Strict Safety Standards and Governmental Regulations Boost Adoption of Safety Systems
COVID-19 has hampered business activities around the world and this eventually resulted in a weak world economy. In order to recover from the economic downturn, businesses are resuming their operations, while following the strict governmental norms and regulations about functional safety in the business area. Governments along with businesses are spending huge amounts of money on the implementation of functional safety systems in various manufacturing facilities as well as most public places. Consequently, this is expected to bolster growth of the functional safety market in the coming years.
High Investments and Changing Safety Norms act as a Restraint
Functional safety systems are an integral part of most manufacturing organizations today, as their adoption has become mandatory according to various safety norms and standards established by global governing bodies. However, constantly changing regulations and rules lead the enforced changes in the types of functional safety systems installed across various campuses. This, along with the high initial investments, add to the cost of such functional safety systems. Furthermore, constant advancements in technology is expected to make the existing functional safety systems obsolete. This, along with constantly changing mandates, makes upgrades in functional safety systems inevitable, and consequently hinders the growth of the market.
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Automation and Industrial Internet of Things Trigger Growth Possibilities in New Markets
The rise of Industry 4.0 has remained an unwavering trend despite the COVID-19 pandemic. Manufacturers across various industries have been updating their production capabilities with the adoption of process automation systems and high-tech integrations of the industrial internet of things (IIoT). This is emerging as a new trend in the functional safety market, as players are integrating similar technologies in their offerings to offer smart functions such as real-time data monitoring and predictive analytics. This is also expected to create new opportunities for manufacturers introducing high-performance and high-tech functional safety systems in the coming years.
Functional Safety: US is the Largest Market and APAC the Fastest Growing Market
Among various regional markets, the United States is one of the largest markets for functional safety with a significantly large revenue share in this area. The country has strict rules and regulations about organizational safety, which mainly triggers the adoption of functional safety equipment in the region. Furthermore, advanced manufacturing capabilities of market leaders in the North American region is expected to add to the growth of the regional market.
However, rapid industrial growth in the Asia Pacific region makes it one of the fastest growing markets for functional safety. Emerging economies in the region are showing increasing acceptance of global safety standards vis-a-vis functional safety and this is boosting the growth of the market in APAC. Growing number of power projects in developing countries is also contributing to the lucrative growth opportunities in the region for players in the global functional safety market.
Competitive Landscape: Market Players Eye Global Expansions through Collaborations
The key players of the global functional safety market are Siemens AG, ABB Ltd., Schneider Electric SE, Honeywell International Inc., General Electric Co., Emerson Electric Co., Endress+Hauser Management AG, Rockwell Automation Inc., Omron Corporation, and Yokogawa Electric Corporation among others. A mounting number of leading players in the functional safety market are collaborating with regional players to establish their networks in different geographies.
ABB Ltd. – a Swedish-Swiss multinational corporation – entered an agreement with Newmont Corporation – world’s leading gold mining company in August 2020. Through this agreement, ABB will be responsible for the design, supply, installation, and provision of mine hoist systems to the latter’s Tanami gold mine.
Apart from collaboration strategies, manufacturers are also focusing on introducing innovative and technologically advanced features and smart functions of their offerings to establish a lead in the market. Manufacturers are expected to invest heavily in technology to introduce high-performance functional safety system to cater to the unique needs of various end-use industrial segments.
Based on system, the functional safety market can be segmented as:
- Turbomachinery Control (TMC)
- Fire & Gas Monitoring System
- Emergency Shutdown System (ESD)
- Burner Management System (BMS)
- High Integrity Pressure Protection System (HIPPS)
Based on offerings, the functional safety market can be segmented as:
- Safety Switch
- Emergency Stop Device
- Programmable Safety System
- Safety Sensor
- Safety Controller/Module/Relay
- Final Control Elements
- Testing, Inspection, and Certification
- Training and Consulting
Based on end-use industries, the functional safety market can be segmented as:
- Oil & Gas
- Metal & Mining
- Power Generation
- Water & Wastewater
- Food & Beverages
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