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Functional Safety Market

Functional Safety Market Size, Share & Trends Analysis Report

Functional Safety Market By Product Type( Safety Sensors, Safety PLCs, Safety Relays, Valves, Actuator), By Application( Automotive, Transportation, Medical, Manufacturing, Power Generation ), Industry Analysis, Trends, And Forecast, 2021-2027

Published
Report ID : BMRC 1414
Number of pages : 300
Published Date : Nov 2022
Category : Semiconductor
Delivery Timeline : 48 hrs

Functional Safety Market is valued at USD 5.32 Billion in 2020 and expected to reach USD 9.60 Billion by 2027 with the CAGR of 8.80% over the forecast period.

Functional Safety Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Factors such as strict mandates for safety regulations, surging demand for safety systems in the oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection, and rise in industrial revolution 4.0 are driving the Global Functional Safety Market.

Scope of Functional Safety Market:

Functional safety is nothing but the safety of a system or device or piece of equipment which depends on automatic protection. This automatic protection is designed in such a way that it can handle the human errors, operational/environmental stress and hardware failures. To ensure this happen, the safety standards are designed but they come with complex requirements for software developers. Software is widely used in safety-critical product development such as automobile, medical devices and planes for this the software needs to be safe, reliable and secure. These standards’ main focus is to eliminate risk and that risk might be physical injury or damage to overall health of people. To moderate the each risk, there is need of safety function and it can be achieved by using a safety-related system, made up of different safety functions.

Global Functional Safety Market is segmented into product type, application and region & country level. On the basis of product type, the market is segmented into safety sensors, safety PLCs, safety relays, valves and actuator. On the basis of application, the market is segmented into automotive, transportation, manufacturing, power generation, medical and others.

The regions covered in this Functional Safety Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Functional Safety is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players for Functional Safety –

Globally Manufacturers such as Siemens, ABB, Honeywell, General Electric, Schneider, TE Connectivity, Emerson Electric, Yokogawa, Rockwell Automation, Omron, and SICK, PILZ, HIMA Paul Hildebrandt and others are contributing in the Market Growth.

News-
Intertek Launched Functional Safety Design Evaluation and Certification Program for Industrial Automated Machinery and Robotics

On July 14th, 2020; Intertek, a Total Quality Assurance provider to industries worldwide, launched the Functional Safety Conformity Assessment Program for industrial automated machinery and robotics. The new program will offer manufacturers design evaluation, testing, and certification with the Intertek Functional Safety (FS) Mark, to illustrate compliance to rigorous standards assessing product safety and performance. The program launch is made possible through accreditation to ISO 17065, granted by the ANSI National Accreditation Board (ANAB).

Increasing Demand for Safety Sensors is Driving the Global Functional Safety Market.

As there is increasing implementation of regulatory measures pertaining to functional safety by governments thus increasing the demand for functional safety products and services. According to CSA Group; they have undertaken more than 300 functional safety projects for clients worldwide in the past five years. And rising demand for functional safety-certified sensors in process industries is also one of the main factors fostering the functional safety market growth. The sensors which are used in safety systems are designed in such a way that to ensure safe and logic based outputs in case of measurement or signal transmission does not occurred and the growing use of safety sensors in automatic safety barriers, electronic safety sensors, edges, e-stops (emergency stops), palm buttons, safety controls, laser scanners, mats, light curtains, optoelectronic devices and  two-hand safety controls are also supplementing the demand for the safety sensors. Moreover, increasing adoption of safety instrumental systems (SIS) by manufacturing companies and growing demand for functional safety, especially in chemical industries and oil & gas industries are also augmenting the growth of the market. However, the high cost of installation of functional safety systems may hamper the market growth. In spite of that, the increasing technological advancements to develop more innovative products can provide an opportunity for the further growth of the market.

Asia Pacific is Expected to Witness a Significant Growth in the Global Functional Safety Market.

Geographically, North America is expected to dominate the market due to technological advancement and the players in this region have to adhere to numerous functional safety standards as per the regulations. Asia Pacific is expected to witness a significant growth in the global functional safety market due to the increasing industrialization in developing economies such as China and India in this region. According to Indian Chemicals and Petrochemicals Sector; the export of major chemicals & petrochemicals was Rs. 1,50,706 crore during 2012-13 it contributed 9.2% of the total exports during 2012-13 and 2011-12. The import of major chemicals & petrochemicals was Rs. 2, 02,347 crore during 2012-13 and its share in the total imports was 7.6% during 2012-13, compared to 7.2% during 2011-12. The Asia Pacific region presents a high potential to install the functional safety in the oil & gas, power generation and chemical industries. Europe is also expected to capture a significant share in this market owing to the strict functional safety standards in this region. These regulatory standards and safety directives are strict.

Key Benefits for Global Functional Safety Market Report–

  • Global functional safety market report covers in depth historical and forecast analysis.
  • Global functional safety market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
  • Global functional safety market report helps to identify opportunities in market place.
  • Global functional safety market report covers extensive analysis of emerging trends and competitive landscape.

 

Functional Safety Market Report Coverage

Report Analysis Details
Years : 2019 Market Size in 2019: US$ 4.89 Billion 
Market Historical Analysis: 2015-2019 Forecast Analysis: 2020-2026 
Forecast Period CAGR %: 8.8% Market Size Expected to reach in 2026: US$ 8.84 Billion 
Pages: 200 Tables, Charts & Figures: 169
Top Companies: Siemens, ABB, Honeywell, General Electric, Schneider, TE Connectivity, Emerson Electric, Yokogawa, Rockwell Automation, Omron, and SICK, PILZ, HIMA Paul Hildebrandt
Market Segmentation: Product Type, Application
Regional Analysis:  North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

Global Functional Safety Market Segmentation:

By Product Type:

  • Safety Sensors
  • Safety PLCs
  • Safety Relays
  • Valves
  • Actuator

By Application:

  • Automotive
  • Transportation
  • Medical
  • Manufacturing
  • Power Generation
  • Others

By Regional & Country Analysis:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA
SUMMARY
VishalSawant
Vishal Sawant
Business Development
vishal@brandessenceresearch.com
+91 8830 254 358
Segmentation
Segments

By Product Type:

  • Safety Sensors
  • Safety PLCs
  • Safety Relays
  • Valves
  • Actuator

By Application:

  • Automotive
  • Transportation
  • Medical
  • Manufacturing
  • Power Generation
  • Others
Country
Regions and Country

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherlands
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of MEA
Company
Key Players
  • Siemens
  • ABB
  • Honeywell
  • General Electric
  • Schneider
  • TE Connectivity
  • Emerson Electric
  • Yokogawa
  • Rockwell Automation
  • Omron and SICK
  • PILZ
  • HIMA Paul Hildebrandt
  • and others

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