Table of Content

"1    INTRODUCTION    25
1.1    STUDY OBJECTIVES    25
1.2    MARKET DEFINITION    26
1.2.1    INCLUSIONS AND EXCLUSIONS    26
1.3    STUDY SCOPE    27
1.3.1    MARKETS COVERED    27
FIGURE 1    FUNCTIONAL SAFETY MARKET: SEGMENTATION    27
1.3.2    GEOGRAPHIC SCOPE    28
1.3.3    YEARS CONSIDERED    28
1.4    CURRENCY & PRICING    29
1.5    LIMITATIONS    29
1.6    STAKEHOLDERS    29
1.7    SUMMARY OF CHANGES    30
2    RESEARCH METHODOLOGY    31
2.1    RESEARCH DATA    31
FIGURE 2    FUNCTIONAL SAFETY MARKET: RESEARCH DESIGN    32
2.1.1    SECONDARY AND PRIMARY RESEARCH    32
2.1.2    SECONDARY DATA    33
2.1.2.1    List of major secondary sources    34
2.1.2.2    Key data from secondary sources    35
2.1.3    PRIMARY DATA    35
2.1.3.1    Primary interviews with experts    36
2.1.3.2    Key data from primary sources    36
2.1.3.3    Key industry insights    37
2.1.3.4    Breakdown of primaries    37
2.2    MARKET SIZE ESTIMATION    37
2.2.1    BOTTOM-UP APPROACH    38
2.2.1.1    Approach for arriving at market size by bottom-up analysis (demand side)    38
FIGURE 3    FUNCTIONAL SAFETY MARKET: BOTTOM-UP APPROACH    38
2.2.2    TOP-DOWN APPROACH    39
2.2.2.1    Approach for capturing market size by using top-down analysis (supply side)    39
FIGURE 4    FUNCTIONAL SAFETY MARKET: TOP-DOWN APPROACH    39
FIGURE 5    MARKET SIZE ESTIMATION METHODOLOGY FOR FUNCTIONAL SAFETY MARKET USING SUPPLY-SIDE ANALYSIS    40
2.3    MARKET BREAKDOWN AND DATA TRIANGULATION    41
FIGURE 6    DATA TRIANGULATION    41
2.4    RESEARCH ASSUMPTIONS    42
2.5    RISK ASSESSMENT    43
3    EXECUTIVE SUMMARY    44
FIGURE 7    FUNCTIONAL SAFETY MARKET, 2018–2027 (USD MILLION)    44
FIGURE 8    PROGRAMMABLE SAFETY SYSTEMS TO WITNESS HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD    45
FIGURE 9    EMERGENCY SHUTDOWN SYSTEMS TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD    46
FIGURE 10    OIL & GAS INDUSTRY TO ACCOUNT FOR LARGEST SHARE OF FUNCTIONAL SAFETY MARKET BETWEEN 2022 AND 2027    47
FIGURE 11    ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD    48
4    PREMIUM INSIGHTS    49
4.1    ATTRACTIVE GROWTH OPPORTUNITIES FOR FUNCTIONAL SAFETY MARKET    49
FIGURE 12    RISING ADOPTION OF FUNCTIONAL SAFETY SOLUTIONS IN VARIOUS INDUSTRIES FOR INCREASING OPERATIONAL EFFICIENCY AND SAFETY COMPLIANCE TO FUEL MARKET GROWTH DURING FORECAST PERIOD    49
4.2    FUNCTIONAL SAFETY MARKET, BY DEVICE    49
FIGURE 13    SAFETY SENSORS TO CAPTURE LARGEST MARKET SHARE FROM
2022 TO 2027    49
4.3    FUNCTIONAL SAFETY MARKET, BY SYSTEM    50
FIGURE 14    FIRE & GAS MONITORING CONTROLS TO REGISTER HIGHER CAGR FROM 2022 TO 2027    50
4.4    FUNCTIONAL SAFETY MARKET, BY INDUSTRY    50
FIGURE 15    OIL & GAS INDUSTRY TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2027    50
4.5    FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY COUNTRY AND INDUSTRY    51
FIGURE 16    OIL & GAS AND US TO BE LARGEST SHAREHOLDERS OF NORTH AMERICAN FUNCTIONAL SAFETY MARKET IN 2027    51
4.6    FUNCTIONAL SAFETY MARKET, BY COUNTRY    52
FIGURE 17    CHINA TO EXHIBIT HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET FROM 2022 TO 2027    52
5    MARKET OVERVIEW    53
5.1    INTRODUCTION    53
5.2    MARKET DYNAMICS    53
FIGURE 18    FUNCTIONAL SAFETY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES    53
5.2.1    DRIVERS    54
5.2.1.1    Strict mandates for safety regulations undertaken by governments    54
5.2.1.2    Increasing adoption of functional safety systems in oil & gas sector to enhance machine and worker safety    54
5.2.1.3    Surging demand for functional safety solutions to reduce accidents and ensure asset protection    55
5.2.1.4    Rising trend of Industry 4.0 across industries    55
FIGURE 19    FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF DRIVERS    56
5.2.2    RESTRAINTS    56
5.2.2.1    High initial investment, installation, and maintenance costs associated with functional safety systems    56
5.2.2.2    Complex global standards and lack of awareness    57
FIGURE 20    FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF RESTRAINTS    57
5.2.3    OPPORTUNITIES    58
5.2.3.1    Increasing importance of enhanced machine and worker safety in emerging economies    58
5.2.3.2    Rising acceptance of IIoT technology in industries    58
FIGURE 21    FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF OPPORTUNITIES    59
5.2.4    CHALLENGES    59
5.2.4.1    Issues in designing safety systems that meet complex functional safety standards    59
5.2.4.2    Shortage of skilled functional safety certified workforce    59
FIGURE 22    FUNCTIONAL SAFETY MARKET: IMPACT ANALYSIS OF CHALLENGES    60
5.3    VALUE CHAIN ANALYSIS    60
FIGURE 23    FUNCTIONAL SAFETY MARKET: VALUE CHAIN ANALYSIS    60
5.4    ECOSYSTEM ANALYSIS    62
FIGURE 24    FUNCTIONAL SAFETY MARKET: ECOSYSTEM ANALYSIS    62
TABLE 1    FUNCTIONAL SAFETY MARKET: ECOSYSTEM    62
