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Global Functional Safety Products Market – Industry Trends and Forecast to 2026

Global Functional Safety Products Market – Industry Trends and Forecast to 2026

Global functional safety products market is projected to register a healthy CAGR of 8.5% in the forecast period of 2019 to 2026. The new market report contains data for historic years 2017, the base year of calculation is 2018 and the forecast period is 2019 to 2026.

Market Segmentation:
By Product (Safety Switches, Safety Sensor, Functional Safety Controllers, Emergency Stop Devices, Pressure Transmitters, Camera Systems, Functional Safety Valves, Others), Solution & Service (Solution, Service), Industry Vertical (Oil & Gas, Chemical, Railways, Pulp and Paper, Automotive, Power generation, Food and Beverages, Pharmaceutical, Mining, Others), Geography (North America, South America, Europe, Asia-Pacific and Middle East& Africa)
Major growing sectors under the market segmentation are as follows:

In product, safety switches segment is dominating the global functional safety products market with highest CAGR as they are installed for residential as well as commercial purposes, such as cement foundries, steel mills and processing plants.

In solutions & services, solutions segment is dominating the global functional safety products market with highest CAGR as in various systems solution provide the function to monitor the level and flow of gases and respond based on them.

In industry vertical, oil & gas segment is dominating the global functional safety products market with highest CAGR as these refineries are prone to accidents such as fire, and leakages which may cause huge damage to both people and property.

Market Players:

The key market players for global functional safety products market are listed below:
Yokogawa Electric Corporation
Siemens
Endress+Hauser Management AG
MANGAN SOFTWARE SOLUTIONS
Balluff de México
ABB
OMRON Corporation
Honeywell International, Inc.
Rockwell Automation, Inc.
SICK AG
Pilz GmbH & Co. KG
K.A. Schmersal GmbH & Co. KG
HYDAC
Schneider Electric
Cadence Design Systems, Inc.
Hitex GmbH
TÜV Rheinland
Intel Corporation
UL LLC

