Market Research Future (MRFR) projects that the functional safety market 2020 can be valued at USD 8.7 Billion by 2023-end. MRFR adds that the market is expected to achieve a growth rate of 8.64% between 2017 and 2023 (appraisal period).
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Top Boosters and Main Barriers
With the rising deployment of automated equipment for testing, processing and manufacturing control, the importance of preventing equipment injuries as well as environmental damage has surged significantly. Mounting expectations of governments as well as workers have compelled manufacturers to make use of unique methods to design components that can cater to the safety requirements. Increasing norms for industrial safety are boosting the need for functional safety management and are also inducing significant market growth across the globe.
In recent years, industrial disasters have noted an alarming surge, pushing the need for improved safety. Therefore, a rising number of industrial control systems now require IEC 61508 safety certification. To cite a reference, in June 2019, the Philadelphia Energy Solutions refinery was subjected to an explosion that ended up destroying the alkylation unit, leading to the plant closing down and getting into financial troubles. Apart from this, a functional safety certification is required by employees in order to gain safety skills, increase their value at work and achieve the potential for advancement and more.
The market study reveals that the functional safety services are finding use in new applications, which can lead to better market growth in the near future. In addition, the soaring demand for the Internet of things and the need to bring down the complexities in application development can also mean incredible growth prospects for the market. MBaaS is gaining favor among various enterprises, as it helps the developers easily set up and use a cloud backend to develop tablet, web apps and mobiles.
The functional safety market has been considered for devices, system and end users.
Devices-based market segments are Safety Switches, Safety Sensors, Actuators, Programmable Safety Systems, Valves, Final Control Elements, Safety Controllers /Modules / Relays, Emergency Stop Devices, and more.
The system-wise market segmentation comprises High-Integrity Pressure Protection Systems (HIPPS), Emergency Shutdown Systems (ESD), Safety Instrumented Systems, Supervisory Control And Data Acquisition (SCADA) Systems, Turbo machinery Control (TMC), Distributed Control Systems (DCS), Burner Management Systems (BMS), Fire & Gas Monitoring Control, Industrial Control Systems,
The significant end users in the function safety market are Water & Wastewater, Pharmaceuticals and Biotech, Chemicals, Discrete Industry, Process Industry, Railways, Medical, Metal & Mining, Oil & Gas, Power Generation, Food & Beverages, Automotive, and others. Functional Safety Automotive refers to IEC 61508 being adapted for the automotive industry. It states what is needed to prevent any kind of risk owing to hazards by the malfunctioning of E/E systems.
The regional study of Covid 19 Functional Safety Market includes Asia Pacific (APAC), Europe, North America, and Rest of the World (ROW).
The fastest growth will be observed by the APAC market, because of the rising use of functional safety solutions in discrete and process industries. With the continuous expansion of the automotive and manufacturing sectors, China has materialized into one of the best markets for functional safety solutions within the region. With India and China being significant manufacturing hubs in the world, the governments are concentrating on smart manufacturing methods, by boosting automation as well as industrial control systems (ICS), such as distributed control system (DCS), programmable logic controller (PLCs) and supervisory control and data acquisition (SCADA). This can increase the uptake of functional safety solutions across the manufacturing sector in these countries and also in the region.
The North American market can emerge as the top market, thanks to the government policies with regard to the safety of the systems as well as personnel coupled with the prevalence of mandatory safety standards. The top trend in the market can be the increasing deployment of digital communication systems and programmable logic controllers for functional safety.
Top companies in the functional safety industry include Siemens AG (Germany), Emerson Electric Co. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), Rockwell Automation Inc. (US), and more.
Some other leading contenders in the global market include Yokogawa Electric Corporation (Japan), HIMA Paul Hildebrandt GmbH (Germany), Omron Corporation (Japan), TUV Rheinland (Germany), Honeywell International Inc. (US), Endress+Hauser Management AG (Switzerland), General Electric Co. (US), to mention a few.
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