5.4.1    PROCESS FLOW ANALYSIS OF FUNCTIONAL SAFETY MARKET    63
FIGURE 25    PROCESS FLOW ANALYSIS – FUNCTIONAL SAFETY MARKET    63
5.5    PRICING ANALYSIS    64
TABLE 2    AVERAGE SELLING PRICES OF COMPONENTS/DEVICES OF FUNCTIONAL SAFETY SYSTEMS OFFERED BY TOP COMPANIES, 2021    64
TABLE 3    INDICATIVE PRICES OF FUNCTIONAL SAFETY COMPONENTS/DEVICES    65
5.5.1    AVERAGE SELLING PRICES OF COMPONENTS OFFERED BY KEY PLAYERS    65
FIGURE 26    AVERAGE SELLING PRICES OF COMPONENTS OFFERED BY KEY PLAYERS    65
TABLE 4    AVERAGE SELLING PRICES OF COMPONENTS OFFERED BY KEY PLAYERS (USD)    66
5.6    TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS    66
FIGURE 27    REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN FUNCTIONAL SAFETY MARKET    66
5.7    TECHNOLOGY ANALYSIS    66
5.7.1    COMPUTER VISION    66
5.7.2    AUTOMATED MACHINE LEARNING    67
5.7.3    INTERNET OF THINGS    67
5.7.4    VIRTUAL REALITY    67
5.7.5    5G    68
5.8    PORTER’S FIVE FORCES ANALYSIS    68
TABLE 5    FUNCTIONAL SAFETY MARKET: PORTER’S FIVE FORCES ANALYSIS    68
5.9    KEY STAKEHOLDERS & BUYING CRITERIA    69
5.9.1    KEY STAKEHOLDERS IN BUYING PROCESS    69
FIGURE 28    INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 3 INDUSTRIES    69
TABLE 6    INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 3 INDUSTRIES (%)    70
5.9.2    BUYING CRITERIA    70
FIGURE 29    KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES    70
TABLE 7    KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES    70
5.10    CASE STUDIES    71
TABLE 8    FUNCTIONAL SAFETY RELAY REQUIRED FOR MACHINE SAFETY AND ENHANCING SAFETY OF WATER CUTTER    71
TABLE 9    TANK OVERSPILL PROTECTION SYSTEM OFFERED BY EMERSON ELECTRIC CO. HELPS TO INCREASE SAFETY MEASURES    71
TABLE 10    ULTRASONIC GAS LEAK DETECTION SYSTEM USED FOR EARLY DETECTION OF GAS LEAKS IN CRITICAL SITUATIONS    71
TABLE 11    IMPLEMENTATION OF FUNCTIONAL SAFETY LIFECYCLE COMPLIANT WITH REQUIREMENTS OF IEC 61511/ISA 84 TO STAGE 3 FSA    72
5.11    TRADE ANALYSIS    72
FIGURE 30    IMPORT SCENARIO OF TAPS, COCKS, VALVES, AND SIMILAR APPLIANCES,
BY KEY COUNTRY, 2016−2020 (USD MILLION)    72
FIGURE 31    EXPORT DATA FOR TAPS, COCKS, VALVES, AND SIMILAR APPLIANCES,
BY KEY COUNTRY, 2016−2020 (USD MILLION)    73
5.12    PATENT ANALYSIS    73
FIGURE 32    TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS    73
TABLE 12    TOP 20 PATENT OWNERS IN US IN LAST 10 YEARS    74
FIGURE 33    NUMBER OF PATENTS GRANTED PER YEAR FROM 2012 TO 2021    75
TABLE 13    LIST OF FEW PATENTS IN FUNCTIONAL SAFETY MARKET, 2020–2021    75
5.13    KEY CONFERENCES & EVENTS, 2022–2023    76
TABLE 14    FUNCTIONAL SAFETY MARKET: DETAILED LIST OF CONFERENCES & EVENTS    76
5.14    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS    77
TABLE 15    NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS    77
TABLE 16    EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS    77
TABLE 17    ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS    78
TABLE 18    ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS    78
5.14.1    STANDARDS    78
TABLE 19    STANDARDS FOR FUNCTIONAL SAFETY MARKET    79
6    FUNCTIONAL SAFETY MARKET, BY DEVICE    80
6.1    INTRODUCTION    81
FIGURE 34    FUNCTIONAL SAFETY MARKET, BY DEVICE    81
FIGURE 35    SAFETY SENSORS TO HOLD LARGEST SIZE OF FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD    81
TABLE 20    FUNCTIONAL SAFETY MARKET, BY DEVICE, 2018–2021 (USD MILLION)    82
TABLE 21    FUNCTIONAL SAFETY MARKET, BY DEVICE, 2022–2027 (USD MILLION)    82
6.2    DEVICE    83
6.2.1    SAFETY SENSORS    83
6.2.1.1    Safety sensors are used in various functional safety systems such as ESD and HIPPS    83
TABLE 22    FUNCTIONAL SAFETY MARKET FOR SAFETY SENSORS, BY SYSTEM,
2018–2021 (USD MILLION)    83
TABLE 23    FUNCTIONAL SAFETY MARKET FOR SAFETY SENSORS, BY SYSTEM,
2022–2027 (USD MILLION)    84
6.2.2    SAFETY CONTROLLERS/MODULES/RELAYS    84
6.2.2.1    Safety relays operate efficiently to meet existing safety standards    84
TABLE 24    FUNCTIONAL SAFETY MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY SYSTEM, 2018–2021 (USD MILLION)    85
TABLE 25    FUNCTIONAL SAFETY MARKET FOR SAFETY CONTROLLERS/MODULES/RELAYS, BY SYSTEM, 2022–2027 (USD MILLION)    85
6.2.3    PROGRAMMABLE SAFETY SYSTEMS    86
6.2.3.1    Market for programmable safety systems is anticipated to grow at rapid rate in coming years    86
TABLE 26    FUNCTIONAL SAFETY MARKET FOR PROGRAMMABLE SAFETY SYSTEMS,
BY SYSTEM, 2018–2021 (USD MILLION)    86
TABLE 27    FUNCTIONAL SAFETY MARKET FOR PROGRAMMABLE SAFETY SYSTEMS,
BY SYSTEM, 2022–2027 (USD MILLION)    87
6.2.4    SAFETY SWITCHES    87
6.2.4.1    Safety switches are designed to protect operators and equipment in automation plants    87
TABLE 28    FUNCTIONAL SAFETY MARKET FOR SAFETY SWITCHES, BY SYSTEM,
2018–2021 (USD MILLION)    88
