Functional Safety Market Growing at a CAGR of 8.2% During 2017 to 2022 - ReportsnReports.com
PUNE, India, May 26, 2017 /PRNewswire/ --
Functional safety market is expected to grow at a CAGR of 8.2% to reach $7.19 billion by 2022. Safety sensors to hold the largest share Market for fire & gas while monitoring control to grow at a high rate. Europe to hold largest share of the overall functional safety market.
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The functional safety market is expected to grow at a CAGR of 8.2% between 2017 and 2022 to reach USD 7.19 billion by 2022. The key factors driving the growth of the this market include 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. However, high initial investments related to the installation of functional safety systems act as a major restraining factor for the growth of this market.
Safety sensors are used in automatic safety barriers, edges, electronic safety sensors, emergency stop (e-stop), palm buttons, safety controls, laser scanners, light curtains, mats, optoelectronic devices (single and multi-beam), and two-hand safety controls. The increasing security requirements for protecting workers and production units from any accidents, according to the strict regulations fulfilling the national and international standards, are driving the demand for safety sensors.
Fire and gas safety systems continuously monitor situations such as a fire or combustible or toxic gas release within the plant; provide early warning; and guide on preventing escalation of the incident and protecting the process or environment. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries such as oil & gas, chemical, and power generation, thereby contributing to the high growth of the market for fire and gas monitoring control.
The functional safety market for power generation applications is expected to grow at a high rate during the forecast period. Safety systems play an important role in maintaining functional safety and efficiency of power plants. Some of the major benefits of applying safety instrumented systems in power plants are efficiency improvement, operation optimization, unplanned downtime reduction, and high cost savings. Due to this, safety instrumented systems are widely adopted in power generation plants, which is contributing to market growth.
The implementation of various directives and industrial process and machine safety regulations in the region is driving the demand for functional safety systems. Europe follows safety standards such as EN 61508, EN 61511, and EN 62061. The increasing adoption of functional safety solutions to comply with these standards and workplace safety regulations is driving the growth of the market in this region.
The break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 - 20%, Tier 2 - 43%, and Tier 3 - 37%
- By Designation: C-Level Executives - 65% and Directors- 35%
- By Region: North America - 24%, Europe - 38%, APAC - 23%, and RoW - 15%
Order a copy of Functional Safety Market by Device (Safety Sensors, Safety PLCs, Safety Relays, Valves, Actuators), System (Emergency shutdown System, Turbomachinery Control, Fire and Gas Monitoring Control, HIPPS, BMS, SCADA, DCS), Application - Global Forecast to 2022 Research Report at: http://www.reportsnreports.com/purchase.aspx?name=1010371 .
The major players operating in this market are Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co. (US). The other prominent players in this market include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany),Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric Corporation (Japan).
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