Global Functional Safety Market is valued approximately USD 4.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.8 % over the forecast period 2020-2027. Functional safety is a security system or equipment, depends on the automatic protection functioning properly to reply to the inputs in a way that is predictable. Functional safety detects hazardous condition, which can then result in the activation of a corrective or protective device to reduce the consequences of a potentially harmful event occurring. The global Functional Safety is facing challenges due to the coronavirus pandemic as employees are asked to work from home and organizations are temporary shutdown. However, fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amid COVID-19 crisis, strict mandates for safety regulations, surging demand for safety systems in oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection and rise in Industrial Revolution are the few factors responsible for growth of the market over the forecast period. Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: in April 2019, Schneider Electric launched Easergy P5 protection relay, more powerful and connected with its comprehensive digital toolbox, which includes: EcoStruxure Power Build – Medium Voltage, eSetup Easergy Pro, embedded web server, EcoStruxure Power Device app, and mySchneider mobile applications. Whereas,high investment required for installing functional safety systems and lack of awareness and complexity of standards is the major factor restraining the growth of global Functional Safety market during the forecast period.
The regional analysis of global Functional Safety market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the increasing industrialization in emerging economies such as China and India.
Major market player included in this report are:
Schneider Electric
Honeywell
ABB
Rockwell
Hima Paul
Yokogawa
Emerson Electric
GE
Siemens Ag
Right to Win
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
by System:
Emergency Shutdown System (ESD)
Fire & Gas Monitoring System
High Integrity Pressure Protection System (HIPPS)
Burner Management System (BMS)
Turbomachinery Control (TMC)
by Offering:
Component
Services
By Industry:
Oil & Gas
Power Generation
Chemicals
Food & Beverages
Water & Wastewater
Pharmaceuticals
Metal & Mining
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Functional Safety Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
The regional analysis of global Functional Safety market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the increasing industrialization in emerging economies such as China and India.
Major market player included in this report are:
Schneider Electric
Honeywell
ABB
Rockwell
Hima Paul
Yokogawa
Emerson Electric
GE
Siemens Ag
Right to Win
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
by System:
Emergency Shutdown System (ESD)
Fire & Gas Monitoring System
High Integrity Pressure Protection System (HIPPS)
Burner Management System (BMS)
Turbomachinery Control (TMC)
by Offering:
Component
Services
By Industry:
Oil & Gas
Power Generation
Chemicals
Food & Beverages
Water & Wastewater
Pharmaceuticals
Metal & Mining
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Functional Safety Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Functional Safety Market, by Region, 2018-2027 (USD Billion)
1.2.2. Functional Safety Market, by System, 2018-2027 (USD Billion)
1.2.3. Functional Safety Market, by Offering, 2018-2027 (USD Billion)
1.2.4. Functional Safety Market, by Industry, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Functional Safety Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Functional Safety Market Dynamics
3.1. Functional Safety Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Functional Safety Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Functional Safety Market, by System
5.1. Market Snapshot
5.2. Global Functional Safety Market by System, Performance - Potential Analysis
5.3. Global Functional Safety Market Estimates & Forecasts by System 2017-2027 (USD Billion)
5.4. Functional Safety Market, Sub Segment Analysis
5.4.1. Emergency Shutdown System (ESD)
5.4.2. Fire & Gas Monitoring System
5.4.3. High Integrity Pressure Protection System (HIPPS)
5.4.4. Burner Management System (BMS)
5.4.5. Turbomachinery Control (TMC)
Chapter 6. Global Functional Safety Market, by Offering
6.1. Market Snapshot
6.2. Global Functional Safety Market by Offering, Performance - Potential Analysis
6.3. Global Functional Safety Market Estimates & Forecasts by Offering 2017-2027 (USD Billion)
6.4. Functional Safety Market, Sub Segment Analysis
6.4.1. Component
6.4.2. Services
Chapter 7. Global Functional Safety Market, by Industry
7.1. Market Snapshot
7.2. Global Functional Safety Market by Industry, Performance - Potential Analysis
7.3. Global Functional Safety Market Estimates & Forecasts by Industry 2017-2027 (USD Billion)
7.4. Functional Safety Market, Sub Segment Analysis
7.4.1. Oil & Gas
7.4.2. Power Generation
7.4.3. Chemicals