TABLE 29    FUNCTIONAL SAFETY MARKET FOR SAFETY SWITCHES, BY SYSTEM,
2022–2027 (USD MILLION)    88
6.2.5    VALVES    89
6.2.5.1    Demand for valves is expected to rise in future due to increasing adoption of functional safety standards in emerging countries such as China and India    89
TABLE 30    FUNCTIONAL SAFETY MARKET FOR VALVES, BY SYSTEM,
2018–2021 (USD MILLION)    89
TABLE 31    FUNCTIONAL SAFETY MARKET FOR VALVES, BY SYSTEM,
2022–2027 (USD MILLION)    90
6.2.6    ACTUATORS    90
6.2.6.1    Extensive use of actuators in oil & gas industry is expected to drive growth of functional safety market    90
TABLE 32    FUNCTIONAL SAFETY MARKET FOR ACTUATORS, BY SYSTEM,
2018–2021 (USD MILLION)    90
TABLE 33    FUNCTIONAL SAFETY MARKET FOR ACTUATORS, BY SYSTEM,
2022–2027 (USD MILLION)    91
6.2.7    EMERGENCY STOP DEVICES    91
6.2.7.1    Emergency stop devices provide workers means of stopping devices during emergencies    91
TABLE 34    THREE COMMON TYPES OF EMERGENCY STOP DEVICES    91
TABLE 35    FUNCTIONAL SAFETY MARKET FOR EMERGENCY STOP DEVICES, BY SYSTEM, 2018–2021 (USD MILLION)    92
TABLE 36    FUNCTIONAL SAFETY MARKET FOR EMERGENCY STOP DEVICES, BY SYSTEM, 2022–2027 (USD MILLION)    92
6.2.8    OTHERS    93
TABLE 37    FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM,
2018–2021 (USD MILLION)    93
TABLE 38    FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM,
2022–2027 (USD MILLION)    93
6.3    SERVICES    94
6.3.1    DESIGN, ENGINEERING, & MAINTENANCE SERVICES ARE EXPECTED TO
HOLD LARGEST SIZE OF FUNCTIONAL SAFETY SERVICES MARKET    94
FIGURE 36    FUNCTIONAL SAFETY MARKET, BY SERVICE    94
TABLE 39    FUNCTIONAL SAFETY MARKET, BY SERVICE, 2018–2021 (USD MILLION)    94
TABLE 40    FUNCTIONAL SAFETY MARKET, BY SERVICE, 2022–2027 (USD MILLION)    94
TABLE 41    FUNCTIONAL SAFETY MARKET, BY SERVICE TYPE, 2018–2021 (USD MILLION)    95
TABLE 42    FUNCTIONAL SAFETY MARKET, BY SERVICE TYPE, 2022–2027 (USD MILLION)    95
6.3.2    TESTING, INSPECTION, & CERTIFICATION    95
6.3.3    DESIGN, ENGINEERING, & MAINTENANCE    96
6.3.4    TRAINING & CONSULTING    96
7    FUNCTIONAL SAFETY MARKET, BY SYSTEM    97
7.1    INTRODUCTION    98
FIGURE 37    FUNCTIONAL SAFETY MARKET, BY SYSTEM    98
FIGURE 38    EMERGENCY SHUTDOWN SYSTEMS TO HOLD LARGEST SIZE OF FUNCTIONAL SAFETY MARKET IN 2027    99
TABLE 43    FUNCTIONAL SAFETY MARKET, BY SYSTEM TYPE, 2018–2021 (USD MILLION)    99
TABLE 44    FUNCTIONAL SAFETY MARKET, BY SYSTEM TYPE, 2022–2027 (USD MILLION)    99
TABLE 45    FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2018–2021 (USD MILLION)    100
TABLE 46    FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2022–2027 (USD MILLION)    100
7.2    EMERGENCY SHUTDOWN SYSTEMS    101
7.2.1    EMERGENCY SHUTDOWN SYSTEMS ARE DESIGNED TO MINIMIZE DAMAGES IN EMERGENCY SITUATIONS    101
TABLE 47    FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,
BY INDUSTRY, 2018–2021 (USD MILLION)    101
TABLE 48    FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,
BY INDUSTRY, 2022–2027 (USD MILLION)    102
TABLE 49    FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,
BY REGION, 2018–2021 (USD MILLION)    102
TABLE 50    FUNCTIONAL SAFETY MARKET FOR EMERGENCY SHUTDOWN SYSTEMS,
BY REGION, 2022–2027 (USD MILLION)    102
7.3    FIRE & GAS MONITORING CONTROLS    103
7.3.1    EFFICIENT AND RELIABLE FIRE AND GAS MONITORING SYSTEMS ARE CRUCIAL TO SAFEGUARD ASSETS AND PEOPLE IN VARIOUS INDUSTRIES    103
TABLE 51    FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS,
BY INDUSTRY, 2018–2021 (USD MILLION)    104
TABLE 52    FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS,
BY INDUSTRY, 2022–2027 (USD MILLION)    104
TABLE 53    FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS,
BY REGION, 2018–2021 (USD MILLION)    105
TABLE 54    FUNCTIONAL SAFETY MARKET FOR FIRE & GAS MONITORING CONTROLS,
BY REGION, 2022–2027 (USD MILLION)    105
7.4    TURBOMACHINERY CONTROLS    105
7.4.1    TURBOMACHINERY CONTROLS PROVIDE SAFETY FROM UNEXPECTED BREAKDOWNS IN PLANTS    105
TABLE 55    FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS,
BY INDUSTRY, 2018–2021 (USD MILLION)    106
TABLE 56    FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS,
BY INDUSTRY, 2022–2027 (USD MILLION)    106
TABLE 57    FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS,
BY REGION, 2018–2021 (USD MILLION)    107
TABLE 58    FUNCTIONAL SAFETY MARKET FOR TURBOMACHINERY CONTROLS,
BY REGION, 2022–2027 (USD MILLION)    107
7.5    BURNER MANAGEMENT SYSTEMS    107
7.5.1    BMS HELPS IN SAFE AND RELIABLE MONITORING, OPERATIONS,
AND MAINTENANCE OF ALL COMBUSTION ASSETS IN PLANTS    107
TABLE 59    FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS,
BY INDUSTRY, 2018–2021 (USD MILLION)    108
TABLE 60    FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS,
BY INDUSTRY, 2022–2027 (USD MILLION)    108
TABLE 61    FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS,
