Safety Protocols for Protection of Industrial Workers to Drive Global Functional Safety Market
Functional safety is a failsafe concept used across industries to shutdown processes in cases of abnormal
situations. Various safety standards enforced by nations for its workers to address faults of machines
can influence its adoption. The global functional safety market report by Market Research Future
(MRFR) comprises estimations and projections for the period of 2017 to 2023 (forecast period) based on
market variables of drivers, challenges, opportunities, and trends. The COVID-19 pandemic and its
impact on the industry are covered as well.
Market Scope
The global functional safety market is expected to grow to USD 8.7 billion by 2023 at 8.64% CAGR over
the forecast period.
Massive demand for safety systems which provide ample protection to staff, rise of industry 4.0, and
mandates for safety policies for the protection of workers across industries are major drivers of the
market. Rise of mobile applications has worked in favor of the market giving birth to mobile backend as
a service (MBaaS). The capacity of the application for reaching multiple users, integration with social
networking services, and pushing inbox notifications for emergencies can drive the global functional
safety market growth. This is supported by the flurry of cloud-based applications launched owing to the
popularity of smartphones.
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Fiscal policies enforced by governments for sustaining the manufacturing sector are likely to favor the
market despite the COVID-19 pandemic. The pandemic has halted the brakes in production and can
hamper the market growth. But the integration of internet of things (IoT), optimization for tablets and
smartphones, and low complexities in mobile application development can renew production while
protecting workers.
Segmentation
The global functional safety market is segmented by devices, systems, and end-users.
- By devices, it is segmented into safety switches, actuators, programmable safety systems, emergency
stop devices, valves, safety controllers/modules/relays, safety sensors, and final control elements. - By systems, it is segmented into high-integrity pressure protection systems (HIPPS), safety instrumented
systems, distributed control systems (DCS), burner management systems (BMS), turbo machinery
control (TMC), industrial control systems, fire & gas monitoring control, emergency shutdown systems
(ESD), and supervisory control and data acquisition (SCADA) systems. - By end-users, it is segmented into metal and mining, power generation, pharmaceuticals and biotech,
manufacturing, oil & gas, retail and wholesale, and others. ‘Others’ are further segmented into
automotive, railways, medical, discrete, and others.
Regional Analysis
Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are regions taken into
consideration for the future growth of the market.
North America is expected to lead the global functional safety market owing to the ease of developing
mobile applications and availability of smartphones. Initiatives by governments for driving the growth of
companies can bode well for the market. Procurement of equipment which have been certified by
safety bodies for safe functionality and operations of machines can drive regional market growth.
APAC is set to occupy a major share of the market due to rampant industrialization in India, China, and
Japan. It can display a robust growth rate over the forecast period owing to adherence to international
safety standards, organizational functional safety, and initiative of multinational companies of
introducing new measure for their workers. The large number of power projects which can compel the
need for burner management systems and automated solutions amid the rise of Industry 4.0 can favor
the global functional safety market.
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Competitive Outlook
Rockwell Automation Inc., Schneider Electric SE, Emerson Electric Co., ABB Ltd., and Siemens AG are
prime players of the market. Other players include Yokogawa Electric Corporation, Omron Corporation,
General Electric Co., TUV Rheinland, Honeywell International Inc., HIMA Paul Hildebrandt GmbH, and
Endress+Hauser Management AG.
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