1 INTRODUCTION 20
1.1 STUDY OBJECTIVES 20
1.2 MARKET DEFINITION AND SCOPE 21
1.2.1 INCLUSIONS AND EXCLUSIONS 21
1.3 STUDY SCOPE 22
1.3.1 MARKETS COVERED 22
1.3.2 YEARS CONSIDERED 23
1.4 CURRENCY 23
1.5 LIMITATIONS 23
1.6 STAKEHOLDERS 24

2 RESEARCH METHODOLOGY 25
2.1 RESEARCH DATA 25
2.1.1 SECONDARY & PRIMARY RESEARCH 26
2.1.2 SECONDARY DATA 26
2.1.2.1 Major secondary sources 26
2.1.2.2 Secondary sources 27
2.1.3 PRIMARY DATA 27
2.1.3.1 Primary interviews with experts 28
2.1.3.2 Key data from primary sources 28
2.1.3.3 Key industry insights 28
2.1.3.4 Breakdown of primaries 29
2.2 MARKET SIZE ESTIMATION 29
2.2.1 BOTTOM-UP APPROACH 31
2.2.1.1 Approach for arriving at market share by bottom-up analysis
(demand side) 31
2.2.2 TOP-DOWN APPROACH 32
2.2.2.1 Approach for capturing market share by top-down analysis
(supply side) 32
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 33
2.4 RESEARCH ASSUMPTIONS 34

3 EXECUTIVE SUMMARY 35

4 PREMIUM INSIGHTS 40
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN FUNCTIONAL SAFETY MARKET 40
4.2 FUNCTIONAL SAFETY MARKET, BY SYSTEM 40
4.3 FUNCTIONAL SAFETY MARKET, BY COMPONENT 41
4.4 FUNCTIONAL SAFETY MARKET, BY SERVICE 41
4.5 FUNCTIONAL SAFETY MARKET, BY OFFERING 42
4.6 FUNCTIONAL SAFETY MARKET, BY REGION 42

5 MARKET OVERVIEW 43
5.1 INTRODUCTION 43
5.2 MARKET DYNAMICS 43
5.2.1 DRIVERS 43
5.2.1.1 Strict mandates for safety regulations 43
5.2.1.2 Surging demand for safety systems in oil & gas industry 44
5.2.1.3 High requirement for reliable safety systems to ensure personnel and asset protection 44
5.2.1.4 Rise in Industrial Revolution 4.0 44
5.2.2 RESTRAINTS 45
5.2.2.1 High investment required for installing functional safety systems 45
5.2.2.2 Lack of awareness and complexity of standards 45
5.2.3 OPPORTUNITIES 46
5.2.3.1 Growing acceptance of workplace safety standards in emerging economies 46
5.2.3.2 Increasing usage of Industrial Internet of Things (IIoT) creating opportunities for the market 47
5.2.4 CHALLENGES 47
5.2.4.1 High complexity of safety applications 47
5.2.4.2 Lack of functional safety certified workforce 47
5.3 SAFETY INTEGRITY LEVEL (SIL) 48
5.3.1 FUNCTIONAL SAFETY STANDARDS 48
5.3.1.1 IEC 61508 48
5.3.1.2 IEC 61511 48
5.3.1.3 IEC 62061 49
5.3.1.4 IEC 62443 49
5.3.2 ADOPTION OF DIFFERENT TECHNOLOGIES IN FUNCTIONAL SAFETY 49
5.4 PROCESS FLOW ANALYSIS OF FUNCTIONAL SAFETY 50

6 FUNCTIONAL SAFETY MARKET, BY SYSTEM 52
6.1 INTRODUCTION 53
6.2 EMERGENCY SHUTDOWN SYSTEM (ESD) 54
6.2.1 EMERGENCY SHUTDOWN SYSTEMS HELD LARGEST SIZE OF FUNCTIONAL SAFETY MARKET IN 2018 54
6.3 FIRE & GAS MONITORING 59
6.3.1 FIRE AND GAS MONITORING SYSTEM MAINLY USED TO PREVENT AND LOWER AFTER-EFFECTS OF FIRE ACCIDENTS 59
6.4 HIGH INTEGRITY PRESSURE PROTECTION SYSTEM (HIPPS) 64
6.4.1 RISING DEMAND FOR RELIABLE SAFETY SOLUTIONS FOR PERSONNEL AND ASSET PROTECTION IN HIGH-PRESSURE ENVIRONMENTS TRIGGERS HIPPS MARKET GROWTH 64
6.5 BURNER MANAGEMENT SYSTEM (BMS) 69
6.5.1 BMS HELPS IN RELIABLE MONITORING, OPERATIONS, AND MAINTENANCE OF ALL ASSETS IN PLANTS 69
6.6 TURBOMACHINERY CONTROL (TMC) 74
6.6.1 TMC PROVIDES TIGHT CONTROL OVER THE SPEED OF STEAM, HYDRO, AND GAS TURBINES 74

7 FUNCTIONAL SAFETY MARKET, BY OFFERING 79
7.1 INTRODUCTION 80
7.2 COMPONENT 81
7.2.1 SAFETY SENSOR 82
7.2.1.1 Safety sensors hold largest share of functional safety market 82
7.2.2 PROGRAMMABLE SAFETY SYSTEM 84
7.2.2.1 Programmable safety systems to grow at highest rate during forecast period 84
7.2.3 SAFETY CONTROLLER/MODULE/RELAY 85
7.2.3.1 High requirement of safety components in functional safety systems 85
7.2.4 SAFETY SWITCH 87
7.2.4.1 Functional safety switches are used to protect equipment and users during hazardous situations 87
7.2.5 EMERGENCY STOP DEVICE 88
7.2.5.1 Emergency stop devices have wide range of safety applications in industries 88
7.2.6 FINAL CONTROL ELEMENT 90
7.2.6.1 Demand for final control element in oil & gas and power generation industries to continue to rise in future 90
7.2.7 OTHERS 92
7.3 SERVICE 93
7.3.1 TESTING, INSPECTION, AND CERTIFICATION 95
7.3.1.1 Market for TIC services to grow at highest CAGR from 2019 to 2024 95
7.3.2 MAINTENANCE 96
7.3.2.1 Maintenance services to continue to hold largest size of functional safety market during 2019–2024 96
7.3.3 TRAINING AND CONSULTING 98
7.3.3.1 Training and consulting services are gaining pace with rising adoption of HIPPS in process plants 98

8 FUNCTIONAL SAFETY MARKET, BY INDUSTRY 99
8.1 INTRODUCTION 100
8.2 OIL & GAS 101
8.2.1 OIL & GAS INDUSTRY TO ACCOUNT FOR LARGEST MARKET SHARE 101
8.3 FOOD & BEVERAGES 103
8.3.1 FOOD & BEVERAGES INDUSTRY EMPLOY FUNCTIONAL SAFETY OWING TO REGULATORY ISSUES 103
8.4 PHARMACEUTICALS 105
8.4.1 PHARMACEUTICAL COMPANIES IMPLEMENT FUNCTIONAL SAFETY TO PREVENT POTENTIAL HAZARDS 105
8.5 CHEMICALS 107
8.5.1 DEMAND FOR SAFETY AND RELIABILITY IN CHEMICALS INDUSTRY PROPELS GROWTH FOR FUNCTIONAL SAFETY MARKET 107
8.6 POWER GENERATION 109
8.6.1 POWER GENERATION INDUSTRY USES FUNCTIONAL SAFETY FOR PROTECTING PLANTS FROM HAZARD 109
8.7 METALS & MINING 111
8.7.1 FUNCTIONAL SAFETY SYSTEM HELPS ENSURE EFFICIENT AND SAFE PRODUCTION IN METALS & MINING INDUSTRY 111
8.8 WATER & WASTEWATER 113
8.8.1 FUNCTIONAL SAFETY HELPS IN IMPROVING OPERATIONAL EFFICIENCY AND SAVING OPERATIONAL COSTS OF WATER & WASTEWATER TREATMENT PLANTS 113
8.9 OTHERS 115