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1 Introduction 34
1.1 Objectives Of The Study 34
1.2 Market Definition 34
1.3 Overview Of Global Functional Safety Products Market 34
1.4 Currency And Pricing 35
1.5 Limitations 35
1.6 Markets Covered 36
2 Market Segmentation 38
2.1 Markets Covered 38
2.2 Geographical Scope 39
2.3 Years Considered For The Study 40
2.4 Dbmr Tripod Data Validation Model 41
2.5 Technology Life Line Curve 44
2.6 Multivariate Modelling 45
2.7 Primary Interviews With Key Opinion Leaders 46
2.8 Dbmr Market Position Grid 48
2.9 Market Application Coverage Grid 49
2.10 Dbmr Market Challenge Matrix 50
2.11 Import-export Data 51
2.12 Secondary Sources 52
2.13 Assumptions 53
3 Market Overview 54
3.1 Drivers 56
3.1.1 Strengthening Of Safety Standards And Government Regulations 56
3.1.2 Requirement Of Iso 26262 Standards In Automotives 56
3.1.3 Increasing Demand Of Non-contact Safety Switches 57
3.1.4 Rising Acceptance Of Workplace Safety Standards In Emerging Economies 57
3.2 Restraints 58
3.2.1 High Investments Related To The Installation Of Functional Safety Systems 58
3.2.2 High Investment Required For Automation 59
3.2.3 Increasing Complexity Of Safety Systems 59
3.2.4 Costs Associated With Machine Safety Systems 60
3.3 Opportunities 60
3.3.1 Growing Scope Of Advanced Driver Assistance System (Adas) 60
3.3.2 Evolution To Industry 4.0 61
3.3.3 High Usage Of Fluid Sensors In Oil & Gas And Chemicals Industry 61
3.4 Challenges 62
3.4.1 Lack Of Functional Safety Certified Workforce 62
3.4.2 Increasing Complexity In Safety-based Software And Hardware Designs 62
3.4.3 Failure To Access All Machinery-related Risks 63
4 Executive Summary 64
5 Premium Insights 67
6 Functional Safety Standards 69
6.1 Iec 61508 69
6.2 Iec 61511 71
6.3 Iec 62304 71
6.4 Iec 62061 73
6.5 Iso 26262 74
6.6 Others 74
7 Industry Insights 75
8 Global Functional Safety Products Market, By Product 76
8.1 Overview 77
8.2 Safety Switches 78
8.2.1 Electro-mechanical Safety Switches 79
8.2.2 Safety Locking Devices 79
8.2.3 Non-contact Safety Switches 79
8.3 Safety Sensor 80
8.3.1 Fluid Sensor 80
8.3.1.1 Level Sensor 81
8.3.1.2 Flow Sensor 81
8.3.1.3 Pressure Sensor 81
8.3.1.4 Temperature Sensor 81
8.3.2 Fiber-optic Sensor 81
8.3.3 Distance Sensor 82
8.3.3.1 Mid Range 82
8.3.3.2 Long Range 82
8.3.3.3 Ultrasonic 82
8.3.3.4 Others 82
8.3.4 Angle Sensor 83
8.3.5 Others 83
8.4 Functional Safety Controllers 83
8.5 Emergency Stop Devices 84
8.6 Pressure Transmitters 84
8.7 Camera Systems 85
8.8 Functional Safety Valves 86
8.9 Others 86
9 Global Functional Safety Products Market, By Solution & Service 87
9.1 Overview 88
9.2 Solution 89
9.2.1 Turbomachinery Control 90
9.2.2 Fire & Gas Monitoring Control 90
9.2.3 Burner Management System 90
9.2.4 Emergency Shutdown Systems 90
9.2.5 High-integrity Pressure Protection Systems 90
9.2.6 Distributed Control System 91
9.2.7 Supervisory Control And Data Acquisition Systems 91
9.2.8 Others 91
9.3 Service 91
9.3.1 Consulting & Design 92
9.3.2 Verification And Optimization 92
9.3.3 Training & Education 92
10 Global Functional Safety Products Market, By Industry Vertical 93
10.1 Overview 94
10.2 Oil & Gas 95
10.2.1 Onshore 96
10.2.2 Offshore 96
10.3 Chemical 96
10.3.1 Organic Chemicals 97
10.3.2 Inorganic Chemicals 97
10.3.3 Specialty Chemicals 97
10.4 Railways 98
10.5 Pulp And Paper 99
10.6 Automotive 99
10.7 Power Generation 100
10.8 Food And Beverages 101
10.9 Pharmaceutical 101
10.10 Mining 102
10.10.1 Coal Mining 103
10.10.2 Metal Mining 103
10.10.3 Nonmetallic Mineral Mining 103
10.11 Others 103
11 Global Functional Safety Products Market, By Geography 104
11.1 Overview 105
11.2 North America 110
11.2.1 U.S. 118
11.2.2 Canada 122
11.2.3 Mexico 127
11.3 Europe 132
11.3.1 Germany 140
11.3.2 U.K. 145
11.3.3 Italy 149
11.3.4 France 154
11.3.5 Spain 159
11.3.6 Switzerland 164
11.3.7 Turkey 169
11.3.8 Russia 174
11.3.9 Belgium 179
11.3.10 Netherlands 184
11.3.11 Rest Of Europe 189
11.4 Asia-pacific 190
11.4.1 China 198
11.4.2 India 203
11.4.3 Japan 208
11.4.4 South Korea 213
11.4.5 Australia 218
11.4.6 Malaysia 223
11.4.7 Singapore 228
11.4.8 Thailand 233
11.4.9 Indonesia 238
11.4.10 Philippines 243
11.4.11 Rest Of Asia-pacific 248
11.5 South America 249
11.5.1 Brazil 257
11.5.2 Rest Of South America 262
11.6 Middle East & Africa 263
11.6.1 South Africa 271
11.6.2 Rest Of Middle East And Africa 276
