Functional Safety Market: Global Industry Analysis and Forecast (2022-2029)

Functional Safety Market size was valued at US$ 4.56 Bn. in 2021 and the total revenue is expected to grow at 3.83 % through 2022 to 2029, reaching nearly US$ 6.17 Bn.
Functional Safety Market Overview:
A system or piece of equipment that uses automatic protection is referred to as functional safety. The automatic protection system's inputs must be correctly processed. It should also have a predictable reaction to failure. This category includes human errors, hardware malfunctions, and operational/environmental stress. Many industries, including pharmaceuticals, mining, and oil and gas, use functional safety today. With the increasing use of automation systems for manufacturing, testing, and process control, it's more important than ever to avoid equipment damage, accidents, and environmental effect.



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Functional Safety Market Dynamics:
Because of the abundance of plants and growing activities, functional safety is quite popular and widely used in the industrial sectors. Additionally, the rising need for safety systems in the oil and gas industry to prevent industrial tragedies is expected to propel the global Functional Safety Market forward during the forecast period. Also, the industry is being propelled forward by the installation of numerous regulatory standards to protect operators and equipment.

The increasing adoption of IIoT in the industrial sector is opening up new prospects in the sector. With the use of IIoT technology, the data provided by smart sensors may be simply controlled. The IIoT technology efficiently allows monitoring, analysis, and control; as a result, the rate of productivity has increased, as has the demand for functional safety equipment. According to a research, around 1.3 million workers were affected by work-related illnesses; over 72,702 employee instances for non-fatal injuries were recognised each year, and over 144 workers died as a result of the incidents. In recent years, such studies have raised market demand for functional safety.

The growing number of elderly people in the workforce has boosted the functional safety industry's overall growth. The established market players, on the other hand, are growing their investments in functional safety systems in order to comply with the laws and regulations placed on them.

However, the high initial cost of implementing functioning safety systems is a significant challenge to the market's growth. The market's growth could also be hampered by the increasing complexity of safety requirements, a lack of awareness among end users, and a shortage of technically qualified functional safety certified workforce.
Functional Safety Market Segment Analysis:
Based on the Devices, the Functional Safety market is sub-segmented into Safety Sensors, Safety Controllers/Modules/Relays, Programmable Safety Systems, Safety Switches and Others. The Safety Sensors segment held the largest market share of xx% in 2021. Machine guarding and people protection, perimeter monitoring and body part protection, and hazardous area protection are all applications for safety sensors. These sensors use a tripping function or presence detection to identify the presence of humans inside a specific region and limit the risk of accidents. Safety sensors are becoming more popular as a result of government restrictions. Safety groups, for example, are placing pressure on end-user industries to boost their safety investments.

Based on the End-User, the Functional Safety market is sub-segmented into Oil & Gas, Power Generation, Chemicals, Food & Beverages, Water & Wastewater, Pharmaceuticals, Metal & Mining and Others. The Food & Beverages segment held the largest market share of xx% in 2021. The food and beverage industry seeks to create consistently high-quality products at a low cost. To make food and beverage industries safer, more flexible, and profitable, an integrated strategy of automated safety control systems, such as functional safety solutions, can be implemented. Additionally, food processing plants use a variety of hazardous machines, and plant managers must follow safety regulations to avoid penalties.
Functional Safety Market Regional Insights:
North America held the largest market share of xx% in 2021. The country is known for its innovative capabilities and is at the forefront of significant advances surrounding the Fourth Industrial Revolution's new technologies. Additional indicators of market potential include newly discovered shale resources in the United States and an increasing number of oil and gas projects. The company is emphasizing on monitoring and managing its carbon output per product, which is likely to create demand for fire and gas monitoring systems in the country as government requirements become more stringent.

Asia Pacific is expected to grow at a highest CAGR of xx% during the forecast period. Rapid industrialization in developing countries such as China, India, Japan, and South Korea is credited with this growth. Market growth is aided by increased adherence to international functional safety norms. Also, the increasing number of power plants being built to meet rising electricity demand is promoting the deployment of functional safety systems at plant sites, such as burner management systems and fire and gas systems.

The objective of the report is to present a comprehensive analysis of the global Functional Safety Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Functional Safety Market dynamic, structure by analyzing the market segments and project the global Functional Safety Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Functional Safety Market make the report investor’s guide.
Functional Safety Market Scope: Inquiry Before Buying



Functional Safety Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 4.56 Bn.


Forecast Period 2022 to 2029 CAGR:
3.83 %
Market Size in 2029:
US $ 6.17 Bn.


 Segments Covered:
by System
• Emergency Shutdown System (ESD)
• Fire & Gas Monitoring System
• High Integrity Pressure Protection System (HIPPS)
• Burner Management System (BMS)
• Turbomachinery Control (TMC)


by Devices
• Safety Sensors
• Safety Controllers/Modules/Relays
• Programmable Safety Systems
• Safety Switches
• Others


by End-User
• Oil & Gas
• ower Generation
• Chemicals
• Food & Beverages
• Water & Wastewater
• Pharmaceuticals
• Metal & Mining
• Others



Functional Safety Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Functional Safety Market Key Players
• Siemens AG
• Rockwell Automation Inc
• ABB Ltd.
• Schneider Electric SE
• Emerson Electric Co
• General Electric Co
• Honeywell International Inc.
• HIMA Paul Hildebrandt GmbH
• Endress+Hauser Management AG
• TUV Rheinland
• Omron Corporation
• Yokogawa Electric Corporation
• Perforce
• Renesas Electronics Corporation.
• Mangan Software Solutions
• Intel Corporation
• Balluff GmbH
• PHOENIX CONTACT
• Pepperl+Fuchs Factory Automation Pvt. Ltd.
• Moore Industries

Frequently Asked Questions:

1] What segments are covered in Functional Safety Market report?
Ans. The segments covered in Functional Safety Market report are based on System, Devices and End-User.

2] Which region is expected to hold the highest share in the Functional Safety Market?
Ans. North America is expected to hold the highest share in the Functional Safety Market.

3] What is the market size of Functional Safety Market by 2029?
Ans. The market size of Functional Safety Market is expected to reach US $ 6.17 Bn. by 2029.

4] Who are the top key players in the Functional Safety Market?
Ans. Siemens AG, Rockwell Automation Inc, ABB Ltd., Schneider Electric SE, Emerson Electric Co, General Electric Co and Honeywell International Inc. are the top key players in the global Functional Safety Market.

5] What was the market size of Functional Safety Market in 2021?
Ans. The market size of Functional Safety Market in 2021 was valued at US $ 4.56 Bn.