Functional safety covers the implementation of safety instrumented systems and related services to mitigate risks associated with a process in which components such as sensors, logic controls, and acting elements are used. Implementing functional safety ensures that safety critical control and protective systems are appropriately specified, designed, installed, and maintained. Safety devices such as sensors, programmable safety systems, and final elements are an integral part of safety instrumented systems and industrial control systems.
The adoption of standards such as IEC 61508 and IEC 61511 has increased the dependency on functional safety systems to achieve the required risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the functional safety life cycle.
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The growth of the functional safety market is attributed to 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. The functional safety market is expected to reach USD 7.1 billion by 2024 from USD 4.6 billion in 2019, at a CAGR of 8.8%. Schneider (France), Rockwell (US), and Yokogawa (Japan) are the leading players in the functional safety market.
The company offers integrated solutions to various sectors. The company has a wide geographic presence and a diversified product portfolio. It is strategically positioned for providing software solutions for visualization and supervisory control, real-time operation management, asset management, and information management in process industry plants. The company has grown through mergers of various business divisions; as a result, it typically offers more than one brand and product in most markets and sectors. Its strong position in various markets that gives it a competitive advantage. Schneider Electric has a strong portfolio of functional safety-certified emergency stop devices and safety instrumented systems. The company has expertise in DCS and offers a range of safety solutions.
ABB is a leading power and automation technology company. The ABB Group was founded in 1988 as a result of the merger between Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). ABB offers functional safety solutions under the Industrial Automation business segment. The company has expertise in design, manufacturing, and implementation process safety systems. ABB has effectively installed and delivered safety systems in over 55 countries globally. The company has a significant range of functional safety systems that can be integrated with control systems. ABB has launched the innovation & expansion plan (PIE) to drive profitable growth for its businesses. The company is primarily focusing on organic growth through product launches and developments, and expansion of its safety product portfolio. For instance, in March 2019, the company upgraded the Ability System 800Xa; in August 2017, it launched an all-new range of AFS contactors for safety applications. This will help the company maximize its revenue by targeting latent opportunities in these markets.
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