12 Global Functional Safety Products Market, Company Landscape 277
12.1 Company Share Analysis: Global 277
12.2 Company Share Analysis: North America 278
12.3 Company Share Analysis: Europe 279
12.4 Company Share Analysis: Asia- Pacific 280
12.5 Mergers & Acquisitions 280
12.6 New Product Development & Approvals 282
12.7 Expansions 282
12.8 Partnership And Other Strategic Developments 283
13 Company Profile 284
13.1 Abb 284
13.1.1 Company Snapshot 284
13.1.2 Swot Analysis 284
13.1.3 Revenue Analysis 285
13.1.4 Company Share Analysis 285
13.1.5 Geographical Presence 286
13.1.6 Product Portfolio 286
13.1.7 Recent Developments 287
13.1.8 Databridge Market Research Analysis 288
13.2 Siemens 289
13.2.1 Company Snapshot 289
13.2.1 Swot Analysis 289
13.2.2 Revenue Analysis 290
13.2.3 Company Share Analysis 290
13.2.4 Geographical Presence 291
13.2.5 Product Portfolio 291
13.2.6 Recent Developments 295
13.2.7 Databridge Market Research Analysis 295
13.3 Honeywell International, Inc. 296
13.3.1 Company Snapshot 296
13.3.2 Swot Analysis 296
13.3.3 Revenue Analysis 297
13.3.4 Company Share Analysis 297
13.3.5 Geographical Presence 298
13.3.6 Product Portfolio 298
13.3.7 Recent Developments 299
13.3.8 Databridge Market Research Analysis 299
13.4 Sick Ag 300
13.4.1 Company Snapshot 300
13.4.2 Swot Analysis 300
13.4.3 Revenue Analysis 301
13.4.4 Company Share Analysis 301
13.4.5 Geographical Presence 302
13.4.6 Product Portfolio 302
13.4.7 Recent Developments 304
13.4.8 Databridge Market Research Analysis 304
13.5 Yokogawa Electric Corporation 305
13.5.1 Company Snapshot 305
13.5.2 Swot Analysis 305
13.5.3 Geographical Presence 306
13.5.4 Company Share Analysis 306
13.5.5 Revenue Analysis 307
13.5.6 Product Portfolio 307
13.5.7 Recent Developments 310
13.5.8 Databridge Market Research Analysis 310
13.6 Balluff De México 311
13.6.1 Company Snapshot 311
13.6.2 Geographical Presence 311
13.6.3 Product Portfolio 312
13.6.4 Recent Development 315
13.7 Cadence Design Systems, Inc. 316
13.7.1 Company Snapshot 316
13.7.2 Geographical Presence 316
13.7.3 Revenue Analysis 317
13.7.4 Product Portfolio 317
13.7.5 Recent Developments 318
13.8 Endress+Hauser Management Ag 319
13.8.1 Company Snapshot 319
13.8.2 Geographical Presence 319
13.8.3 Product Portfolio 320
13.8.4 Recent Developments 323
13.9 Hitex Gmbh 324
13.9.1 Company Snapshot 324
13.9.2 Product Portfolio 324
13.9.3 Recent Developments 325
13.10 Hydac 326
13.10.1 Company Snapshot 326
13.10.2 Geographical Presence 326
13.10.3 Product Portfolio 327
13.10.4 Recent Developments 330
13.11 Intel Corporation 331
13.11.1 Company Snapshot 331
13.11.2 Revenue Analysis 331
13.11.3 Geographical Presence 332
13.11.4 Product Portfolio 332
13.11.5 Recent Developments 333
13.12 K. A. Schmersal Holding Gmbh & Co. Kg 334
13.12.1 Company Snapshot 334
13.12.2 Geographical Presence 334
13.12.3 Product Portfolio 335
13.12.4 Recent Developments 337
13.13 Magnelink Inc. 338
13.13.1 Company Snapshot 338
13.13.2 Product Portfolio 338
13.13.3 Recent Development 341
13.14 Mangan Software Solutions 342
13.14.1 Company Snapshot 342
13.14.2 Product Portfolio 342
13.14.3 Recent Developments 343
13.15 Omron Corporation 344
13.15.1 Company Snapshot 344
13.15.2 Revenue Analysis 344
13.15.3 Geographical Segments 345
13.15.4 Product Portfolio 345
13.15.5 Recent Development 345
13.16 Pilz Gmbh & Co. Kg 346
13.16.1 Company Snapshot 346
13.16.2 Geographical Presence 346
13.16.3 Product Portfolio 347
13.16.4 Recent Developments 349
13.17 Rockwell Automation, Inc. 350
13.17.1 Company Snapshot 350
13.17.2 Revenue Analysis 350
13.17.3 Geographical Presence 351
13.17.4 Product Portfolio 351
13.17.5 Recent Development 353
13.18 Schneider Electric 354
13.18.1 Company Snapshot 354
13.18.2 Revenue Analysis 354
13.18.3 Geographical Presence 355
13.18.4 Product Portfolio 355
13.18.5 Recent Developments 356
13.19 Tüv Rheinland 357
13.19.1 Company Snapshot 357
13.19.2 Geographical Presence 357
13.19.3 Product Portfolio 358
13.19.4 Recent Developments 358
13.20 Ul Llc 359
13.20.1 Company Snapshot 359
13.20.2 Geographical Presence 359
13.20.3 Product Portfolio 360
13.20.4 Recent Developments 362
14 Questionnaire 363
15 Conclusion 368
16 Related Reports 369
List Of Figures
Figure 1 Global Functional Safety Products Market: Segmentation 38
Figure 2 Global Functional Safety Products Market: Data Triangulation 41
Figure 3 Global Functional Safety Products Market: Droc Analysis 42
