 Safety Integrity Level (SIL)
6.4 Functional Safety Standards
6.4.1 Process Industry
6.4.1.1 IEC 61508
6.4.1.2 IEC 61511
6.4.2 Machinery
6.4.2.1 IEC 62061
6.4.3 Railway
6.4.3.1 IEC 62278
6.4.3.2 IEC 62279
6.4.3.3 IEC 62425
6.4.4 Automotive
6.4.4.1 ISO 26262
6.4.5 Cyber Security
6.4.5.1 IEC 62443

7 Functional Safety Market, By Device
7.1 Introduction
7.2 Safety Sensors
7.3 Safety Switches
7.4 Safety Controllers/Modules/Relays
7.5 Programmable Safety Systems
7.6 Emergency Stop Devices
7.7 Final Control Elements
7.7.1 Valves
7.7.2 Actuators
7.8 Others

8 Functional Safety Market, By System
8.1 Introduction
8.2 Safety Instrumented Systems (SIS)
8.2.1 Emergency Shutdown Systems (ESD)
8.2.2 Fire & Gas Monitoring Control
8.2.3 Turbomachinery Control (TMC)
8.2.4 Burner Management System (BMS)
8.2.5 High-Integrity Pressure Protection Systems (HIPPS)
8.3 Industrial Control Systems
8.3.1 Supervisory Control and Data Acquisition (SCADA) Systems
8.3.2 Distributed Control System (DCS)

9 Functional Safety Market, By Application
9.1 Introduction
9.2 Process Industry
9.2.1 Oil & Gas
9.2.2 Power Generation
9.2.3 Chemical
9.2.4 Food and Beverages
9.2.5 Water and Wastewater
9.2.6 Pharmaceutical and Biotech
9.2.7 Metal & Mining
9.2.8 Others
9.3 Discrete Industries
9.3.1 Automotive
9.3.2 Railways
9.3.3 Medical

10 Functional Safety Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Rest of Europe
10.4 APAC
10.4.1 China
10.4.2 Japan
10.4.3 South Korea
10.4.4 India
10.4.5 Rest of APAC
10.5 RoW
10.5.1 Middle East
10.5.2 Africa
10.5.3 South America

11 Competitive Landscape
11.1 Introduction
11.2 Market Ranking Analysis: Functional Safety Market
11.3 Vendor Dive Overview
11.3.1 Vanguards
11.3.2 Dynamic
11.3.3 Innovators
11.3.4 Emerging
11.4 Business Strategies Adopted By Major Players in the Functional Safety Market (25 Companies)
11.5 Analysis of the Product Portfolio of Major Players in the Functional Safety Market (25 Companies)

*Top 25 Companies Analyzed for This Study are - ABB Ltd. (Switzerland); Emerson Electric Co. (US); Honeywell International Inc. (US); Rockwell Automation, Inc. (US); Schneider Electric SE (France); Siemens AG (Germany); TUV Rheinland (Germany); Yokogawa Electric Corporation (Japan); Endress+Hauser Management AG (Switzerland); Exida.Com LLC (US); General Electric Co. (US); Hima Paul Hildebrandt GmbH (Germany); Mitsubishi Electric Corp. (Japan); Omron Corporation (Japan); Pilz GmbH & Co. Kg (Germany); Ul LLC (US); BEI Sensor (US); Bosch Rextroth Group (Germany); Moore Industries-International, Inc. (US); Pepperl+Fuchs GmbH (Germany); Phoenix Contact (Germany); Balluf Inc. (US); Intel Corporation (US); Mangan Software Solutions (US); Renesas Electronics Corporation (Japan)

11.6 Competitive Situation and Trends
11.6.1 New Product Launches and Developments
11.6.2 Partnerships, Agreements, and Contracts
11.6.3 Acquisitions and Collaborations

12 Company Profile
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View)*
12.1 Introduction
12.2 ABB Ltd.
12.3 Emerson Electric Co.
12.4 Rockwell Automation, Inc.
12.5 Schneider Electric SE
12.6 Siemens AG
12.7 General Electric Co.
12.8 Honeywell International Inc.
12.9 Omron Corporation
12.10 Yokogawa Electric Corporation
12.11 Endress+Hauser Management AG
12.12 Hima Paul Hildebrandt GmbH + Co Kg
12.13 TUV Rheiland AG
12.14 Key Innovators
12.14.1 Intel Corporation
12.14.2 Balluf Inc.
12.14.3 Mangan Software Solutions

