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Functional Safety Market Report by Device Type, Safety System, End Use Industry, and Region 2024-2032

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    Report

  • 143 Pages
  • July 2024
  • Region: Global
  • IMARC Group
  • ID: 5577828
Description Jump to:
The global functional safety market size reached US$ 5.9 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 14.0 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2023-2032.

Functional safety refers to the general safety of a plant and equipment using safety-related systems, such as alarm systems, safety instrumented systems (SIS), and basic process control systems (BPCS). It covers fault detection, physical or systemic redundancy, and transitioning to a safe state that reduces the overall risk caused by faults in the electronic system. As a result, it finds extensive applications in the pharmaceutical, automotive, oil and gas, and food and beverage (F&B) industries worldwide.

Functional Safety Market Trends:

The increasing requirement of safety systems for personnel and asset protection on account of stringent government regulations represents one of the key factors impelling the growth of the market. Besides this, the introduction of the industrial internet of things (IIoT), also known as Industry 4.0, is offering new opportunities for integrated safety and compliance services. It enables industries and enterprises to have better efficiency and reliability in their operations. Moreover, a key concept in Industry 4.0 is cyber-physical systems (CPS), which consists of storage systems, smart machines, and production facilities capable of autonomously exchanging information, triggering actions, and controlling each other independently. This, coupled with the increasing focus of market players on product innovations to offer better services, is driving the overall sales and profitability. Furthermore, there is an increase in the utilization of safety sensor switches in machines and other industrial applications to inhibit accidental contact with live electrical connections. Factors like the rising automation in different industry verticals and the rising number of power projects to meet the escalating demand for energy across the globe are anticipated to offer lucrative growth opportunities to industry investors and strengthen the growth of the market.

Key Market Segmentation:

The report provides an analysis of the key trends in each sub-segment of the global functional safety market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on 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
Others

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
Pharmaceutical
Automotive
Others