7.4.4. Food & Beverages
7.4.5. Water & Wastewater
7.4.6. Pharmaceuticals
7.4.7. Metal & Mining
7.4.8. Others
Chapter 8. Global Functional Safety Market, Regional Analysis
8.1. Functional Safety Market, Regional Market Snapshot
8.2. North America Functional Safety Market
8.2.1.1. U.S. Functional Safety Market
8.2.1.2. System breakdown estimates & forecasts, 2017-2027
8.2.1.3. Offering breakdown estimates & forecasts, 2017-2027
8.2.1.4. Industry breakdown estimates & forecasts, 2017-2027
8.2.2. Canada Functional Safety Market
8.3. Europe Functional Safety Market Snapshot
8.3.1. U.K. Functional Safety Market
8.3.2. Germany Functional Safety Market
8.3.3. France Functional Safety Market
8.3.4. Spain Functional Safety Market
8.3.5. Italy Functional Safety Market
8.3.6. Rest of Europe Functional Safety Market
8.4. Asia-Pacific Functional Safety Market Snapshot
8.4.1. China Functional Safety Market
8.4.2. India Functional Safety Market
8.4.3. Japan Functional Safety Market
8.4.4. Australia Functional Safety Market
8.4.5. South Korea Functional Safety Market
8.4.6. Rest of Asia Pacific Functional Safety Market
8.5. Latin America Functional Safety Market Snapshot
8.5.1. Brazil Functional Safety Market
8.5.2. Mexico Functional Safety Market
8.6. Rest of The World Functional Safety Market
Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Schneider Electric
9.2.1.1. Key Information
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
9.2.2. Honeywell
9.2.3. ABB
9.2.4. Rockwell
9.2.5. Hima Paul
9.2.6. Yokogawa
9.2.7. Emerson Electric
9.2.8. GE
9.2.9. Siemens Ag
9.2.10. Right to Win
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Functional Safety Market, by Region, 2018-2027 (USD Billion)
1.2.2. Functional Safety Market, by System, 2018-2027 (USD Billion)
1.2.3. Functional Safety Market, by Offering, 2018-2027 (USD Billion)
1.2.4. Functional Safety Market, by Industry, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Functional Safety Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Functional Safety Market Dynamics
3.1. Functional Safety Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Functional Safety Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Functional Safety Market, by System
5.1. Market Snapshot
5.2. Global Functional Safety Market by System, Performance - Potential Analysis
5.3. Global Functional Safety Market Estimates & Forecasts by System 2017-2027 (USD Billion)
5.4. Functional Safety Market, Sub Segment Analysis
5.4.1. Emergency Shutdown System (ESD)
5.4.2. Fire & Gas Monitoring System
5.4.3. High Integrity Pressure Protection System (HIPPS)
5.4.4. Burner Management System (BMS)
5.4.5. Turbomachinery Control (TMC)
Chapter 6. Global Functional Safety Market, by Offering
6.1. Market Snapshot
6.2. Global Functional Safety Market by Offering, Performance - Potential Analysis
6.3. Global Functional Safety Market Estimates & Forecasts by Offering 2017-2027 (USD Billion)
6.4. Functional Safety Market, Sub Segment Analysis
6.4.1. Component
6.4.2. Services
Chapter 7. Global Functional Safety Market, by Industry
7.1. Market Snapshot
7.2. Global Functional Safety Market by Industry, Performance - Potential Analysis
7.3. Global Functional Safety Market Estimates & Forecasts by Industry 2017-2027 (USD Billion)
7.4. Functional Safety Market, Sub Segment Analysis
7.4.1. Oil & Gas
7.4.2. Power Generation
7.4.3. Chemicals
7.4.4. Food & Beverages
7.4.5. Water & Wastewater
7.4.6. Pharmaceuticals
7.4.7. Metal & Mining
7.4.8. Others
Chapter 8. Global Functional Safety Market, Regional Analysis
8.1. Functional Safety Market, Regional Market Snapshot
8.2. North America Functional Safety Market
8.2.1.1. U.S. Functional Safety Market
8.2.1.2. System breakdown estimates & forecasts, 2017-2027
8.2.1.3. Offering breakdown estimates & forecasts, 2017-2027
8.2.1.4. Industry breakdown estimates & forecasts, 2017-2027
8.2.2. Canada Functional Safety Market
8.3. Europe Functional Safety Market Snapshot
8.3.1. U.K. Functional Safety Market
8.3.2. Germany Functional Safety Market
8.3.3. France Functional Safety Market
8.3.4. Spain Functional Safety Market
8.3.5. Italy Functional Safety Market
8.3.6. Rest of Europe Functional Safety Market
8.4. Asia-Pacific Functional Safety Market Snapshot
8.4.1. China Functional Safety Market
8.4.2. India Functional Safety Market
8.4.3. Japan Functional Safety Market
8.4.4. Australia Functional Safety Market
8.4.5. South Korea Functional Safety Market
8.4.6. Rest of Asia Pacific Functional Safety Market
8.5. Latin America Functional Safety Market Snapshot
8.5.1. Brazil Functional Safety Market
8.5.2. Mexico Functional Safety Market
8.6. Rest of The World Functional Safety Market
Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Schneider Electric
9.2.1.1. Key Information
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
9.2.2. Honeywell
9.2.3. ABB
9.2.4. Rockwell
9.2.5. Hima Paul
9.2.6. Yokogawa
9.2.7. Emerson Electric
9.2.8. GE
9.2.9. Siemens Ag
9.2.10. Right to Win
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption
