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Functional Safety Global Market Report 2022

Published: Pre-Order | The Business Research Company | 175 Pages | Delivery time: 2-10 business days

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Functional Safety Global Market Report 2022
Published: Pre-Order
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
  • Description
  • Table of Contents

“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.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research findings.
  • Benchmark performance against key competitors.
  • Utilize the relationships between key data sets for superior strategizing.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
  • Report will be updated with the latest data and delivered to you within 3-5 working days of order.

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.

  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The functional safety market section of the report gives context. It compares the functional safety market with other segments of the functional safety market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, functional safety market indicators comparison.

Scope

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.

Executive Summary

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.

Product Code: h1972

Table of Contents

1. Executive Summary

2. Functional Safety Market Characteristics

3. Functional Safety Market Trends And Strategies

4. Impact Of COVID-19 On Functional Safety

5. Functional Safety Market Size And Growth

  • 5.1. Global Functional Safety Historic Market, 2016-2021, $ Billion
    • 5.1.1. Drivers Of The Market
    • 5.1.2. Restraints On The Market
  • 5.2. Global Functional Safety Forecast Market, 2021-2026F, 2031F, $ Billion
    • 5.2.1. Drivers Of The Market
    • 5.2.2. Restraints On the Market

6. Functional Safety Market Segmentation

  • 6.1. Global Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Component
  • Service
  • 6.2. Global Functional Safety Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Emergency Shutdown System (ESD)
  • Fire and Gas Monitoring System
  • High Integrity Pressure Protection System (HIPPS)
  • Burner Management System (BMS)
  • Turbomachinery Control (TMC)
  • 6.3. Global Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Oil and gas
  • Power Generation
  • Chemicals
  • Food and Beverages
  • Water and Wastewater
  • Pharmaceuticals
  • Metal and Mining
  • Other Industries

7. Functional Safety Market Regional And Country Analysis

  • 7.1. Global Functional Safety Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 7.2. Global Functional Safety Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

8. Asia-Pacific Functional Safety Market

  • 8.1. Asia-Pacific Functional Safety Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
  • 8.2. Asia-Pacific Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 8.3. Asia-Pacific Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

9. China Functional Safety Market

  • 9.1. China Functional Safety Market Overview
  • 9.2. China Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
  • 9.3. China Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion

10. India Functional Safety Market

  • 10.1. India Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 10.2. India Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

11. Japan Functional Safety Market

  • 11.1. Japan Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 11.2. Japan Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

12. Australia Functional Safety Market

  • 12.1. Australia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 12.2. Australia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

13. Indonesia Functional Safety Market

  • 13.1. Indonesia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 13.2. Indonesia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

14. South Korea Functional Safety Market

  • 14.1. South Korea Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 14.2. South Korea Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

15. Western Europe Functional Safety Market

  • 15.1. Western Europe Functional Safety Market Overview
  • 15.2. Western Europe Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 15.3. Western Europe Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

16. UK Functional Safety Market

  • 16.1. UK Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 16.2. UK Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

17. Germany Functional Safety Market

  • 17.1. Germany Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 17.2. Germany Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

18. France Functional Safety Market

  • 18.1. France Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 18.2. France Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

19. Eastern Europe Functional Safety Market

  • 19.1. Eastern Europe Functional Safety Market Overview
  • 19.2. Eastern Europe Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 19.3. Eastern Europe Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

20. Russia Functional Safety Market

  • 20.1. Russia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 20.2. Russia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

21. North America Functional Safety Market

  • 21.1. North America Functional Safety Market Overview
  • 21.2. North America Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 21.3. North America Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

22. USA Functional Safety Market

  • 22.1. USA Functional Safety Market Overview
  • 22.2. USA Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 22.3. USA Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

23. South America Functional Safety Market

  • 23.1. South America Functional Safety Market Overview
  • 23.2. South America Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 23.3. South America Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

24. Brazil Functional Safety Market

  • 24.1. Brazil Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 24.2. Brazil Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

25. Middle East Functional Safety Market

  • 25.1. Middle East Functional Safety Market Overview
  • 25.2. Middle East Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 25.3. Middle East Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

26. Africa Functional Safety Market

  • 26.1. Africa Functional Safety Market Overview
  • 26.2. Africa Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • 26.3. Africa Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

27. Functional Safety Market Competitive Landscape And Company Profiles

  • 27.1. Functional Safety Market Competitive Landscape
  • 27.2. Functional Safety Market Company Profiles
    • 27.2.1. Siemens AG
      • 27.2.1.1. Overview
      • 27.2.1.2. Products and Services
      • 27.2.1.3. Strategy
      • 27.2.1.4. Financial Performance
    • 27.2.2. ABB Ltd.
      • 27.2.2.1. Overview
      • 27.2.2.2. Products and Services
      • 27.2.2.3. Strategy
      • 27.2.2.4. Financial Performance
    • 27.2.3. Honeywell International Inc.
      • 27.2.3.1. Overview
      • 27.2.3.2. Products and Services
      • 27.2.3.3. Strategy
      • 27.2.3.4. Financial Performance
    • 27.2.4. General Electric Co.
      • 27.2.4.1. Overview
      • 27.2.4.2. Products and Services
      • 27.2.4.3. Strategy
      • 27.2.4.4. Financial Performance
    • 27.2.5. Schneider Electric SE
      • 27.2.5.1. Overview
      • 27.2.5.2. Products and Services
      • 27.2.5.3. Strategy
      • 27.2.5.4. Financial Performance

28. Key Mergers And Acquisitions In The Functional Safety Market

29. Functional Safety Market Future Outlook and Potential Analysis

30. Appendix

  • 30.1. Abbreviations
  • 30.2. Currencies
  • 30.3. Research Inquiries
  • 30.4. The Business Research Company
  • 30.5. Copyright And Disclaimer