Figure 4 Global Functional Safety Products Market : Global Vs Regional Market Analysis 43
Figure 5 Global Functional Safety Products Market: Company Research Analysis 43
Figure 6 Global Functional Safety Products Market: The Technology Life Line Curve 44
Figure 7 Global Functional Safety Products Market: Interview Demographics 46
Figure 8 Global Functional Safety Products Market: Dbmr Market Position Grid 48
Figure 9 Global Functional Safety Products Market: Market Application Coverage Grid 49
Figure 10 Global Functional Safety Products Market: The Market Challenge Matrix 50
Figure 11 Drivers, Restraints, Opportunities And Challenges Of Global Functional Safety Products Market 55
Figure 12 Global Functional Safety Products Market: Segmentation 65
Figure 13 Asia-pacific Is Expected To Dominate The Market For Functional Safety Products Market And Asia-pacific Is Expected To Grow With The Highest Cagr In The Forecast Period Of 2019 To 2026 66
Figure 14 Strengthening Of Safety Standards And Government Regulations Is Expected To Drive The Functional Safety Products Market In The Forecast Period 2019 To 2026 67
Figure 15 Safety Switches Is Expected To Account For The Largest Share Of The Global Functional Safety Products Market In 2018 67
Figure 16 Asia-pacific Is The Fastest Growing Market For Global Functional Safety Products Manufacturers In The Forecast Period Of 2019 To 2026 68
Figure 17 Global Functional Safety Products Market: By Product, 2018 77
Figure 18 Global Functional Safety Products Market: By Industry Vertical, 2018 94
Figure 19 Global Functional Safety Products Market: Snapshot (2018) 106
Figure 20 Global Functional Safety Products Market: By Geography (2018) 107
Figure 21 Global Functional Safety Products Market: By Geography (2019 & 2026) 107
Figure 22 Global Functional Safety Products Market, By Geography (2018 & 2026) 108
Figure 23 Global Functional Safety Products Market, By Product (2019-2026) 108
Figure 24 North America Functional Safety Products Market: Snapshot (2018) 110
Figure 25 North America Functional Safety Products Market: By Country (2018) 111
Figure 26 North America Functional Safety Products Market: By Country (2019 & 2026) 111
Figure 27 North America Functional Safety Products Market: By Country (2018 & 2026) 112
Figure 28 North America Functional Safety Products Market: By Type (2019 - 2026) 112
Figure 29 Europe Functional Safety Products Market: Snapshot (2018) 132
Figure 30 Europe Functional Safety Products Market: By Country (2018) 133
Figure 31 Europe Functional Safety Products Market: By Country (2019 & 2026) 133
Figure 32 Europe Functional Safety Products Market: By Country (2018 & 2026) 134
Figure 33 Europe Functional Safety Products Market: By Product (2019-2026) 134
Figure 34 Asia-pacific Functional Safety Products Market: Snapshot (2018) 190
Figure 35 Asia-pacific Functional Safety Products Market: By Country (2018) 191
Figure 36 Asia-pacific Functional Safety Products Market: By Country (2019 & 2026) 191
Figure 37 Asia-pacific Functional Safety Products Market: By Country (2018 & 2026) 192
Figure 38 Asia-pacific Functional Safety Products Market: By Product (2019 - 2026) 192
Figure 39 South America Functional Safety Products Market: Snapshot (2018) 249
Figure 40 South America Functional Safety Products Market: By Country (2018) 250
Figure 41 South America Functional Safety Products Market: By Country (2019 & 2026) 250
Figure 42 South America Functional Safety Products Market: By Country (2018 & 2026) 251
Figure 43 South America Functional Safety Products Market: By Products (2019 - 2026) 251
Figure 44 Middle East & Africa Functional Safety Products Market: Snapshot (2018) 263
Figure 45 Middle East & Africa Functional Safety Products Market: By Country (2018) 264
Figure 46 Middle East & Africa Functional Safety Products Market: By Country (2019 & 2026) 264
Figure 47 Middle East & Africa Functional Safety Products Market, By Country (2018 & 2026) 265
Figure 48 Middle East & Africa Functional Safety Products Market: By Product (2019-2026) 265
Figure 49 Global Functional Safety Products Market: Company Share 2018 (%) 277
Figure 50 North America Functional Safety Products Market: Company Share 2018(%) 278
Figure 51 Europe Functional Safety Products Market: Company Share 2018 (%) 279
Figure 52 Asia-pacific Functional Safety Products Market: Company Share 2018 (%) 280

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