DUBLIN--(BUSINESS WIRE)--The "Functional Safety Market by Offering (Component (Safety Sensor, Programmable Safety System, Final Control Element), Services), System (ESD, TMC, F&G, HIPPS, BMS), Industry (Oil & Gas, Chemicals, Power Generation), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The functional safety market is estimated to grow from USD 4.6 billion in 2019 to USD 7.1 billion by 2024, at a CAGR of 8.8%.
Functional safety market to exhibit significant growth during 2019-2024
The key factors driving the market's growth include 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. However, high investment required for installing functional safety systems and lack of awareness and complexity of standards will likely restrain the growth.
Market for fire & gas monitoring systems to grow at highest CAGR during forecast period
The fire and gas monitoring system market is estimated to grow at the highest CAGR from 2019 to 2024. Fire and gas safety systems continuously monitor fire or combustible/toxic gas leakages and provide early warning to prevent escalations. 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, thereby contributing to the high growth of the market for fire & gas systems.
Oil & gas industry to hold major share of functional safety market during forecast period
The oil & gas industry is expected to hold the majority market share from 2019 to 2024. The oil & gas industry faces different types of risks and hazards, thereby giving rise to serious accidents that might have an adverse impact on people, assets, and environment. In avoiding such incidents, functional safety becomes a matter of utmost importance. Various safety instrumented systems are used in the oil & gas industry. For instance, ESDs are used to minimize the consequences of emergencies by shutting down systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control. Further, HIPPS are used to safeguard pipelines, vessels, and process packages against overpressure.
Europe to be largest market for functional safety systems during forecast period
Europe is expected to lead the global functional safety market, in terms of size, from 2019 to 2024. The functional safety and functional safety requirements are stringent in Europe; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. A few key market players, such as ABB (Switzerland), Omron (Japan), and Siemens (Germany), offer safety solutions and services to manufacturing companies in Europe.
Reasons to buy the report:
- Illustrative segmentation, analysis, and forecast for markets based on offering, system, industry, and geography have been conducted to give an overall view of the functional safety market.
- A value chain analysis has been performed to provide an in-depth insight into the functional safety market.
- 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 revenues of key players.
Key Topics Covered:
1.1 Study Objectives
1.2 Market Definition and Scope
1.3 Study Scope
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Functional Safety Market
4.2 Market, By System
4.3 Market, By Component
4.4 Market, By Service
4.5 Market, By Offering
4.6 Market, By Region
5 Market Overview
5.2 Market Dynamics
5.3 Safety Integrity Level (SIL)
5.4 Process Flow Analysis of Functional Safety
6 Functional Safety Market, By System
6.2 Emergency Shutdown System (ESD)
6.3 Fire & Gas Monitoring
6.4 High Integrity Pressure Protection System (HIPPS)
6.5 Burner Management System (BMS)
6.6 Turbomachinery Control (TMC)
7 Functional Safety Market, By Offering
8 Functional Safety Market, By Industry
8.2 Oil & Gas
8.3 Food & Beverages
8.6 Power Generation
8.7 Metals & Mining
8.8 Water & Wastewater
9 Geographic Analysis
9.2 North America
10 Competitive Landscape
10.2 Market Ranking Analysis: Functional Safety Market
10.3 Competitive Leadership Mapping
10.4 Strength of Product Portfolio
10.5 Business Strategy Excellence
10.6 Competitive Situation & Trends
11 Company Profiles
11.1 Key Players
11.1.1 Schneider Electric
11.1.5 Hima Paul
11.1.7 Emerson Electric
11.1.10 Siemens Ag
11.2 Right to Win
11.3 Other Key Players
11.3.1 Johnson Controls
11.3.2 Balluff GmbH
11.3.3 Mogas Industries
11.3.4 Pietro Fiorentini (Arvan SRL)
11.3.5 Frames Group
11.3.8 Dekra SE
11.3.9 TUV SUD
11.3.10 TUV Rheinland
11.3.11 SGS Group
11.3.13 Velan Inc
11.3.14 Paladon Systems Ltd.
11.3.15 Proserv Ingenious Simplicity
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