Global Functional Safety Market to Achieve USD 5,691.0 Million by 2026 With Exhibit a CAGR of 5.33%

Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) predicts the global functional safety market size to reach USD 5,691.0 million with a CAGR of 5.33% from 2020–2026 (forecast period).

Functional safety can be defined as an overall safety system for the protection of automation. Functional safety is applicable for testing inputs and failure responses to predict error in a fail-safe manner. The key systems included in functional safety are industrial control systems, supervisory control systems, safety instrumented systems, distributed control systems, among others. Some of the advanced functional safety systems also provide fire and gas monitoring solutions, burner management solutions, and emergency shut-down solutions. The growing use of IIoT and industrial automation is a key factor in boosting global market development. Applications of functional safety systems pre and post COVID-19 pandemic have been seen throughout the oil & gas, automotive, military & aerospace, and manufacturing industries, as well as the retail and wholesale sectors. Functional safety systems are gaining traction in the global market as these solutions are used to mitigate risks by automated safety systems. Several companies provide functional safety systems that are commonly used in various industries, such as medical, transport, utilities, and chemicals, to mitigate operating risks. These systems provide safety for products, personnel, and equipment, among others.

Moreover, the world GDP growth rate was projected to fall by 0.5% by 2020, thereby giving a negative trend for growth possibilities in an already weak world economy. Many countries are already adopting remedial plans to address the economic crisis triggered by the outbreak of COVID-19. The US passed a bill called the Coronavirus Aid, Relief, and Economic Security Act, also recognized as the CARES Act, under which USD 2 trillion will be spent on five components, namely individuals/families, large enterprises, small enterprises, state and local governments, and public services. The demand for functional safety products and solutions depends directly on manufacturing activities. The initiatives taken by the various governments will therefore help to drive the growth of companies involved in the development of functional safety products and solutions.

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COVID-19 Impact on the Global Functional Safety Market
Covid-19 has had a serious impact on all sectors across the globe. It has a huge influence on the global economy. Most businesses have put a complete stop to or restricted their production. The government's restriction on the spread of the virus has weakened the economies across the globe. Nevertheless, the outbreak of COVID-19 has declined the global market for functional safety. This is attributed to disruptions in the supply chain across the globe. The economies around the globe have damaged as demand for products has declined dramatically. Production in all sectors has been reduced due to the pandemic, the scarcity of raw materials, the decline in exports, and the disruption of the supply chain are key factors leading to the decline in production and the decline in the functional safety market. 

Market Segmentation
The global functional safety market has been segmented into devices, system, and end-user. 
By devices, the global functional safety market has been segmented into actuators, safety sensors, final control elements, safety controllers/modules/relays, programmable safety systems, emergency stop devices, safety switches, valves, and others.

By system, the global functional safety market has been segmented into safety instrumented systems, turbo machinery control (TMC), supervisory control system, burner management systems (BMS), emergency shutdown systems (ESD), fire & gas monitoring control, industrial control systems, high-integrity pressure protection systems (HIPPS), distributed control systems (DCS), and others.

By end-user, the global functional safety market has been segmented into oil & gas, metal and mining, pharmaceuticals and biotech, retail and wholesale, manufacturing, power generation, and others.

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Regional Analysis
Region-wise, the global functional safety market has been segmented into North America, Europe, Asia-Pacific, the rest of the world.

North America to earn the highest CAGR
North America held the largest market share of 35.22% in 2019, with a market value of USD 1,406.7 million; the market is expected to register a CAGR of 5.8% during the forecast period. The strict regulations made it compulsory for the regional industries to install functional safety. In addition, the availability of advanced technologies and an informed population have also led to the growth of the market.

Competitive Landscape 
With the involvement of a significant number of international and regional players, the global functional safety market is highly fragmented and competitive. Market players are actively engaged in technological advancement, geographic expansion, and mergers and acquisitions in order to maintain their presence in the global market.

Notable Players in The Global Functional Safety Market Are:

• Honeywell International Inc.
• ABB Ltd.
• Schneider Electric SE
• Emerson Electric Co.
• General Electric Co.
• Endress+Hauser Management AG
• Siemens AG
• Omron Corporation
• Rockwell Automation Inc.
• Yokogawa Electric Corporation, among others. 

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Industry News
In August 2020, ABB made an agreement with Newmont to provide mine hoist systems to the latter's Tanami gold mine in Australia. Under this arrangement, ABB will be responsible for the design, supply, installation, and provision of long-term services for the whole mine hoist mechanical and electrical systems for the mine production shaft at the site. ABB will also have digital applications, including functional safety, programmable logic controllers (PLC) control system, remote operation, shaft communication, and latest drive system technology as part of the TE2 project.

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