Dublin, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The "Functional Safety Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Functional Safety Market is expected to register a CAGR of 8.3% during the period of 2021-2026. The COVID-19 outbreak and lockdown restrictions across the world have affected industrial activities across the world. Some of the effects of lockdown include supply chain disruptions, lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices that could cause the production of the final product to inflate and go beyond budget, shipping problems etc.
From the demand perspective, industries, such as oil and gas, are being challenged by the effects of the COVID-19 outbreak. Owing to this, producers have rapidly slashed capital spending and drilling programs. The pandemic has impacted the progress of several projects, resulting in pipelines getting stalled or delayed.
Functional safety is applicable to all industries today, and it is increasing in demand as manufacturers and end-users look to mitigate risk further. With the growing use of automated equipment for manufacturing, test, and process control, the need to avoid equipment damage, injuries, and environmental damage is more critical than ever. Growing demands and expectations from governments and workers have led manufacturers and suppliers to use predictable ways to achieve and design equipment to meet certain safety requirements.
The efficacy of the safety system is not based solely on regulatory and technical aspects but also an in-depth functional analysis of the organization, production processes, and the human factor. In the past, machinery safety was largely considered the cost.
However, presently, safety technologies might be seen as an investment in business productivity. Products like safety switches and relays have become common. With the adoption of integrated technologies and approaches to safety, PLCs, and safety mechanisms, too, have witnessed widespread use while having a limited impact on system engineering and planning.
Safety relays and safety controllers monitor the primary safety devices which protect personnel from accident and injury, ensuring safe stop and start functions on equipment with hazardous motion. Companies such as Omron, Rockwell, Sick, Eaton, and Pepperl+Fuchs, among others, are prominent providers of safety sensors and switches.
Safety switches are a necessity in all industrial applications, as per the National Electrical Code (NEC) established by the National Fire Protection Association (NFPA). According to NEC article 430.102B, a safety switch must be in sight from all motors or manufacturing equipment. The NEC defines "insight" as visible and not more than 50 feet from the equipment it controls.
Key Market Trends
Safety Sensors are Expected to Hold a Significant Share
Safety Sensors are used for machine guarding/ personnel protection, for perimeter monitoring and body part protection, or to protect hazardous areas. These sensors detect the presence of humans within a specified area and reduce the possibility of accidents, which can be achieved through tripping function or presence detection.
Stringent safety regulations by the government are driving the growth of safety sensors. For instance, the specifications and safety requirements posed by the safety associations are putting pressure on end-user industries to increase their safety investments further.
For instance, the European Union (EU) strategic framework (2014-2020) for workplace health and safety integrates a series of actions to prevent occupational hazards. There is an intense concern over policies to reduce workplace accidents and enhance working conditions. Emphasis is placed on risk prevention and mitigation of the consequences of occupational hazards so that each member country of the European Union develops sustainably.
Additionally, according to Safety Media, up to 1.3 million workers suffer from work-related illnesses. There are approximately 72,702 reported cases of employers experiencing non-fatal injuries, while 144 workers suffered from fatal ones. Depending upon the age of the employee, the same incident or accident is more likely to have a different impact on the employee. In the next few years, the population of workers aged over 55 and above is anticipated to increase considerably, drawing the attention of several organizations to automate their safety solutions.
United States Expected to Dominate the Market
The United States is one of the largest markets for functional safety market globally. The country is renowned for its innovation capabilities and is at the forefront of prominent developments surrounding the emerging technologies of the Fourth Industrial Revolution. New-found shale resources in the United States and an increasing number of oil and gas projects are additional indicators of the market potential.
Prominent vendors such as Honeywell, Rockwell, General Electric, and Banner Engineering Corp are headquartered in the country. In July 2020, Rockwell Automation announced a new family of safety controllers with key features to increase performance. The new SIL 3 controllers are an addition to Rockwell Automation's GuardLogix 5380 series.
The government is also focusing on increasing its energy generation capacity, and the American government is investing in such projects. For instance, in July 2019, the US DOE (Department of Energy) announced the funding of USD 16 million for 14 tribal energy infrastructure deployment projects. And they also announced their plan to develop an environmental impact statement (EIS) to study the impacts of building a versatile nuclear test reactor in the United States.
With the increasing stringency in the government regulations, the organization is concentrating on monitoring and controlling its carbon emission per product, which is expected to drive the demand for fire and gas monitoring systems in the country. There are currently over 20 major upcoming water treatment construction projects across the United States, each worth USD 5 billion on average.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Industry Value Chain Analysis
4.4 Market Drivers
4.4.1 Growing Standards of Industrial Safety
4.4.2 Increasing Adoption of Functional Safety Systems in a Wide Range of Industries
4.5 Market Restraints
4.5.1 Increasing Complexity Coupled with High Initial Costs and Maintenance Costs
4.6 Assessment of COVD-19 Impact on the Industry
5 MARKET SEGMENTATION
5.1 Device Type
5.1.1 Safety Sensors
5.1.2 Safety Controllers/Modules/Relays
5.1.3 Safety Switches
5.1.4 Programmable Safety Systems
5.1.5 Emergency Stop Devices
5.1.6 Final Control Elements (Valves, Actuators)
5.1.7 Other Device Types
5.2 Safety Systems
5.2.1 Burner Management System (BMS)
5.2.2 Turbomachinery Control (TMC) System
5.2.3 High-Integrity Pressure Protection Systems (HIPPS)
5.2.4 Fire and Gas Monitoring Control System
5.2.5 Emergency Shutdown Systems (ESD)
5.2.6 Supervisory Control and Data Acquisition (SCADA) Systems
5.2.7 Distributed Control System (DCS)
5.3 End-user Industry
5.3.1 Oil and Gas
5.3.2 Power Generation
5.3.3 Food and Beverage
5.3.6 Other End-user Industries
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.3 Asia Pacific
220.127.116.11 Rest of Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Rockwell Automation Inc.
6.1.2 Emerson Electric Company
6.1.3 Honeywell International Inc.
6.1.4 Yokogawa Electric Corporation
6.1.5 ABB Ltd.
6.1.6 Schneider Electric SE
6.1.7 Siemens AG
6.1.8 General Electric Company
6.1.9 Omron Corporation
6.1.10 SICK AG
6.1.11 Panasonic Industry Europe GmbH (Panasonic Corporation)
6.1.13 Banner Engineering Corporation
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
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