Functional Safety Market - Global Analysis, Trends, Growth Opportunities and Market Forecast to 2022

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MarketsandMarkets Presents

Functional Safety Market - Global Analysis,
Trends, Growth Opportunities and Market Forecast
to 2022 Functional Safety Market by Offering
(Component (Safety Sensor, Programmable Safety
System, Final Control Element), Services), System
(ESD, TMC, FG, HIPPS, BMS), Industry (Oil Gas,
Chemicals, Power Generation), and Region - Global
Forecast to 2024 https//www.marketsandmarkets.c
om/Market-Reports/functional-safety-market-1467731
88.html
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177 Pages Report The functional safety market
is expected to be valued at USD 7.19 Billion in
2022, growing at a CAGR of 8.2 during the
forecast period. Mandatory functional safety
standards and government policies, rising
emphasis on proactive functional safety systems,
and increasing demand for safety instrumented
systems in the chemical and oil gas industries
are the key factors driving the growth of this
market. High initial investments related to
the installation of functional safety systems act
as a major restraining factors for the growth of
this market. This market has been segmented on
the basis of device, system, application, and
geography. Browse 156 market data Tables and 39
Figures spread through 198 Pages and in-depth TOC
on "Functional Safety Market - Global Forecast to
2024"
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Safety sensors held the largest share of the
overall functional safety market in 2016. Safety
sensors are widely used in various components
that form a part of the safety instrumented such
as emergency shutdown systems (ESDs),
high-integrity pressure protection systems
(HIPPSs), fire and gas monitoring systems (FGSs),
burner management systems (BMSs), and turbo
machinery control systems (TMCs). The increasing
security requirements for protecting workers and
production units from any accidents, according to
the strict functional safety regulations
fulfilling the national and international
standards, are driving the demand for safety
sensors. Ask PDF Brochure https//www.marketsand
markets.com/pdfdownloadNew.asp?id146773188 Emerg
ency shutdown systems (ESD) held the largest
share of the overall functional safety market in
2016. Internationally recognized standards such
as ANSI/ISA S84.01 and IEC 61508 serve as
guidelines to ensure functional safety to
mitigate or avoid hazardous situations. During an
emergency, an ESD system shuts down the process
in a safe and orderly manner. Various parameters
are considered while implementing an ESD system,
such as cost effectiveness of the system,
compliance with current government rules and
regulations, litigation costs that may occur in
case of the absence of an ESD system. The rising
demand for functional safety-certified ESD in the
process and discrete 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 for ESD systems.
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Oil gas applications held the largest share of
the functional safety market in 2016. Functional
safety is a matter of concern in the oil gas
industry. Continuous developments in the oil
gas industry require safety automation
technologies for handling complex processes. The
lack of proper safety instrumented systems in the
oil gas industry may lead to production loss,
stress on affected components and systems, and
hazards during system restoration. Due to this,
the adoption of safety instrumented systems in
the oil gas industry is increasing. Request
Free Sample Pages https//www.marketsandmarkets.c
om/requestsampleNew.asp?id146773188 APAC is
expected to be the fastest-growing market for
functional safety between 2017 and 2022. With the
growing automotive and manufacturing sectors,
China has become one of the countries witnessing
the highest adoption of functional safety
solutions in APAC. In APAC, China holds the
largest market share, and the market in this
country is also expected to grow at a high rate
between 2017 and 2022. Key market players such
as Siemens AG (Germany), Rockwell Automation,
Inc. (US), ABB Ltd. (Switzerland), Schneider
Electric SE (France), Emersion Electric Co. (US),
Honeywell International Inc. (US), HIMA Paul
Hildebrandt GmbH (Germany), General Electric Co.
(US), Omron Corporation (Japan), EndressHauser
Management AG (Switzerland), TUV Rheinland
(Germany), and Yokogawa Electric Corporation
(Japan).
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