*Details on Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store
13.4 Introducing RT: Real Time Market Intelligence
13.5 Available Customizations
13.6 Related Report
13.7 Author Details

List of Tables

Table 1 Functional Safety Market, in Terms of Value and Volume, 2014-2022 (USD Billion)
Table 2 SIL-Related Measures
Table 3 Functional Safety Market, By Device, 2014-2022 (USD Million)
Table 4 Functional Safety Market for Safety Sensors, By System, 2014-2022 (USD Million)
Table 5 Functional Safety Market for Safety Switches, By System, 2014-2022 (USD Million)
Table 6 Functional Safety Market for Safety Controllers/ Modules/Relays, By System, 2014-2022 (USD Million)
Table 7 Functional Safety Market for Programmable Safety Systems, By System, 2014-2022 (USD Million)
Table 8 Functional Safety Market for Emergency Stop Devices, By System, 2014-2022 (USD Million)
Table 9 Functional Safety Market for Valves, By System, 2014-2022 (USD Million)
Table 10 Functional Safety Market for Actuators, By System, 2014-2022 (USD Million)
Table 11 Functional Safety Market for Other Devices, By System, 2014-2022 (USD Million)
Table 12 Functional Safety Market, By System, 2014-2022 (USD Million)
Table 13 Functional Safety Market for Safety Instrumented Systems, 2014-2022 (USD Million)
Table 14 Functional Safety Market for Industrial Control Systems, 2014-2022 (USD Million)
Table 15 Market for Emergency Shutdown Systems for Process Industry, By Application, 2014-2022 (USD Million)
Table 16 Functional Safety Market for Emergency Shutdown Systems for Discrete Industry, By Application, 2014-2022 (USD Million)
Table 17 Functional Safety Market for Emergency Shutdown Systems, By Region, 2014-2022 (USD Million)
Table 18 Functional Safety Market for Fire & Gas Monitoring Control for Process Industry, By Application, 2014-2022 (USD Million)
Table 19 Functional Safety Market for Fire & Gas Monitoring Control for Discrete Industry, By Application, 2014-2022 (USD Million)
Table 20 Functional Safety Market for Fire & Gas Monitoring Control, By Region, 2014-2022 (USD Million)
Table 21 Functional Safety Market for Turbomachinery Control for Process Industry, By Application, 2014-2022 (USD Million)
Table 22 Functional Safety Market for Turbomachinery Control, By Region, 2014-2022 (USD Million)
Table 23 Functional Safety Market for Burner Management Systems for Process Industry, By Application, 2014-2022 (USD Million)
Table 24 Functional Safety Market for Burner Management Systems, By Region, 2014-2022 (USD Million)
Table 25 Functional Safety Market for High-Integrity Pressure Protection Systems for Process Industry, By Application, 2014-2022 (USD Million)
Table 26 Functional Safety Market for High-Integrity Pressure Protection Systems, By Region, 2014-2022 (USD Million)
Table 27 Functional Safety Market for SCADA Systems for Process Industry, By Application, 2014-2022 (USD Million)
Table 28 Functional Safety Market for SCADA Systems for Discrete Industry, By Application, 2014-2022 (USD Million)
Table 29 Functional Safety Market for SCADA Systems, By Region, 2014-2022 (USD Million)
Table 30 Functional Safety Market for Distributed Control Systems for Process Industry, By Application, 2014-2022 (USD Million)
Table 31 Functional Safety Market for Distributed Control Systems, By Region, 2014-2022 (USD Million)
Table 32 Functional Safety Market, By Application, 2014-2022 (USD Million)