BY REGION, 2018–2021 (USD MILLION)    109
TABLE 62    FUNCTIONAL SAFETY MARKET FOR BURNER MANAGEMENT SYSTEMS,
BY REGION, 2022–2027 (USD MILLION)    109
7.6    HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS    110
7.6.1    HIPPS PROTECTS PLANT EQUIPMENT, PERSONNEL, AND ENVIRONMENT
BY RELIABLY AND SAFELY CLOSING SOURCE OF OVERPRESSURE    110
TABLE 63    FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY INDUSTRY, 2018–2021 (USD MILLION)    110
TABLE 64    FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY INDUSTRY, 2022–2027 (USD MILLION)    111
TABLE 65    FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY REGION, 2018–2021 (USD MILLION)    111
TABLE 66    FUNCTIONAL SAFETY MARKET FOR HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS, BY REGION, 2022–2027 (USD MILLION)    111
7.7    DISTRIBUTED CONTROL SYSTEMS    112
7.7.1    DCS MAINTAINS DIGITAL COMMUNICATION BETWEEN VARIOUS COMPONENTS AND ALLOWS EFFECTIVE CONTROL OVER PROCESSES    112
TABLE 67    FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS,
BY INDUSTRY, 2018–2021 (USD MILLION)    112
TABLE 68    FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS,
BY INDUSTRY, 2022–2027 (USD MILLION)    113
TABLE 69    FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS,
BY REGION, 2018–2021 (USD MILLION)    113
TABLE 70    FUNCTIONAL SAFETY MARKET FOR DISTRIBUTED CONTROL SYSTEMS,
BY REGION, 2022–2027 (USD MILLION)    113
7.8    SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS    114
7.8.1    SCADA IS CONSIDERED FUNCTIONAL SAFETY SYSTEM THAT OPERATES TO PROVIDE CONTROL OF REMOTE DEVICES AND ALSO ACQUIRE DATA FROM THESE DEVICES    114
TABLE 71    FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY INDUSTRY, 2018–2021 (USD MILLION)    114
TABLE 72    FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY INDUSTRY, 2022–2027 (USD MILLION)    115
TABLE 73    FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY REGION, 2018–2021 (USD MILLION)    115
TABLE 74    FUNCTIONAL SAFETY MARKET FOR SUPERVISORY CONTROL AND DATA ACQUISITION SYSTEMS, BY REGION, 2022–2027 (USD MILLION)    116
8    FUNCTIONAL SAFETY MARKET, BY INDUSTRY    117
8.1    INTRODUCTION    118
FIGURE 39    FUNCTIONAL SAFETY MARKET, BY INDUSTRY    118
FIGURE 40    OIL & GAS INDUSTRY TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2027    119
TABLE 75    FUNCTIONAL SAFETY MARKET, BY INDUSTRY TYPE,
2018–2021 (USD MILLION)    119
TABLE 76    FUNCTIONAL SAFETY MARKET, BY INDUSTRY TYPE,
2022–2027 (USD MILLION)    119
TABLE 77    FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)    120
TABLE 78    FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)    120
8.2    PROCESS INDUSTRY    121
8.2.1    OIL & GAS    121
8.2.1.1    Oil & gas industry expected to account for largest market share during forecast period    121
TABLE 79    FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY STREAM,
2018–2021 (USD MILLION)    121
TABLE 80    FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY STREAM,
2022–2027 (USD MILLION)    122
8.2.1.2    Upstream    122
8.2.1.3    Midstream    122
8.2.1.4    Downstream    122
TABLE 81    FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY SYSTEM,
2018–2021 (USD MILLION)    123
TABLE 82    FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY SYSTEM,
2022–2027 (USD MILLION)    123
TABLE 83    FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY REGION,
2018–2021 (USD MILLION)    123
TABLE 84    FUNCTIONAL SAFETY MARKET FOR OIL & GAS, BY REGION,
2022–2027 (USD MILLION)    124
8.2.2    POWER GENERATION    124
8.2.2.1    Power generation industry uses burner management systems for protecting plants from hazards    124
TABLE 85    FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY SYSTEM,
2018–2021 (USD MILLION)    125
TABLE 86    FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY SYSTEM,
2022–2027 (USD MILLION)    125
TABLE 87    FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY REGION,
2018–2021 (USD MILLION)    125
TABLE 88    FUNCTIONAL SAFETY MARKET FOR POWER GENERATION, BY REGION,
2022–2027 (USD MILLION)    126
8.2.3    CHEMICALS    126
8.2.3.1    Safety and reliability are important factors in chemicals industry, which are expected to drive market growth in coming years    126
TABLE 89    FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY SYSTEM,
2018–2021 (USD MILLION)    127
TABLE 90    FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY SYSTEM,
2022–2027 (USD MILLION)    127
TABLE 91    FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY REGION,
2018–2021 (USD MILLION)    127
TABLE 92    FUNCTIONAL SAFETY MARKET FOR CHEMICALS, BY REGION,
2022–2027 (USD MILLION)    128
8.2.4    FOOD & BEVERAGES    128
8.2.4.1    Emergency shutdown systems help in identifying abnormal conditions in food & beverages industry and initiate safe shutdowns in case of emergencies    128
