Allied Market Research

2024

Functional Safety Market

Functional Safety Market Size, Share, Competitive Landscape and Trend Analysis Report by System, by Type and by End-user Industries : Global Opportunity Analysis and Industry Forecast, 2023-2032

SE : Electronic Security

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Author's: | Sonia Mutreja
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Functional safety is a system or piece of equipment that relies on automatic protection. The inputs to this automatic protection system must be processed correctly. It should also respond to failure in a predictable way. Human mistake, hardware faults, and operational/environmental stress all fall into this category. Today, functional safety is applicable to many industries such as pharmaceuticals, mining, and oil & gas. It is important than ever to avoid equipment damage, accidents, and environmental harm with the increased use of automated equipment for production, testing, and process control. Manufacturers and suppliers have used predictable methods such as safety relays and safety controllers to keep an eye on the people safety from accidents and injuries by ensuring that equipment with hazardous motion has a safe stop and start function. All these factors are assisting the growth of functional safety market size globally.

The Functional Safety Market share is segmented on the basis of system, offering, industry and region. Based on system, the market is bifurcated into Emergency Shutdown System (ESD), Fire & Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC). By offering, it is categorized into Programmable Safety System, Final Control Element, Safety Sensor, Emergency Stop Device, Final Control Elements. Based on industry, the market is bifurcated into chemicals, oil & gas, power generation, pharmaceuticals, metal and mining and others. Based on region, the market is analyzed across North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Key players operating in the Functional Safety Market include Honeywell, ABB, Schneider, General Electric, Siemens, Rockwell, Proserv Ingenious Simplicity, Johnson Controls, Balluff, Emerson. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the Functional Safety industry and develop new products for enhancing product portfolio.

COVID-19 impact analysis

COVID-19 has had a significant impact on all industries around the world. The majority of businesses have halted or limited their production. The government's restrictions on the transmission of the virus are wreaking havoc on economies all across the world. However, the global market for functional safety has shrunk as a result of the COVID-19 outbreak. This is related to supply chain interruptions all across the world. The global economy has suffered as a result of a significant drop in product demand. Due to the pandemic, production across all industries has been limited. A shortage of raw materials, a drop in exports, and supply chain disruptions are all important reasons contributing to the fall in production, as well as the decline in the functional safety market size.

Top impacting factors

Various government initiatives will help in the expansion of businesses involved in the development of functional safety goods and solutions. Many countries have already begun to adopt recovery measures in response to the economic crisis caused by the COVID-19 epidemic. The U.S. has approved the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which allocates USD 2 trillion to five categories: individuals/families, large corporations, small businesses, state and local governments, and public services. Manufacturing activities have a direct impact on the demand for functional safety goods and solutions. In the event of an emergency, functional safety measures must be built as a precautionary measure to protect personnel, machines, and production lines. The cost of functional safety components, as well as installation, maintenance, and repair charges, place a large restrain on the organization's budget. Small and medium-sized businesses may find it difficult although large organizations can manage these costs. Furthermore, functional safety industry must adhere to regulatory requirements such as hardware and software interface and constraints, response time and throughput. Organizations are required to modify their safety systems as safety standards are continuously changed in response to technological advancements and new demands. This is projected to limit the growth of the functional safety market growth.

Market trends

New product launches to flourish the market

Rockwell Automation, an American provider of industrial automation and information technology. released the E100 electronic motor overload relay in February 2020, which helps reduce motor damage and downtime. Schneider Electric, a multinational company based in France provider of energy and automation digital solutions, introduced the Easergy P5 protection relay in April 2019. The Easergy P5 was designed to provide critical asset protection and control.

Surge in usage in Industrial Internet of Things (IIoT) and Food & Beverages industry

The Internet of Things (IoT) is opening up new possibilities for integrated safety and compliance services such as sensors that measure pressure, level, flow, temperature, and vibration can be used by the IIoT to collect data and communicate it to monitoring systems. The data is sent across wired and wireless networks, allowing for real-time analysis, alarms, and potential solutions in the event of an emergency. Companies can combine their operations with safety systems and monitor them in real time using the IIoT. IIoT allows for quick monitoring, analysis, and control, as well as virtual administration of physical systems, resulting in improved performance. Also, the food & beverage business needs to produce high-quality, consistent goods at a cheap cost. This can be accomplished by implementing an integrated approach of automated safety control systems, such as functional safety solutions, to make food and beverage factories safer, more flexible, and lucrative. Furthermore, various harmful machines are utilized in food processing factories, and plant managers must adhere to safety laws to avoid penalties. Food & beverage producers are increasingly relying on automated production controls. Safety instrument systems are installed in these factories to limit the risk of accidents and to perform safe and efficient operations.

Key benefits of the report

  • This study presents the analytical depiction of the functional safety market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the functional safety market share.
  • The current market is quantitatively analyzed to functional safety market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed functional safety market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in functional safety market report

  • What are the leading market players active in the functional safety market opportunity?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future would help in taking further strategic steps?

Functional Safety Market Report Highlights

Aspects Details
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By System
  • Burner Management System (BMS)
  • Emergency Shutdown System (ESD)
  • Fire & Gas Monitoring System
  • High Integrity Pressure Protection System (HIPPS)
  • Turbomachinery Control (TMC)
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By Type
  • Safety Sensors
  • Safety Controllers/Modules/Relays
  • Safety Switches
  • Programmable Safety Systems
  • Emergency Stop Devices
  • Final Control Elements (Valves, Actuators)
  • Other Device Types
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By End-user Industries
  • Oil and Gas
  • Power Generation
  • Food and Beverage
  • Pharmaceutical Automotive
  • Other End-user Industries
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By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Siemens, Honeywell, Hima Paul, General Electric, Schneider, Omron, Emerson, ABB, Rockwell, Yokogawa

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Functional Safety Market

Global Opportunity Analysis and Industry Forecast, 2023-2032