Global Functional Safety Products Market - 2020-2027
Functional safety products are sub-parts of installed systems in industries, which primarily aimed to ensure the proper working of the whole system. It also prevents much potential damage from operation or hardware failure that can affect the output. Thus, functional safety products are installed to provide freedom from future potential risks. Moreover, functional safety is also essential for the prevention of life loss across manufacturing facilities. It provides automatic protection functions in facilities through sensing and identifying faults and threats. The functional safety products can also be designed as per the company's custom requirements and accordingly certified to a prescribed safety standard.
The global functional safety products market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The introduction of fiscal policy steps based on regional financial institutions to secure the manufacturing facilities amid the COVID-19 crisis, strict mandates for safety norms for industrial facilities, and surging safety systems demand in the oil & gas industry are major driving factors for the market growth during the forecast period. Also, the increase in industrial revolution 4.0 and the high requirement for reliable safety systems to ensure personnel and asset protection are further expected to open opportunities in the global functional safety products market in the coming years.
Introduction of Favorable Safety Standards and Government Policies
Mandatory safety standards and government policies relating to personnel and systems safety are expected to be the key factors functional safety products market. Growing concern and increasing awareness regarding the individual's safety is another factor fuelling the market growth. Extending several manufacturing facilities in emerging economies such as China, India, Mexico, and South Korea propel the functional safety products market demand. Nevertheless, various industries' increasing implementation of functional safety products is estimated to impact the market positively.
Strengthening of Government Regulations and Safety Standards
Global standard the Work, Health, and Safety (WHS) regulatory frameworks intend upon securing works in terms of their health and safety and the worksite around them. WHS regulatory body works on the working environment maintenance to make it risks free and safe for the employee's secure access and exit. Also, automation adoption can make the workplace safer by reducing the human input and manual handling of machines. Therefore, the automation investment at the worksites can provide upskilling, organizational development, and advanced safety. Consequently, it is expected that automation will improve the safety standards in manufacturing facilities worldwide. The focus on strengthening government regulations and safety standards will improve the demand and consumption of functional safety products worldwide in the coming years.
COVID-19 Impact Analysis
The COVID-19 eruption and introduction of lockdown restrictions globally have affected industrial activities around the globe. Some of the lockdown effects include labor shortages, limited raw materials available for use in the manufacturing process, fluctuating prices leads to higher prices of the final product, supply chain disruptions, cross-border transportation issues, and others. From the demand perspective, industries, such as the oil & gas and manufacturing industries, are being challenged by the COVID-19 outbreak. Owing to this, the manufacturers have quickly reduced capital spending and essential operations.
Based on the product, the functional safety products market has been classified into safety switches, safety sensor, actuators, emergency stop devices, functional safety controllers, functional safety valves, camera systems, and others.
Safety switches segment accounted for the highest market share in the global market
The safety switches product segment is expected to dominate the global functional safety products market with the largest market share in 2019, and further, it is expected to lead during the forecast period. Safety switches are kind of electric switches designed to function to disconnect a service entrance and enable fault protection for heavy machinery in the manufacturing facilities. The actuator segment was the second-largest functional safety products market in 2019. Actuators convert energy into motion and use to install forced to perform various mechanical operations to secure the worksites.
Based on the industry, the functional safety products market has been classified into oil & gas, railways, pulp and paper, chemical, automotive, food & beverages, power generation, mining, pharmaceutical, and others.
Food & beverage segment dominated the global functional safety products market in 2019
The food & beverages application segment is expected to grow at the highest CAGR during the forecast period. The food & beverages application strives to achieve consistent production and high quality at a little cost. This can be achieved by forming food & beverage production facilities more flexible, safe, and profitable by choosing an integrated approach of automated safety control systems such as functional safety products. Nowadays, food & beverage manufacturers are relying more on automated controls for production to reduce the accidents risks and perform safe efficient operations.
Based on geography, the study analyzes the functional safety products market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America leads the global market throughout the forecast period
North America accounted for the largest market share in terms of value globally in 2019, followed by Europe and Asia Pacific. The North American market's growth is primarily leading due to strict government regulations and standards related to safety and security for workers and manufacturing facilities. The regional authorities are focused on minimizing the risk accidents across the plants.
Although, the Asia Pacific is expected to grow at the highest CAGR in the functional safety products market throughout the forecast period. The rapid growth in industrialization and direct government bodies to increase awareness for adopting safety products in the facilities. The growing number of power projects to encounter the rising electricity demand is expected to boost the implementation of functional safety products demand in the region in the coming years.
The functional safety products market is highly competitive, owing to the presence of big food brands. The key functional safety products players which are contributing to the growth of the global market include Yokogawa Electric Corporation, Endress+Hauser Management AG, Siemens, Mangan Software Solutions, ABB, OMRON Corporation, Honeywell International, Inc., Balluff de Mexico, Rockwell Automation, Inc., SICK AG, Karmor Co., Ltd., ANBU SAFETY, Baymro Safety China, XI'AN PPE PLUS, and Shandong hai hui environmental protection equipment co., LTD, among others. The major players are adopting new product launch and expansion strategies for global growth in the functional safety products market.
Yokogawa Electric Corporation
Overview: Yokogawa Electric Corp. engages in the provision of industrial automation, test, and measurement solutions. It operates through the following segments: control, measurement, and navigation and other businesses. The control segment manufactures and sells programmable controllers, industrial recorders, flow meters, differential actuators, and process analyzers. The measurement segment offers waveform measuring instruments, optical communication-related measuring equipment, signal generators, confocal scanners as well as power, temperature, and pressure measuring devices. The navigation and other businesses segment produce cockpit flat panel displays, aircraft engine meters, gyrocompass, autopilot, weather observation systems, and hydrological instruments. The company was founded in 1915 and is headquartered in Tokyo, Japan.
Product Portfolio: The company's portfolio comprises flow meters, differential pressure/actuators, control systems, gyrocompasses & autopilot systems, engine meter, process analyzers, cockpit flat-panel displays, programmable controllers, waveform measuring instruments, electric voltage, current, and power measuring instruments, LCD drivers, signal generators, confocal scanners, and optical communication measuring instruments.
The global functional safety products market report would provide access to an approx. 69 market data table, 69 figures, and 279 pages.
LIST NOT EXHAUSTIVE