The functional safety global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Functional Safety Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The functional safety market size has grown strongly in recent years. It will grow from $5.28 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to industrial automation growth, regulatory compliance requirements, increased complexity of systems, standardization initiatives, growing demand for automotive safety.
The functional safety market size is expected to see strong growth in the next few years. It will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to adoption of functional safety in healthcare, advanced process control in industries, sustainable development goals (sdgs) impact, continuous improvement in safety culture. Major trends in the forecast period include growing adoption across industries, compliance with international standards, integration of functional safety in iot devices, focus on automotive functional safety, cybersecurity and functional safety integration, digital twins for functional safety analysis.
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Scope Of Functional Safety Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Rising demand for safety systems in the oil and gas industry is expected to propel the growth of the functional safety market going forward. The number of accidents in the oil and gas industry is increasing due to explosions and fires, slips and falls, operating heavy machinery, temperature extremes, and exposure to toxic chemicals. Major players in the oil and gas industry are adopting safety systems. For instance, according to the International Association of Oil and Gas Producers (IOGP) report, accidents in the oil and gas industry reveal that the number of accidents has decreased from 25% in 2019 to 14% in 2020. This is mainly due to increased awareness of safety standards and the use of functional safety equipment at the sites. Thus, the increasing demand for safety systems in the oil and gas industry is contributing to the functional safety market growth.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The functional safety market covered in this report is segmented –
1) By Offering: Component, Service
2) By System: Emergency Shutdown System (ESD), Fire and Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC)
3) By Industry: Oil and gas, Power Generation, Chemicals, Food and Beverages, Water and Wastewater, Pharmaceuticals, Metal and Mining, Other Industries
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Regional Insights –
North America was the largest region in the functional safety market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the functional safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the functional safety market report are Siemens AG, ABB Ltd., Honeywell International Inc., General Electric Co., Schneider Electric SE, Rockwell Automation Inc., Emerson Electric Co., TUV Rheinland, HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG,Intertek Group plc’, Omron Corporation, Yokogawa Electric Corporation, DEKRA Group, Balluff Inc.,Omron Corporation,HIMA Paul Hildebrandt GmbH,Pilz GmbH & Co. KG,Pepperl+Fuchs,B&R Industrial Automation,Johnson Controls,Mangan Software Solutions,exida,SICK AG,L&T Technology Services,DNV GL,MISTRAS Group,National Instruments,ETAS GmbH,MathWorks
Table of Contents
- Executive Summary
- Functional Safety Market Characteristics
- Functional Safety Market Trends And Strategies
- Functional Safety Market – Macro Economic Scenario
- Global Functional Safety Market Size and Growth
………..
- Key Mergers And Acquisitions In The Functional Safety Market
- Functional Safety Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Siemens AG Financial Performance
Table 75: ABB Ltd. Financial Performance
Table 76: Honeywell International Inc. Financial Performance
Table 77: General Electric Co. Financial Performance
Table 78: Schneider Electric SE Financial Performance
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