Overview and Scope
Functional safety is a component of a system’s or equipment’s overall safety, and it focuses on electronics and their accompanying software, which must respond to their inputs correctly and should also have predictable failure answers. It is used to automatically prevent and control dangerous failures when they occur. Functional safety provides manufacturers the ability to operate closer to their margins with confidence in a well-defined functional safety environment.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The functional safety market report table of contents includes:
1. Executive Summary
2. Functional Safety Market Characteristics
3. Functional Safety Market Trends And Strategies
4. Functional Safety Market – Macro Economic Scenario
5. Global Functional Safety Market Size and Growth
….
31. Global Functional Safety Market Competitive Benchmarking
32. Global Functional Safety Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Functional Safety Market
34. Functional Safety Market Future Outlook and Potential Analysis
35. Appendix
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