TABLE 93    FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY SYSTEM,
2018–2021 (USD MILLION)    129
TABLE 94    FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY SYSTEM,
2022–2027 (USD MILLION)    129
TABLE 95    FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY REGION,
2018–2021 (USD MILLION)    129
TABLE 96    FUNCTIONAL SAFETY MARKET FOR FOOD & BEVERAGES, BY REGION,
2022–2027 (USD MILLION)    130
8.2.5    WATER & WASTEWATER TREATMENT    130
8.2.5.1    Water & wastewater treatment industry widely adopts functional safety solutions to safeguard plant environment from failures    130
TABLE 97    FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT,
BY SYSTEM, 2018–2021 (USD MILLION)    131
TABLE 98    FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT,
BY SYSTEM, 2022–2027 (USD MILLION)    131
TABLE 99    FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT,
BY REGION, 2018–2021 (USD MILLION)    131
TABLE 100    FUNCTIONAL SAFETY MARKET FOR WATER & WASTEWATER TREATMENT,
BY REGION, 2022–2027 (USD MILLION)    132
8.2.6    PHARMACEUTICALS    132
8.2.6.1    Effective safety instrumented system prevents potential hazards and ensures machine safety in pharmaceuticals industry    132
TABLE 101    FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY SYSTEM,
2018–2021 (USD MILLION)    133
TABLE 102    FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY SYSTEM,
2022–2027 (USD MILLION)    133
TABLE 103    FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY REGION,
2018–2021 (USD MILLION)    133
TABLE 104    FUNCTIONAL SAFETY MARKET FOR PHARMACEUTICALS, BY REGION,
2022–2027 (USD MILLION)    134
8.2.7    METALS & MINING    134
8.2.7.1    Fire & gas monitoring control systems help in reducing accident risks and damage in emergencies in metals & mining industry    134
TABLE 105    FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY SYSTEM,
2018–2021 (USD MILLION)    135
TABLE 106    FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY SYSTEM,
2022–2027 (USD MILLION)    135
TABLE 107    FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY REGION,
2018–2021 (USD MILLION)    135
TABLE 108    FUNCTIONAL SAFETY MARKET FOR METALS & MINING, BY REGION,
2022–2027 (USD MILLION)    136
8.2.8    OTHERS    136
TABLE 109    FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM,
2018–2021 (USD MILLION)    136
TABLE 110    FUNCTIONAL SAFETY MARKET FOR OTHERS, BY SYSTEM,
2022–2027 (USD MILLION)    137
TABLE 111    FUNCTIONAL SAFETY MARKET FOR OTHERS, BY REGION,
2018–2021 (USD MILLION)    137
TABLE 112    FUNCTIONAL SAFETY MARKET FOR OTHERS, BY REGION,
2022–2027 (USD MILLION)    137
8.3    DISCRETE INDUSTRY    138
8.3.1    AUTOMOTIVE    138
8.3.1.1    Machine safety systems used in automotive industry detect unsafe conditions    138
TABLE 113    FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY SYSTEM,
2018–2021 (USD MILLION)    138
TABLE 114    FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY SYSTEM,
2022–2027 (USD MILLION)    138
TABLE 115    FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY REGION,
2018–2021 (USD MILLION)    139
TABLE 116    FUNCTIONAL SAFETY MARKET FOR AUTOMOTIVE, BY REGION,
2022–2027 (USD MILLION)    139
8.3.2    RAILWAYS    139
8.3.2.1    Functional safety systems improve railways and associated infrastructure safety by continuously monitoring various critical parameters    139
TABLE 117    FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY SYSTEM,
2018–2021 (USD MILLION)    140
TABLE 118    FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY SYSTEM,
2022–2027 (USD MILLION)    140
TABLE 119    FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY REGION,
2018–2021 (USD MILLION)    140
TABLE 120    FUNCTIONAL SAFETY MARKET FOR RAILWAYS, BY REGION,
2022–2027 (USD MILLION)    140

8.3.3    MEDICAL    141
8.3.3.1    Stringent safety standards and regulatory compliances for medical industry are driving demand for functional safety systems    141
TABLE 121    FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY SYSTEM,
2018–2021 (USD MILLION)    141
TABLE 122    FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY SYSTEM,
2022–2027 (USD MILLION)    141
TABLE 123    FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY REGION,
2018–2021 (USD MILLION)    142
TABLE 124    FUNCTIONAL SAFETY MARKET FOR MEDICAL, BY REGION,
2022–2027 (USD MILLION)    142
9    FUNCTIONAL SAFETY MARKET, BY SIL TYPE    143
9.1    INTRODUCTION    143
FIGURE 41    FUNCTIONAL SAFETY MARKEY: PERCENTAGE CONTRIBUTIONS OF
SIL TYPES, 2021    143
9.2    SIL 2    144
9.3    SIL 3    144
9.4    SIL 4    144
10    FUNCTIONAL SAFETY MARKET, BY SALES CHANNEL    145
10.1    INTRODUCTION    145
FIGURE 42    FUNCTIONAL SAFETY MARKET: PERCENTAGE CONTRIBUTION OF
SALES CHANNELS, 2021    145
10.2    DIRECT CHANNEL    145
10.3    DISTRIBUTORS/RESELLERS    146
10.4    SYSTEM INTEGRATORS    146
11    GEOGRAPHIC ANALYSIS    147
11.1    INTRODUCTION    148
FIGURE 43    FUNCTIONAL SAFETY MARKET, BY GEOGRAPHY    148
FIGURE 44    CHINA TO EXHIBIT HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET FROM 2022 TO 2027    149
TABLE 125    FUNCTIONAL SAFETY MARKET, BY REGION, 2018–2021 (USD MILLION)    149
TABLE 126    FUNCTIONAL SAFETY MARKET, BY REGION, 2022–2027 (USD MILLION)    149
11.2    NORTH AMERICA    150
FIGURE 45    NORTH AMERICA: SNAPSHOT OF FUNCTIONAL SAFETY MARKET    151
FIGURE 46    US TO ACCOUNT FOR LARGEST SHARE OF NORTH AMERICAN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD    152
TABLE 127    FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY COUNTRY,
2018–2021 (USD MILLION)    152
TABLE 128    FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY COUNTRY,
2022–2027 (USD MILLION)    152
TABLE 129    FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY SYSTEM,
2018–2021 (USD MILLION)    153
TABLE 130    FUNCTIONAL SAFETY MARKET IN NORTH AMERICA, BY SYSTEM,
2022–2027 (USD MILLION)    153
11.2.1    US    154
11.2.1.1    Increasing oil production is offering functional safety solution providers opportunity to meet growing demand for safety systems    154
11.2.2    CANADA    154
11.2.2.1    Strict government regulations drive functional safety market in Canada    154
11.2.3    MEXICO    155
11.2.3.1    Growing safety requirements in oil & gas industry are boosting functional safety market growth    155
11.3    EUROPE    155
FIGURE 47    EUROPE: SNAPSHOT OF FUNCTIONAL SAFETY MARKET    156
FIGURE 48    GERMANY TO REGISTER HIGHEST CAGR IN EUROPEAN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD    157
TABLE 131    FUNCTIONAL SAFETY MARKET IN EUROPE, BY COUNTRY,
2018–2021 (USD MILLION)    157
TABLE 132    FUNCTIONAL SAFETY MARKET IN EUROPE, BY COUNTRY,
2022–2027 (USD MILLION)    157
TABLE 133    FUNCTIONAL SAFETY MARKET IN EUROPE, BY SYSTEM,
2018–2021 (USD MILLION)    158
TABLE 134    FUNCTIONAL SAFETY MARKET IN EUROPE, BY SYSTEM,
2022–2027 (USD MILLION)    158
11.3.1    GERMANY    159
11.3.1.1    Germany to hold largest size of functional safety market in Europe during forecast period    159
11.3.2    UK    159
11.3.2.1    Mandates for safety regulations propel demand for functional safety systems and services in UK    159
11.3.3    FRANCE    160
11.3.3.1    Stringent safety requirements are driving functional safety market in France    160
11.3.4    REST OF EUROPE    160
11.4    ASIA PACIFIC    160
FIGURE 49    ASIA PACIFIC: SNAPSHOT OF FUNCTIONAL SAFETY MARKET    161
FIGURE 50    CHINA TO ACCOUNT FOR LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC DURING FORECAST PERIOD    162
TABLE 135    FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY COUNTRY,
2018–2021 (USD MILLION)    162
TABLE 136    FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY COUNTRY,
2022–2027 (USD MILLION)    162
TABLE 137    FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY SYSTEM,
2018–2021 (USD MILLION)    163
TABLE 138    FUNCTIONAL SAFETY MARKET IN ASIA PACIFIC, BY SYSTEM,
2022–2027 (USD MILLION)    163

11.4.1    CHINA    164
11.4.1.1    Growth of automotive industry will help drive functional safety market in China    164
11.4.2    JAPAN    164
11.4.2.1    Process and discrete industries in Japan are adhering to safety standards thereby, driving adoption of functional safety products    164
11.4.3    INDIA    165
11.4.3.1    Increasing number of power projects to meet rising electricity demand in India propels adoption of functional safety systems at plant locations    165
11.4.4    SOUTH KOREA    165
11.4.4.1    Stringent laws to prevent industrial accidents drive functional safety market    165
11.4.5    REST OF ASIA PACIFIC    166
11.5    ROW    166
FIGURE 51    MIDDLE EAST TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN ROW DURING FORECAST PERIOD    166
TABLE 139    FUNCTIONAL SAFETY MARKET IN ROW, BY REGION,
2018–2021 (USD MILLION)    166
TABLE 140    FUNCTIONAL SAFETY MARKET IN ROW, BY REGION,
2022–2027 (USD MILLION)    167
TABLE 141    FUNCTIONAL SAFETY MARKET IN MIDDLE EAST, BY COUNTRY,
2018–2021 (USD MILLION)    167
TABLE 142    FUNCTIONAL SAFETY MARKET IN MIDDLE EAST, BY COUNTRY,
2022–2027 (USD MILLION)    167
TABLE 143    FUNCTIONAL SAFETY MARKET IN ROW, BY SYSTEM,
2018–2021 (USD MILLION)    167
TABLE 144    FUNCTIONAL SAFETY MARKET IN ROW, BY SYSTEM,
2022–2027 (USD MILLION)    168
11.5.1    MIDDLE EAST    168
11.5.1.1    Middle East held largest share of functional safety market in RoW in 2021    168
11.5.2    AFRICA    169
11.5.2.1    High potential in power, chemicals, and mining industries creating opportunities for functional safety market in Africa    169
11.5.3    SOUTH AMERICA    169
11.5.3.1    Expansion of pharmaceuticals industry has contributed to increased deployment of safety systems in manufacturing plants    169
12    COMPETITIVE LANDSCAPE    170
12.1    INTRODUCTION    170
12.2    KEY PLAYER STRATEGIES/RIGHT TO WIN    170
TABLE 145    OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS IN FUNCTIONAL SAFETY MARKET    170
12.3    TOP 5 COMPANY REVENUE ANALYSIS    172
FIGURE 52    FUNCTIONAL SAFETY MARKET: REVENUE ANALYSIS OF TOP 5 PLAYERS, 2017–2021    172
12.4    MARKET SHARE ANALYSIS, 2021    172
TABLE 146    FUNCTIONAL SAFETY MARKET: MARKET SHARE ANALYSIS (2021)    173
12.5    COMPANY EVALUATION QUADRANT, 2021    174
12.5.1    STAR    174
12.5.2    EMERGING LEADER    174
12.5.3    PERVASIVE    175
12.5.4    PARTICIPANT    175
FIGURE 53    FUNCTIONAL SAFETY MARKET: COMPANY EVALUATION QUADRANT, 2021    175
12.6    SMALL AND MEDIUM ENTERPRISES (SMES) EVALUATION QUADRANT, 2021    176
12.6.1    PROGRESSIVE COMPANY    176
12.6.2    RESPONSIVE COMPANY    176
12.6.3    DYNAMIC COMPANY    176
12.6.4    STARTING BLOCK    176
FIGURE 54    FUNCTIONAL SAFETY MARKET, SME EVALUATION QUADRANT, 2021    177
12.7    FUNCTIONAL SAFETY MARKET: COMPANY FOOTPRINT    178
TABLE 147    COMPANY FOOTPRINT    178
TABLE 148    INDUSTRY: COMPANY FOOTPRINT    179
TABLE 149    REGIONAL: COMPANY FOOTPRINT    180
12.8    COMPETITIVE BENCHMARKING    181
TABLE 150    FUNCTIONAL SAFETY MARKET: DETAILED LIST OF KEY STARTUPS/SMES    181
TABLE 151    FUNCTIONAL SAFETY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES    182
12.9    COMPETITIVE SITUATIONS AND TRENDS    183
12.9.1    FUNCTIONAL SAFETY MARKET: PRODUCT LAUNCHES    183
12.9.2    FUNCTIONAL SAFETY MARKET: DEALS    185
13    COMPANY PROFILES    188
(Business overview, Products offered, Recent Developments, MNM view)*
13.1    KEY PLAYERS    188
13.1.1    SCHNEIDER ELECTRIC    188
TABLE 152    SCHNEIDER ELECTRIC: BUSINESS OVERVIEW    188
FIGURE 55    SCHNEIDER ELECTRIC: COMPANY SNAPSHOT    189
TABLE 153    SCHNEIDER ELECTRIC: PRODUCT OFFERINGS    190
TABLE 154    SCHNEIDER ELECTRIC: PRODUCT LAUNCHES    191
TABLE 155    SCHNEIDER ELECTRIC: DEALS    191
13.1.2    ABB LTD.    193
TABLE 156    ABB LTD: BUSINESS OVERVIEW    193
FIGURE 56    ABB LTD: COMPANY SNAPSHOT    194
TABLE 157    ABB LTD: PRODUCT OFFERINGS    195
TABLE 158    ABB LTD: PRODUCT LAUNCHES    196
TABLE 159    ABB LTD: DEALS    196
13.1.3    HONEYWELL INTERNATIONAL INC.    198
TABLE 160    HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW    198
FIGURE 57    HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT    199
TABLE 161    HONEYWELL INTERNATIONAL INC.: PRODUCT OFFERINGS    200
TABLE 162    HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES    201
TABLE 163    HONEYWELL INTERNATIONAL INC.: DEALS    201
13.1.4    EMERSON ELECTRIC CO.    203
TABLE 164    EMERSON ELECTRIC CO.: BUSINESS OVERVIEW    203
FIGURE 58    EMERSON ELECTRIC CO.: COMPANY SNAPSHOT    204
TABLE 165    EMERSON ELECTRIC CO.: PRODUCT OFFERINGS    205
TABLE 166    EMERSON ELECTRIC CO.: PRODUCT LAUNCHES    206
TABLE 167    EMERSON ELECTRIC CO.: DEALS    206
13.1.5    ROCKWELL AUTOMATION INC.    208
TABLE 168    ROCKWELL AUTOMATION INC.: BUSINESS OVERVIEW    208
FIGURE 59    ROCKWELL AUTOMATION INC.: COMPANY SNAPSHOT    209
TABLE 169    ROCKWELL AUTOMATION INC.: PRODUCT OFFERINGS    209
TABLE 170    ROCKWELL AUTOMATION INC.: PRODUCT LAUNCHES    211
TABLE 171    ROCKWELL AUTOMATION INC.: DEALS    211
13.1.6    YOKOGAWA ELECTRIC CORPORATION    213
TABLE 172    YOKOGAWA ELECTRIC CORPORATION: BUSINESS OVERVIEW    213
FIGURE 60    YOKOGAWA ELECTRIC CORPORATION: COMPANY SNAPSHOT    214
TABLE 173    YOKOGAWA ELECTRIC CORPORATION: PRODUCT OFFERINGS    215
TABLE 174    YOKOGAWA ELECTRIC CORPORATION: PRODUCT LAUNCHES    215
TABLE 175    YOKOGAWA ELECTRIC CORPORATION.: DEALS    216
13.1.7    HIMA PAUL HILDEBRANDT GMBH    217
TABLE 176    HIMA PAUL HILDEBRANDT GMBH: BUSINESS OVERVIEW    217
TABLE 177    HIMA PAUL HILDEBRANDT GMBH: PRODUCT OFFERINGS    218
TABLE 178    HIMA PAUL HILDEBRANDT GMBH: PRODUCT LAUNCHES    219
13.1.8    GENERAL ELECTRIC COMPANY    220
TABLE 179    GENERAL ELECTRIC COMPANY: BUSINESS OVERVIEW    220
FIGURE 61    GENERAL ELECTRIC COMPANY: COMPANY SNAPSHOT    221
TABLE 180    GENERAL ELECTRIC COMPANY: PRODUCT OFFERINGS    221
13.1.9    OMRON CORPORATION    222
TABLE 181    OMRON CORPORATION: BUSINESS OVERVIEW    222
FIGURE 62    OMRON CORPORATION: COMPANY SNAPSHOT    223
TABLE 182    OMRON CORPORATION: PRODUCT OFFERINGS    224
TABLE 183    OMRON CORPORATION: PRODUCT LAUNCHES    224
13.1.10    SIEMENS    225
TABLE 184    SIEMENS: BUSINESS OVERVIEW    225
FIGURE 63    SIEMENS: COMPANY SNAPSHOT    226
TABLE 185    SIEMENS: PRODUCT OFFERINGS    227
TABLE 186    SIEMENS: DEALS    227

13.2    OTHER KEY PLAYERS    228
13.2.1    JOHNSON CONTROLS, INC.    228
13.2.2    BALLUFF GMBH    229
13.2.3    SCHLUMBERGER LIMITED    230
13.2.4    VELAN INC.    231
13.2.5    PALADON SYSTEMS LTD.    232
13.2.6    INTERTEK GROUP PLC    233
13.2.7    DEKRA    234
13.2.8    TÜV SÜD AG    235
13.2.9    TUV RHEINLAND    236
13.2.10    SGS    237
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies."
