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.
14.1 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