Market Analysis and Insights:- Global Functional Safety Market

Global Functional Safety Market By Device (Safety Sensors, Safety Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, Others), System (Safety Instrumented Systems (SIS), Industrial Control Systems), Application (Process Industry, Discrete Industries), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Analysis: Global Functional Safety Market

Global Functional safety market is to register a Substantial CAGR of 8.76 % in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. The rise in the market value can be attributed to standard safety norms and rules, increasing focus on aggressive security systems and increased requirement for functional security-certified ESD

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Market Definition: Global Functional Safety Market

Functional safety is a particular element of security management that refers to the proper functioning of a specific device or item of machinery. It examines the prospective hazards resulting from the system failure of the device or part of the machinery. It then includes implementing back-up security policies to solve the system failure. Functional safety depends on effective structures, rather than inactive structures. Functional safety is required mostly in pharmaceutical and biotech, power generation, food and beverages, water and wastewater, oil & gas, metal & mining chemical, automotive, railways and medical.

Market Drivers:

  • Standard safety norms and rules is driving the growth of the market
  • Increasing focus on aggressive security systems is propelling the growth of the market
  • Rising implementation of operational safety systems in oil and gas sector is boosting the growth of the market
  • Increased requirement for functional security-certified ESD in method and separate sectors is contributing to the growth of the market

Market Restraints:

  • High capital expenditure in the implementation of functional safety systems is hindering the growth of the market
  • Growing difficulty of functional safety systems is hampering the growth of the market

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Segmentation: Global Functional Safety Market

By Device

  • Safety Sensors
  • Safety Switches
  • Safety Controllers/Modules/Relays
  • Programmable Safety Systems
  • Emergency Stop Devices
  • Final Control Elements
    • Valves
    • Actuators
  • Others

By System

  • Safety Instrumented Systems (SIS)
    • Emergency Shutdown Systems (ESD)
    • Fire & Gas Monitoring Control
    • Turbomachinery Control (TMC)
    • Burner Management System (BMS)
    • High-Integrity Pressure Protection Systems (HIPPS)
  • Industrial Control Systems
    • Supervisory Control and Data Acquisition (SCADA) Systems
    • Distributed Control System (DCS)

By Application

  • Process Industry
    • Oil & Gas
    • Power Generation
    • Chemical
    • Food and Beverages
    • Water and Wastewater
    • Pharmaceutical and Biotech
    • Metal & Mining
    • Others
  • Discrete Industries
    • Automotive
    • Railways
    • Medical

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • U.K.
    • France
    • Spain
    • Netherlands
    • Belgium
    • Switzerland
    • Turkey
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
    • Singapore
    • Malaysia
    • Thailand
    • Indonesia
    • Philippines
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Egypt
    • Israel
    • Rest of Middle East and Africa

Key Developments in the Market

  • In June 2018, Siemens purchase Austin, Texas-based Austemper Design Systems Inc., offering analytics, auto-correction and simulation technology. This technology enables clients to evaluate and harden the IC models for functional safety in apps such as manufacturing, industrial and aviation systems where functional safety and elevated performance are required to comply with safety regulations such as ISO 26262. With this purchase, the company is committed to assisting their clients rapidly by introducing technologies to the industry in autonomous vehicles, intelligent mills and smart cities.
  • In November 2016, ANSYS acquired the KPIT Medini Technologies, a major supplier of safety assessment alternatives for systems. Medini creates and sells alternatives for system safety assessment, safety engineering, and quality management. Its flagship product, medini analytics, uses key functional safety assessment operations and combines them with current customer technology business processes. Medini Analysis offers broad assistance, including an idea, scheme, software and equipment concentrations. This acquisition will give combined solution which will stimulate development in a number of sectors and devices, adding to the functional safety capacities of medini in its portfolio.

Competitive Analysis

Global Functional safety market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Functional safety market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Major Market Competitors/Players

Few of the major competitors currently working in the global Functional safety market are Renesas Electronics Corporation., Mangan Software Solutions, Intel Corporation, Balluff GmbH, PHOENIX CONTACT, Pepperl+Fuchs Factory Automation Pvt. Ltd., Moore Industries., Bosch Rexroth AG, Mouser Electronics, Inc., UL LLC, Pilz GmbH & Co. KG, OMRON Corporation, Mitsubishi Electric Corporation, HIMA, GENERAL ELECTRIC, LLC, Endress+Hauser Management AG, Yokogawa Electric Corporation, TÜV Rheinland, Siemens, Schneider Electric, Rockwell Automation, Inc., Honeywell International Inc., Emerson Electric Co., ABB amongst others.

Research Methodology: Global Functional Safety Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.

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The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Key Insights in the report:

  • Complete and distinct analysis of the market drivers and restraints
  • Key market players involved in this industry
  • Detailed analysis of the market segmentation
  • Competitive analysis of the key players involved

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