Functional Safety Market Research Report by System, By Industry, By Region, Size, Share, Forecast

Functional Safety Market

The Functional Safety Market was valued at USD 5,379 Million in 2019 and is anticipated to grow a CAGR of 8.3% over the forecast period (2020-2027).

The factors driving the growth of Functional Safety Market includes increasing application of functional safety systems in end-use industries such as oil & gas, power and manufacturing, growing focus on improving functional safety standards, strict regulations imposed by safety associations and continuous upgradation in robotics. According to the report published by IBEF, the total Foreign Direct Investment (FDI) inflow in the power sector in India was calculated at USD 15.84 billion between April 2000 and December 2021 and the Power consumption in India is expected to reach 1,894.7 TWh by the end of 2022, which will boost the demand for functional safety systems in the Indian Market. Moreover, the integration of advanced technologies such as Internet of Things (IoT) and increasing aged workers population around the world, have further propelled the Functional Safety Market size. As per United Nations, the share of working older aged population is expected to rise by 16% of the world’s population respectively and share of children and the share of youth and children to drop by 14% and 21% respectively.

However, the growth of Functional Safety Market is hindered due to high installation cost and complexity of standards.

The major players operating in the market are General Electric Company, Omron Corporation, Schneider Electric SE, Honeywell International Inc., Yokogawa Electric Corporation, Emerson Electric Co., Johnson Controls International plc, Rockwell Automation, Inc., HIMA Paul Hildebrandt GmbH, Siemens AG and ABB Group among others.

System: Segment Analysis

Based on system, the emergency stud down segment is projected to capture the highest market share during the forecast period attributed to growing demand for Emergency Shutdown Systems (ESD) in end-use industries.

Offering: Segment Analysis

based on the offering, the safety sensor segment is anticipated to grow at significant CAGR over the forecast period owing to growing application of safety sensors automatic safety barriers, safety controls, palm buttons and two-hand safety controls in different industries.

Regional: Segment Analysis

As per Functional Safety Market Analysis, the Asia-pacific region is predicted to expand at a remarkable CAGR during the forecast period. The growing economic activities in countries such as India, China, Indonesia and Vietnam, rapid expansion in power generation sector, emerging demand for petrochemical and rising disposable incomes, are some of the important factors supplementing the market growth in Asia-Pacific region.

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

• Asia Pacific

o China

o Japan

o India

o Rest of APAC

• North America

o United States of America

o Canada

• Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

• RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

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