"14    ADJACENT & RELATED MARKETS    238
14.1    INTRODUCTION    238
14.2    LIMITATIONS    238
14.3    PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION    239
FIGURE 64    PROCESS AUTOMATION AND INSTRUMENTATION MARKET,
GEOGRAPHIC ANALYSIS    239
TABLE 187    PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION, 2018–2021 (USD MILLION)    239
TABLE 188    PROCESS AUTOMATION AND INSTRUMENTATION MARKET, BY REGION, 2022–2027 (USD MILLION)    240
FIGURE 65    GEOGRAPHIC SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET    240
14.4    NORTH AMERICA    241
FIGURE 66    SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN NORTH AMERICA    242
FIGURE 67    US TO LEAD NORTH AMERICAN PROCESS AUTOMATION AND INSTRUMENTATION MARKET THROUGHOUT FORECAST PERIOD    242
TABLE 189    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN
NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)    243
TABLE 190    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN
NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)    243
14.4.1    US    243
14.4.1.1    Increasing adoption of automation solutions in oil & gas, pharmaceuticals, and food & beverages industries drives market growth in US    243
14.4.2    CANADA    244
14.4.2.1    Growing support offered by Canadian government to small-scale food processing industries to adopt advanced technologies such as machine learning and automation to boost market growth    244
14.4.3    MEXICO    245
14.4.3.1    Rising adoption of Industry 4.0 to provide growth opportunities for process automation and instrumentation market    245
14.5    EUROPE    245
FIGURE 68    SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN EUROPE    246
FIGURE 69    GERMANY TO HOLD LARGEST SHARE OF EUROPEAN PROCESS AUTOMATION AND INSTRUMENTATION MARKET DURING FORECAST PERIOD    246
TABLE 191    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN EUROPE,
BY COUNTRY, 2018–2021 (USD MILLION)    247
TABLE 192    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN EUROPE,
BY COUNTRY, 2022–2027 (USD MILLION)    247
14.5.1    GERMANY    247
14.5.1.1    Declining working-age population and stringent regulatory framework in Germany promote deployment of process automation solutions across process industries    247
14.5.2    UK    248
14.5.2.1    Increasing adoption of IoT across several industries to foster process automation and instrumentation market    248
14.5.3    FRANCE    248
14.5.3.1    Thriving chemical and food processing industries in France fuel demand for process automation and instrumentation solutions    248
14.5.4    REST OF EUROPE    249
14.6    ASIA PACIFIC    249
FIGURE 70    SNAPSHOT: PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC    249
FIGURE 71    CHINA TO ACCOUNT FOR LARGEST SHARE OF PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC DURING FORECAST PERIOD    250
TABLE 193    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)    250
TABLE 194    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)    250
14.6.1    CHINA    251
14.6.1.1    Growing demand for SCADA from water & wastewater treatment industry to foster market growth in China    251
14.6.2    JAPAN    251
14.6.2.1    Increasing labor shortage and labor wages to accelerate demand for automation solutions in Japan    251
14.6.3    INDIA    252
14.6.3.1    Supportive government initiatives to fuel adoption of automation solutions across process industries in India    252
14.6.4    REST OF ASIA PACIFIC    252
14.7    ROW    252
FIGURE 72    MIDDLE EAST TO COMMAND PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ROW THROUGHOUT FORECAST PERIOD    253
TABLE 195    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ROW,
BY REGION, 2018–2021 (USD MILLION)    253
TABLE 196    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN ROW,
BY REGION, 2022–2027 (USD MILLION)    253

14.7.1    MIDDLE EAST    254
14.7.1.1    Strong oil & gas industry in Middle East drives demand for process automation solutions    254
TABLE 197    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN MIDDLE EAST, BY COUNTRY, 2018–2021 (USD MILLION)    254
TABLE 198    PROCESS AUTOMATION AND INSTRUMENTATION MARKET IN MIDDLE EAST, BY COUNTRY, 2022–2027 (USD MILLION)    254
14.7.2    SOUTH AMERICA    255
14.7.2.1    High demand for automation in oil & gas industry to fuel market growth in South America    255
14.7.3    AFRICA    255
14.7.3.1    Increased use of automation in mining industry to streamline processes provides growth opportunities for process automation and instrumentation market    255
15    APPENDIX    256
15.1    INSIGHTS OF INDUSTRY EXPERTS    256
15.2    DISCUSSION GUIDE    257
15.3    KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL    261
15.4    AVAILABLE CUSTOMIZATIONS    263
15.5    RELATED REPORTS    263
15.6    AUTHOR DETAILS    264"