Functional Safety Market

GMI Research analysis indicates that the Functional Safety Market size was estimated at USD 6.9 billion in 2022 and is slated to register a single digit CAGR of 8.3% over the forecast period, and is projected to reach USD 13.0 billion in 2030

Functional Safety Market Overview

Functional safety is part of the complete safety of a system or piece of equipment which is dependent on automatic protection. The automatic protection system acts accurately to its inputs and failure in a predictable manner. This system is designed to be handled appropriately, including hardware failures, human errors, and operational/environmental stress. The aim of functional safety is free from unacceptable risk of physical injury or damage to the health of people by implementing one or more automatic protection functions.

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Major Functional Safety Market Drivers

The major factors that are responsible for the growth of the global functional safety market are strict mandates for safety regulations, coupled with the surging demand for safety systems in the oil & gas industry. Functional safety is being widely adopting across the sectors, and growing demand for functional safety as manufacturer and end-user look to mitigate further risk. Additionally, the increasing use of automated equipment for manufacturing, process control, and others has surged the demand for functional safety owing to its ability to reduce the risk of equipment damage, injuries, and environmental damage.

The increasing standard of industrial safety is also contributing to the growth of the market. For instance, IEC 62061, IEC 13849, and IEC 61508 standard are valid for medical and industrial applications, DO-254/DO178b for Aerospace & Defense applications, and ISO 26262 for automotive applications. The products are designed, built, implement, and operated according to the safety standard. Growing necessity for reliable safety systems to ensure personnel and asset protection and rise in industrial revolution 4.0 are further boosting the demand for the functional safety market. Moreover, the growing penetration of workplace safety standards in emerging countries and the increasing usage of advanced technology such as the Internet of Things (IoT) are creating innumerable growth opportunities for the functional safety market. However, the high investment costs for the installation of functional safety and lack of awareness and complexity of standard may hamper the growth of the functional safety market.

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Based on the system, the emergency stud down segment is expected to dominate the global functional safety market during the forecast period owing to the increasing need for functional safety certified ESD systems in various industries.

Based on the offering, the component segment includes Safety Sensor, Programmable Safety System, Safety Controller/Module/Relay, Safety Switch, Emergency Stop Device, Final Control Element, and Others. The safety sensor segment is expected to grow at a faster CAGR during the forecast period owing to the increasing demand for function safety sensors across the industries, especially in the process industry, coupled with the growing application of regulatory measures affecting functional safety by several governments. In case of failure in the measurement or signal transmission, the safety sensors are used for ensuring safe and logic-based outputs. These sensors are being increasingly used in automatic safety barriers, electronic safety sensors, emergency stops (e-stops), safety controls, palm buttons, laser scanners, optoelectronic devices (single and multi-beam), and two-hand safety controls.

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Regional – Segment Analysis

Based on the region, the Asia-pacific region is expected to grow at a faster CAGR during the forecast period owing to   the increasing industrialization in emerging countries such as India and China. Moreover, the increasing adoption of the functional safety system in this region across the industries such as oil & gas, and power generation is expected to drive the market growth. Furthermore, the growing demand for petrochemical in this region, especially in China and India, is encouraging them to expand the production of oil, gas, and chemicals. All these factors are further energizing the demand of the market in this region.

Top Market Players

Various notable players in the functional safety market include Schneider Electric SE, Honeywell International Inc., Siemens AG, ABB Group, Rockwell Automation, Inc., HIMA Paul Hildebrandt GmbH, Yokogawa Electric Corporation, Emerson Electric Co., General Electric Company, Omron Corporation, and Johnson Controls International plc, among others.

Key Developments:

• • In Jun 2018, Siemens Ag announced the acquisition of Austemper Design Systems, a Texas-based startup software company that deals with analysis, auto-correction, and simulation technology. This acquisition will strengthen Siemens’s integrated circuit (IC) design and verification technology for automotive, industrial, and aerospace systems and enhances ISO 26262 functional safety testing.

Segments covered in the Report:

The Global Functional Safety market has been segmented based on the system, offering, industry, and region. Based on the system market is categorized into Emergency Shutdown System (ESD), Fire & Gas Monitoring, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), and Turbomachinery Control (TMC). Based on the offering, the market is segmented into components and services. Based on the industry, the market is segmented into oil & gas, food & beverages, pharmaceuticals, chemicals, power generation, metals & mining, water & wastewater, and others.

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Market Segmentation

Global Functional Safety Market by System

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

Global Functional Safety Market by Offering

• • Component
    • Safety Sensor
    • Programmable Safety System
    • Safety Controller/Module/Relay
    • Safety Switch
    • Emergency Stop Device
    • Final Control Element
    • Others
  • Services
    • Testing, Inspection, and Certification
    • Maintenance
    • Training and Consulting

Global Functional Safety Market by Industry

• • Oil & Gas
  • Food & Beverages
  • Pharmaceuticals
  • Chemicals
  • Power Generation
  • Metals & Mining
  • Water & Wastewater
  • Others

Global Functional Safety Market by Region

• • North America Functional Safety Market (Option 1: As a part of the free 25% customization)

    • North America Functional Safety Market by System
    • North America Functional Safety Market by Offering
    • North America Functional Safety Market by Industry
    • US Functional Safety Market All-Up
    • Canada Functional Safety Market All-Up

  • Europe Functional Safety Market (Option 2: As a part of the free 25% customization)

    • Europe Functional Safety Market by System
    • Europe Functional Safety Market by Offering
    • Europe Functional Safety Market by Industry
    • UK Functional Safety Market All-Up
    • Germany Functional Safety Market All-Up
    • France Functional Safety Market All-Up
    • Spain Functional Safety Market All-Up
    • Rest of Europe Functional Safety Market All-Up

  • Asia-Pacific Functional Safety Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Functional Safety Market by System
    • Asia-Pacific Functional Safety Market by Offering
    • Asia-Pacific Functional Safety Market by Industry
    • China Functional Safety Market All-Up
    • India Functional Safety Market All-Up
    • Japan Functional Safety Market All-Up
    • Rest of APAC Functional Safety Market All-Up

  • RoW Functional Safety Market (Option 4: As a part of the free 25% customization)

    • RoW Functional Safety Market by System
    • RoW Functional Safety Market by Offering
    • RoW Functional Safety Market by Industry
    • Brazil Functional Safety Market All-Up
    • South Africa Functional Safety Market All-Up
    • Saudi Arabia Functional Safety Market All-Up
    • UAE Functional Safety Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Functional Safety Market All-Up

Major Players Operating the Functional Safety (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Schneider Electric SE
  • Honeywell International Inc.
  • Siemens AG
  • ABB Group
  • Rockwell Automation, Inc.
  • HIMA Paul Hildebrandt GmbH
  • Yokogawa Electric Corporation
  • Emerson Electric Co.
  • General Electric Company
  • Omron Corporation
  • Johnson Controls International plc