Market Research Report
Functional Safety Global Market Report 2022
|Functional Safety Global Market Report 2022|
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
“Functional Safety Global Market Report 2022 ” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global functional safety market.
This report focuses on functional safety market which is experiencing strong growth. The report gives a guide to the functional safety market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the functional safety market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Functional Safety market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider functional safety market, and compares it with other markets.
Markets Covered: 1) By Offering: Component; Service
2) By System: Emergency Shutdown System (ESD); Fire and Gas Monitoring System; High Integrity Pressure Protection System (HIPPS); Burner Management System (BMS); Turbomachinery Control (TMC)
3) By Industry: Oil and gas; Power Generation; Chemicals; Food and Beverages; Water and Wastewater; Pharmaceuticals; Metal and Mining; Other Industries
Companies Mentioned: Siemens AG; ABB Ltd.; Honeywell; General Electric Co.; Schneider Electric SE
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Major players in the functional safety market are: Siemens AG, ABB Ltd., Honeywell International Inc., General Electric Co., Schneider Electric SE, Rockwell Automation Inc., Emerson Electric Co., TUV Rheinland, HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG, Intertek's, Omron Corporation, Yokogawa Electric Corporation, DEKRA Group, and Balluff.
The global functional safety market is expected to grow from $4.67 billion in 2021 to $5.10 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The functional safety market is expected to grow to $6.60 billion in 2026 at a CAGR of 6.6%.
The functional safety market consists of sales of the functional safety components and services by-entities (organizations, sole traders, and partnerships) that are used to automatically prevent and control dangerous failures when they occur. Functional safety is a component of a system's or equipment's overall safety, and it focuses on electronics and their accompanying software, which must respond to their inputs correctly and should also have predictable failure answers. Functional safety provides manufacturers the ability to operate closer to their margins with confidence in a well-defined functional safety environment.
The main types of offerings in functional safety are component and service. Service may assist in minimizing risk and optimizing systems in a variety of ways, including product design, safety chain management, performance and safety assessments, and more. The different systems include emergency shutdown systems (ESD), fire and gas monitoring systems, high integrity pressure protection systems (HIPPS), burner management systems (BMS), and turbomachinery control (TMC), and are used in several industries such as oil and gas, power generation, chemicals, food and beverages, water and wastewater, pharmaceuticals, metal and mining, and others.
North America was the largest region in the functional saftey market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the functional safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The functional safety market research report is one of a series of new reports from The Business Research Company that provides functional safety market statistics, including functional safety industry global market size, regional shares, competitors with a functional safety market share, detailed functional safety market segments, market trends and opportunities, and any further data you may need to thrive in the functional safety industry. This functional safety market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Rising demand for safety systems in the oil and gas industry is expected to propel the growth of the functional safety market going forward. The number of accidents in the oil and gas industry is increasing due to explosions and fires, slips and falls, operating heavy machinery, temperature extremes, and exposure to toxic chemicals. Major players in the oil and gas industry are adopting safety systems. For instance, according to the International Association of Oil and Gas Producers (IOGP) report, accidents in the oil and gas industry reveal that the number of accidents has decreased from 25% in 2019 to 14% in 2020. This is mainly due to increased awareness of safety standards and the use of functional safety equipment at the sites. Thus, the increasing demand for safety systems in the oil and gas industry is contributing to the growth of the functional safety market.
Technological advancements have emerged as a key trend gaining popularity in the functional safety market. Major companies operating in the functional safety sector are adopting new technological solutions to sustain their position. For instance, in October 2020, Honeywell International, Inc., a US-based technology and manufacturing company, launched the first tools from its new Connected Life Safety Services (CLSS) suite. It is the first all-in-one cloud platform for fire safety systems that allows fire technicians to reduce time spent on design, installation, commissioning, inspection, maintenance, and reporting of life safety systems while minimizing disruption.
In January 2021, ERM, a UK-based company that provides safety services, acquired Engineering Safety Consultants (ESC) for an undisclosed amount. Through this acquisition, ECS aims to enhance its capabilities and capacity in terms of technology and process safety services. Engineering Safety Consultants is a UK-based company that provides functional safety services, helping clients with risk, reliability, and SIL studies.
The countries covered in the functional safety market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.