The functional safety market is expected to grow from USD 4.6 billion in 2019 to USD 7.1 billion by 2024, at a CAGR of 8.8%. The market’s growth is propelled by strict mandates for safety regulations, surging demand for safety systems in the oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection, and rise in industrial revolution 4.0.
Functional Safety Market for services to grow at higher CAGR from 2019 to 2024
The functional safety market for services is expected to grow at higher CAGR from 2019 to 2024. The services market pertaining to functional safety is gaining pace with an increasing adoption of safety instrumented systems (SIS) by manufacturing companies and growing demand for functional safety, especially in oil & gas and chemical industries. Maintenance services are expected to continue to hold the largest size of the market based on service offerings, followed by testing, inspection, and certification (TIC) services. Maintenance is a critical factor in the overall life cycle of functional safety. After the installation of functional safety, end users have to maintain the SIF and SIL level throughout the life cycle.
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Functional safety market for power generation industry to exhibit high growth in market during forecast period
The power generation industry is expected to grow at the highest CAGR from 2019 to 2024. Power generation plants pose high risks to human lives as well as the environment. Therefore, a high level of functional safety is required for such plants. Functional safety systems, such as burner management, fire and gas monitoring, and emergency shutdown systems, are widely used in power plants. Fire and gas monitoring solutions are especially deployed in power plants and substations to address applicable laws and regulations. Further, a burner management system (BMS) protects boilers from exploding by ensuring safe and orderly operating sequences during start-ups and shutdowns.
Functional safety market in APAC to grow at highest CAGR during forecast period
The functional safety market in APAC is expected to grow at the highest CAGR during the forecast period. This growth would likely be driven by increasing industrialization in emerging economies such as China and India. APAC presents a high potential for installation of functional safety in the oil & gas, chemicals, and power generation industries. The growing demand for petrochemicals in countries such as China and India is enforcing them to increase the production of oil, gas, and chemicals. The adoption of safety automation solutions in manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth.