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
Seattle, WA -- (SBWIRE) -- 06/13/2017 -- According to the new market research report "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", the functional safety market is expected to be valued at 7.19 Billion by 2022, growing at a CAGR of 8.2% between 2017 and 2022. 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, owing to the rising incidents of accidents in these industries, are driving the growth of the market.
Browse 69 market data tables and 53 figures spread through 177 pages and in-depth TOC on "Functional Safety Market - Global Forecast to 2022"
Download PDF Brochure @ http://www.marketsandmarkets.com/pdfdownload.asp?id=146773188
Early buyers will receive 10% customization on reports.
"Oil & gas applications held the largest size of the overall functional safety market in 2016"
Oil & gas applications held the largest size of the overall functional safety market in 2016. Oil & gas process plants are prone to potential incidents that can affect people, assets, and the environment in and outside the plants. Functional safety is a matter of concern in the oil & gas industry. 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, thereby driving market growth.
"Emergency shutdown (ESD) systems to hold the largest share of the function safety market for safety instrumented systems by 2022"
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 emergency shutdown systems (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.
"Functional safety market in APAC expected to grow at a high rate between 2017 and 2022"
APAC is expected to be a fast-growing market for functional safety in the next five years. The growth of the market can be attributed to the increasing industrialization in emerging economies such as China and India. China and India have already adopted functional safety in various processes such as oil & gas and power generation. Functional safety solutions such as safety instrumented systems are required to provide functional safety for automation solutions such as SCADA and DCS. The adoption of safety automation solutions in the manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth.
Report Details @ http://www.marketsandmarkets.com/Market-Reports/functional-safety-market-146773188.html
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 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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
701 Pike Street
Suite 2175, Seattle,
WA 98101, United States