Table 33 Functional Safety Market for Process Industry, By Application, 2014-2022 (USD Million)
Table 34 Functional Safety Market for Discrete Industry, By Application, 2014-2022 (USD Million)
Table 35 Functional Safety Market for Oil and Gas Industry, By System, 2014-2022 (USD Million)
Table 36 Functional Safety Market for Oil and Gas Industry, By Region, 2014-2022 (USD Million)
Table 37 Functional Safety Market for Power Generation Industry, By System, 2014-2022 (USD Million)
Table 38 Functional Safety Market for Power Generation Industry, By Region, 2014-2022 (USD Million)
Table 39 Functional Safety Market for Chemical Industry, By System, 2014-2022 (USD Million)
Table 40 Functional Safety Market for Chemical Industry, By Region, 2014-2022 (USD Million)
Table 41 Functional Safety Market for Food and Beverages Industry, By System, 2014-2022 (USD Million)
Table 42 Functional Safety Market for Food and Beverages Industry, By Region, 2014-2022 (USD Million)
Table 43 Functional Safety Market for Water and Wastewater Industry, By System, 2014-2022 (USD Million)
Table 44 Functional Safety Market for Water and Wastewater Industry, By Region, 2014-2022 (USD Million)
Table 45 Functional Safety Market for Pharmaceutical and Biotech Industry, By System, 2014-2022 (USD Million)
Table 46 Functional Safety Market for Pharmaceutical and Biotech Industry, By Region, 2014-2022 (USD Million)
Table 47 Functional Safety Market for Metal & Mining Industry, By System, 2014-2022 (USD Million)
Table 48 Functional Safety Market for Metal & Mining Industry, By Region, 2014-2022 (USD Million)
Table 49 Functional Safety Market for Other Process Industry, By System, 2014-2022 (USD Million)
Table 50 Functional Safety Market for Other Process Industry, By Region, 2014-2022 (USD Million)
Table 51 Functional Safety Market for Automotive Industry, By System, 2014-2022 (USD Million)
Table 52 Functional Safety Market for Automotive Industry, By Region, 2014-2022 (USD Million)
Table 53 Functional Safety Market for Railway Industry, By System, 2014-2022 (USD Million)
Table 54 Functional Safety Market for Railway Industry, By Region, 2014-2022 (USD Million)
Table 55 Functional Safety Market for Medical Industry, By System, 2014-2022 (USD Million)
Table 56 Functional Safety Market for Medical Industry, By Region, 2014-2022 (USD Million)
Table 57 Functional Safety Market, By Region, 2014-2022 (USD Million)
Table 58 Functional Safety Market in North America, 2014-2022 (USD Million)
Table 59 Functional Safety Market in North America, By System, 2014-2022 (USD Million)
Table 60 Functional Safety Market in Europe, 2014-2022 (USD Million)
Table 61 Functional Safety Market in Europe, By System, 2014-2022 (USD Million)
Table 62 Functional Safety Market in APAC, 2014-2022 (USD Million)
Table 63 Functional Safety Market in APAC, By System, 2014-2022 (USD Million)
Table 64 Functional Safety Market in RoW, 2014-2022 (USD Million)
Table 65 Functional Safety Market in RoW, By System, 2014-2022 (USD Million)
Table 66 Ranking of the Key Players in the Functional Safety Market, 2016
Table 67 Most Significant Product Launches in the Functional Safety Market, 2015-2017
Table 68 Most Significant Partnerships and Agreements in the Functional Safety Market, 2015-2017
Table 69 Most Significant Acquisitions and Collaborations in the Functional Safety Market, 2015-2017

