According to the research report titled ‘Global Functional Safety Market Size study with COVID-19 Impact, by System (Emergency Shutdown System (ESD), Fire & Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS) and Turbomachinery Control (TMC)), by Offering (Component and Services), by Industry (Oil & Gas, Power Generation, Chemicals Food & Beverages, Water & Wastewater, Pharmaceuticals, Metal & Mining and Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global functional safety market accounted for USD 4.2 billion in 2019 and is expected to expand with a CAGR of 3.8% during 2020-2027.
 

Strict regulations aimed at workplace safety, preference for reliable safety systems which ensure personal and asset protection, and escalating industrialization are major factors driving the global functional safety market. Further, fiscal policy initiatives taken by regional financial institutions to continue operations of manufacturing facilities amid COVID-19 pandemic are positively influencing the industry growth.
 

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For the uninitiated, functional safety helps in detecting hazardous conditions and activates a corrective or protective device to minimize consequences of a potentially harmful event.
 

Adoption of several strategies and technological advancements by leading companies, in consort with increasing product demand from plethora of industry vertical are creating opportunities for the industry growth. However, requirement of high investment for installing functional safety systems, lack of awareness as well as complexity of standards are major factors hampering the global functional safety market outlook. Also, growing prevalence of COVID-19 pandemic is encouraging work from home practice across organizations, hence challenging the industry growth in recent times.        
 

Based on industry vertical, global functional safety market is segmented into chemicals, metal & mining, power generation, water & wastewater, oil & gas, pharmaceuticals, food & beverages, and others. Speaking of offering, the industry is divided into services, and component. In terms of system, the industry is divided into emergency shutdown system (ESD), high integrity pressure protection system (HIPPS), turbomachinery control (TMC), fire & gas monitoring system, and burner management system (BMS).
 

From a regional frame of reference, worldwide functional safety market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. Asia Pacific market is projected to record significant growth during the study period, mainly due to rising industrialization in emerging countries such as China and India.
 

Major players operating in global functional safety market sphere include ABB Group, Hima Paul Hildebrandt GmbH, Honeywell International Inc., GE Healthcare, Rockwell Automation, Inc., Emerson Electric Co., Schneider Electric, Inc., Yokogawa Electric Corp., and Siemens AG.