SecurityWorldMarket

08/12/2019

Functional safety market on target for $7.1B

Northbrook, Il (USA)

The latest market research on the Functional Safety Market with a global forecast to 2024, shows that this sector was worth USD 4.6 billion in 2019 and is projected to reach USD 7.1 billion by 2024, at a CAGR of 8.8%. The major factors fuelling the growth, according to analysts, Marketsandmarkets, include strict mandates for safety regulations, surging demand for safety systems in the oil and gas industry, high requirement for reliable safety systems to ensure personnel and asset protection, and a rise in industrial revolution 4.0.

The rising demand for functional safety-certified sensors in process industries and the increasing implementation of regulatory measures pertaining to functional safety by several governments are the key factors driving the growth of the market. Moreover, sensors used in a safety system are developed and designed to ensure safe, logic-based outputs in case a measurement or signal transmission does not occur. Safety sensors are used in automatic safety barriers, edges, electronic safety sensors, emergency stops (e-stops), palm buttons, safety controls, laser scanners, light curtains, mats, optoelectronic devices (single and multi-beam), and two-hand safety controls. Further, the researchers found that the safety sensor segment is leading the functional safety market in terms of product as they perform important functions such as continuous process sensing and finding inconsistencies within processes.

The rising demand for functional safety-certified ESD systems in several industries and the increasing implementation of functional safety measures by several governments are the key factors driving the growth of the market for ESD systems. Oil and gas plants are prone to incidents that can adversely affect people and the environment. Functional safety systems such as emergency shutdown systems can considerably reduce the risk of accidents in oil and gas plants by initiating plant shutdown in emergencies. Therefore, functional safety systems are widely used in the oil and gas industry. ESD systems are also widely used in petrochemicals, pharmaceuticals, manufacturing, power, and healthcare industries.

Europe presents a substantial market for functional safety systems as functional safety standards are strictly followed within the European Economic Area (comprises all European Union countries). The region’s safety standards and directives restrict the supply and operations of machines that do not meet the regulatory requirements. The region’s stringent regulatory standards and safety directives are driving the growth of the functional safety market in Europe.

Major players in the functional safety market cited by Marketsandmarkets in the report, include Emerson, Honeywell, Rockwell, ABB, Schneider, Yokogawa, General Electric, Hima Paul, Omron, Siemens, amongst others.


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