According to the latest report by IMARC Group, "Global Functional Safety Market Trends, Share, Growth, Industry Size, Opportunity and Forecast 2022-2027", the global functional safety market reached a value of US$ 4.67 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.29 Billion by 2027, exhibiting a CAGR of 11.60% during 2022-2027.
Functional safety represents the general safety of a plant and equipment using various safety-related systems, such as alarm systems, safety instrumented systems (SIS), basic process control systems (BPCS), etc. It generally covers physical or systemic redundancy, fault detection, and transitioning to a safe state to minimize the overall risk caused by faults in the electronic systems. Consequently, functional safety finds wide-ranging applications across several industries, such as automotive, oil and gas, food and beverage (F&B), pharmaceutical, etc.
Base Year: 2021
Forecast Year: 2022-2027
Functional Safety Market Trends and Drivers:
The increasing number of power projects to meet the inflating demand for energy is primarily driving the functional safety market. Additionally, the rising adoption of sensor switches in machines and other industrial applications to inhibit accidental contact with live electrical connections is further catalyzing the market growth.
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Besides this, the growing utilization of safety systems for personnel and asset protection, on account of the implementation of numerous stringent regulations by government bodies across countries, is acting as another significant growth-inducing factor. Moreover, the advent of the industrial internet of things (IIoT) and Industry 4.0 is enabling enterprises to have enhanced reliability and efficiency in their operations, which is also positively influencing the global market.
In line with this, IIoT consists of storage systems, smart machines, and production facilities capable of autonomously triggering actions, exchanging information, and controlling each other independently. This, in turn, is projected to fuel the functional safety market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Functional Safety Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., Intel Corporation, Johnson Controls, OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation.
The report has segmented the market on the basis of region, device type, safety system and end use industry.
Breakup by Device Type:
- Safety Sensors
- Safety Controllers/Modules/Relays
- Safety Switches
- Programmable Safety Systems
- Emergency Stop Devices
- Final Control Elements
Breakup by Safety System:
- Burner Management System (BMS)
- Turbomachinery Control System (TMC)
- High-Integrity Pressure Protection System (HIPPS)
- Fire and Gas Monitoring Control System
- Emergency Shutdown System (ESD)
- Supervisory Control and Data Acquisition System (SCADA)
- Distributed Control System (DCS)
Breakup by End Use Industry:
- Oil and Gas
- Power Generation
- Food and Beverage
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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