9 GEOGRAPHIC ANALYSIS 118
9.1 INTRODUCTION 119
9.2 NORTH AMERICA 120
9.2.1 US 123
9.2.1.1 US to hold largest size of functional safety market in North America during forecast period 123
9.2.2 CANADA 124
9.2.2.1 Strict government regulations drive functional safety market in Canada 124
9.2.3 MEXICO 124
9.2.3.1 Abundance of oil & gas reserves in Mexico to offer opportunities for functional safety manufacturers 124
9.3 EUROPE 125
9.3.1 UK 127
9.3.1.1 Mandate for safety regulations propels demand for functional safety system and services in UK 127
9.3.2 GERMANY 128
9.3.2.1 Germany to hold largest size of functional safety market in Europe during forecast period 128
9.3.3 FRANCE 128
9.3.3.1 Stringent safety requirements are driving functional safety market in France 128
9.3.4 REST OF EUROPE 128
9.4 APAC 130
9.4.1 CHINA 132
9.4.1.1 Oil & gas and chemicals are major end-user industries for functional safety in China 132
9.4.2 JAPAN 133
9.4.2.1 Fast-growing process industries in Japan are adhering to safety standards 133
9.4.3 INDIA 133
9.4.3.1 Functional safety market in India to grow at highest CAGR during forecast period 133
9.4.4 SOUTH KOREA 134
9.4.4.1 Stringent law to prevent industrial accidents drives functional safety market in South Korea 134
9.4.5 REST OF APAC 134
9.5 ROW 135
9.5.1 SOUTH AMERICA 137
9.5.1.1 South America to be booming market for functional safety 137
9.5.2 MIDDLE EAST & AFRICA 138
9.5.2.1 Middle East held larger size of functional safety market for oil & gas industry in 2018 138
10 COMPETITIVE LANDSCAPE 139
10.1 OVERVIEW 139
10.2 MARKET RANKING ANALYSIS: FUNCTIONAL SAFETY MARKET 140
10.3 COMPETITIVE LEADERSHIP MAPPING 140
10.3.1 VISIONARIES 140
10.3.2 INNOVATORS 140
10.3.3 DYNAMIC DIFFERENTIATORS 141
10.3.4 EMERGING COMPANIES 141
10.4 STRENGTH OF PRODUCT PORTFOLIO 142
10.5 BUSINESS STRATEGY EXCELLENCE 143
10.6 COMPETITIVE SITUATION & TRENDS 144
10.6.1 CONTRACTS, AGREEMENTS, AND PARTNERSHIPS 144
10.6.2 PRODUCT LAUNCHES & DEVELOPMENTS 147
10.6.3 ACQUISITIONS 150
11 COMPANY PROFILES 151
(Business Overview, Products /Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
11.1 KEY PLAYERS 151
11.1.1 SCHNEIDER ELECTRIC 151
11.1.2 HONEYWELL 154
11.1.3 ABB 158
11.1.4 ROCKWELL 161
11.1.5 HIMA PAUL 165
11.1.6 YOKOGAWA 168
11.1.7 EMERSON ELECTRIC 170
11.1.8 GE 173
11.1.9 OMRON 175
11.1.10 SIEMENS AG 177
11.2 RIGHT TO WIN 180
11.3 OTHER KEY PLAYERS 181
11.3.1 JOHNSON CONTROLS 181
11.3.2 BALLUFF GMBH 182
11.3.3 MOGAS INDUSTRIES 183
11.3.4 PIETRO FIORENTINI (ARVAN SRL) 183
11.3.5 FRAMES GROUP 184
11.3.6 SCHLUMBERGER 184
11.3.7 INTERTEK 185
11.3.8 DEKRA SE 185
11.3.10 TUV RHEINLAND 186
11.3.11 SGS GROUP 187
11.3.12 EXIDA 187
11.3.13 VELAN INC 188
11.3.14 PALADON SYSTEMS LTD. 188
11.3.15 PROSERV INGENIOUS SIMPLICITY 189
*Details on Business Overview, Products /Services Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.

12 APPENDIX 190
12.1 INSIGHTS OF INDUSTRY EXPERTS 190
12.2 DISCUSSION GUIDE FUNCTIONAL SAFETY MARKET 191
12.3 KNOWLEDGE STORE 194
12.4 AVAILABLE CUSTOMIZATIONS 196
12.5 RELATED REPORTS 196
12.6 AUTHOR DETAILS 197