List of Figures

Figure 1 Markets Covered
Figure 2 Functional Safety Market: Research Design
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach to Arrive at the Market Size
Figure 5 Data Triangulation
Figure 6 Functional Safety Market, in Terms of Value and Volume, 2014-2022
Figure 7 Functional Safety Market, By System, 2014-2022, (USD Billion)
Figure 8 Functional Safety Market for Power Generation Applications to Grow at the Highest Rate Between 2017 and 2022
Figure 9 Automotive Application to Hold the Largest Share of the Functional Safety Market for the Discrete Industry By 2022
Figure 10 Functional Safety Market in APAC to Grow at the Highest Rate During the Forecast Period
Figure 11 Increasing Demand for Function Safety in Oil and Gas Applications to Drive Market Growth During the Forecast Period
Figure 12 Safety Sensors to Hold the Largest Share of the Functional Safety Market During the Forecast Period
Figure 13 Market for Power Generation Applications to Grow at the Highest Rate Between 2017 and 2022
Figure 14 Europe to Hold the Largest Share of the Functional Safety Market in 2017
Figure 15 Functional Safety Market in APAC to Grow at the Highest Rate During the Forecast Period
Figure 16 US to Hold the Largest Share of the Functional Safety Market in 2017
Figure 17 Functional Safety Market Dynamics
Figure 18 Functional Safety Lifecycle
Figure 19 Functional Safety Market, By Device
Figure 20 Safety Sensors to Hold the Largest Size of the Functional Safety Market in During the Forecast Period
Figure 21 Market for Fire and Gas Monitoring to Grow at the Highest Rate Between 2017 and 2022
Figure 22 Fire and Gas Monitoring Control to Dominate the Functional Safety Market for Programmable Safety Systems During the Forecast Period
Figure 23 Functional Safety Market, By System
Figure 24 Emergency Shutdown Systems to Hold the Largest Size of the Market for Safety Instrumented Systems By 2022
Figure 25 Emergency Shutdown System Market for Power Generation Industry to Grow at the Highest Rate During the Forecast Period
Figure 26 Market for Turbomachinery Control in APAC to Grow at the Highest Rate Between 2017 and 2022
Figure 27 Market for High-Integrity Pressure Protection Systems for Power Generation Industry to Grow at the Highest Rate Between 2017 and 2022
Figure 28 Oil & Gas Industry to Hold the Largest Size of the Functional Safety Market for SCADA Systems By 2022
Figure 29 Functional Safety Market, By Application
Figure 30 Market for Power Generation Industry to Grow at the Highest Rate Between 2017 and 2022
Figure 31 Market for Power Generation Industry in APAC to Grow at the Highest Rate During the Forecast Period
Figure 32 Europe to Hold the Largest Size of the Functional Safety Market for Water and Wastewater Industry By 2022
Figure 33 Functional Safety Market for Automotive Industry in APAC to Grow at the Highest Rate During the Forecast Period
Figure 34 Geographical Snapshot: Functional Safety Market
Figure 35 Market for Fire and Gas Monitoring Control in North America to Grow at the Highest Rate During the Forecast Period
Figure 36 Snapshot of the Functional Safety Market in Europe
Figure 37 Snapshot of the Functional Safety Market in APAC
Figure 38 Emergency Shutdown Systems to Hold the Largest Size of the Functional Safety Market in RoW in 2017
Figure 39 Key Growth Strategies Adopted By the Companies Between 2015 and 2017
Figure 40 Dive Chart
Figure 41 Battle for Market Share : New Product Launches and Developments Emerged as Key Strategies Between 2015 and 2017
Figure 42 Geographic Revenue Mix of Top 5 Players (2016)
Figure 43 ABB Ltd.: Company Snapshot
Figure 44 Emerson Electric Co.: Company Snapshot
Figure 45 Rockwell Automation, Inc.: Company Snapshot
Figure 46 Schneider Electric SE: Company Snapshot
Figure 47 Siemens AG: Company Snapshot
Figure 48 General Electric Co.: Company Snapshot
Figure 49 Honeywell International Inc.: Company Snapshot
Figure 50 Omron Corporation: Company Snapshot
Figure 51 Yokogawa Electric Corporation: Company Snapshot
Figure 52 Endress+ Hauser Management AG: Company Snapshot (2015)
Figure 53 TUV Rheinland AG: Company Snapshot
Note: Product cover images may vary from those shown
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  • ABB Ltd. (Switzerland)
  • BEI Sensor (US)
  • Balluf Inc. (US)
  • Bosch Rextroth Group (Germany)
  • Emerson Electric Co. (US)
  • Endress+Hauser Management AG (Switzerland)
  • Exida.Com LLC (US)
  • General Electric Co. (US)
  • Hima Paul Hildebrandt GmbH (Germany)
  • Honeywell International Inc. (US)
  • Intel Corporation (US)
  • Mangan Software Solutions (US)
  • Mitsubishi Electric Corp. (Japan)
  • Moore Industries-International, Inc. (US)
  • Omron Corporation (Japan)
  • Pepperl+Fuchs GmbH (Germany)
  • Phoenix Contact (Germany)
  • Pilz GmbH & Co. Kg (Germany)
  • Renesas Electronics Corporation (Japan)
  • Rockwell Automation, Inc. (US)
  • Schneider Electric SE (France)
  • Siemens AG (Germany)
  • TUV Rheinland (Germany)
  • Ul LLC (US)
  • Yokogawa Electric Corporation (Japan)
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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