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report

1. What was the size of the global functional safety market in 2023?
2. What is the expected growth rate of the global functional safety market during 2024-2032?
3. What are the key factors driving the global functional safety market?
4. What has been the impact of COVID-19 on the global functional safety market?
5. What is the breakup of the global functional safety market based on the device type?
6. What is the breakup of the global functional safety market based on the safety system?
7. What is the breakup of the global functional safety market based on the end use industry?
8. What are the key regions in the global functional safety market?
9. Who are the key players/companies in the global functional safety market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Functional Safety Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Device Type
6.1 Safety Sensors
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Safety Controllers/Modules/Relays
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Safety Switches
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Programmable Safety Systems
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Emergency Stop Devices
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Final Control Elements
6.6.1 Market Trends
6.6.2 Market Forecast
6.7 Others
6.7.1 Market Trends
6.7.2 Market Forecast
7 Market Breakup by Safety System
7.1 Burner Management System (BMS)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Turbomachinery Control System (TMC)
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 High-Integrity Pressure Protection System (HIPPS)
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Fire and Gas Monitoring Control System
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Emergency Shutdown System (ESD)
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Supervisory Control and Data Acquisition System (SCADA)
7.6.1 Market Trends
7.6.2 Market Forecast
7.7 Distributed Control System (DCS)
7.7.1 Market Trends
7.7.2 Market Forecast
8 Market Breakup by End Use Industry
8.1 Oil and Gas
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Power Generation
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Food and Beverage
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Pharmaceutical
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Automotive
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 ABB Ltd.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Emerson Electric Co.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 General Electric Company
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Honeywell International Inc.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Intel Corporation
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Johnson Controls
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 OMRON Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Panasonic Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Pepperl+Fuchs SE
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Rockwell Automation Inc.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Schneider Electric SE
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
14.3.12 Siemens AG
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Yokogawa Electric Corporation
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis
List of Figures
Figure 1: Global: Functional Safety Market: Major Drivers and Challenges
Figure 2: Global: Functional Safety Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Functional Safety Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Functional Safety Market: Breakup by Device Type (in %), 2023
Figure 5: Global: Functional Safety Market: Breakup by Safety System (in %), 2023
Figure 6: Global: Functional Safety Market: Breakup by End Use Industry (in %), 2023
Figure 7: Global: Functional Safety Market: Breakup by Region (in %), 2023
Figure 8: Global: Functional Safety (Safety Sensors) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: Global: Functional Safety (Safety Sensors) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: Global: Functional Safety (Safety Controllers/Modules/Relays) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Functional Safety (Safety Controllers/Modules/Relays) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Functional Safety (Safety Switches) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Functional Safety (Safety Switches) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Functional Safety (Programmable Safety Systems) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Functional Safety (Programmable Safety Systems) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Functional Safety (Emergency Stop Devices) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Functional Safety (Emergency Stop Devices) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Functional Safety (Final Control Elements) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Functional Safety (Final Control Elements) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Functional Safety (Other Device Types) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Functional Safety (Other Device Types) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Functional Safety (Burner Management System-BMS) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Functional Safety (Burner Management System-BMS) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Functional Safety (Turbomachinery Control System-TMC) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Functional Safety (Turbomachinery Control System-TMC) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Functional Safety (High-Integrity Pressure Protection System-HIPPS) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Functional Safety (High-Integrity Pressure Protection System-HIPPS) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Global: Functional Safety (Fire and Gas Monitoring Control System) Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Global: Functional Safety (Fire and Gas Monitoring Control System) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Global: Functional Safety (Emergency Shutdown System-ESD) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: Functional Safety (Emergency Shutdown System-ESD) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: Functional Safety (Supervisory Control and Data Acquisition System-SCADA) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: Functional Safety (Supervisory Control and Data Acquisition System-SCADA) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Global: Functional Safety (Distributed Control System-DCS) Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Global: Functional Safety (Distributed Control System-DCS) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: Global: Functional Safety (Oil and Gas) Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: Global: Functional Safety (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Global: Functional Safety (Power Generation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Global: Functional Safety (Power Generation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Global: Functional Safety (Food and Beverage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Global: Functional Safety (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: Global: Functional Safety (Pharmaceutical) Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: Global: Functional Safety (Pharmaceutical) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Global: Functional Safety (Automotive) Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Global: Functional Safety (Automotive) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Global: Functional Safety (Other End Use Industries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Global: Functional Safety (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: North America: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: North America: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: United States: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: United States: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Canada: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Canada: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: Asia-Pacific: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: Asia-Pacific: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: China: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: China: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Japan: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Japan: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: India: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: India: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: South Korea: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: South Korea: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Australia: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Australia: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Indonesia: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Indonesia: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Others: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Others: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Europe: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Europe: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Germany: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Germany: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: France: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: France: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 76: United Kingdom: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 77: United Kingdom: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Italy: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 79: Italy: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Spain: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 81: Spain: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 82: Russia: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 83: Russia: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 84: Others: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 85: Others: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 86: Latin America: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 87: Latin America: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 88: Brazil: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 89: Brazil: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 90: Mexico: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 91: Mexico: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 92: Others: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 93: Others: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 94: Middle East and Africa: Functional Safety Market: Sales Value (in Million US$), 2018 & 2023
Figure 95: Middle East and Africa: Functional Safety Market: Breakup by Country (in %), 2023
Figure 96: Middle East and Africa: Functional Safety Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 97: Global: Functional Safety Industry: SWOT Analysis
Figure 98: Global: Functional Safety Industry: Value Chain Analysis
Figure 99: Global: Functional Safety Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Functional Safety Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Functional Safety Market Forecast: Breakup by Device Type (in Million US$), 2024-2032
Table 3: Global: Functional Safety Market Forecast: Breakup by Safety System (in Million US$), 2024-2032
Table 4: Global: Functional Safety Market Forecast: Breakup by End Use Industry (in Million US$), 2024-2032
Table 5: Global: Functional Safety Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Functional Safety Market: Competitive Structure
Table 7: Global: Functional Safety Market: Key Players

Companies Mentioned

  • 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
  • Yokogawa Electric Corporation

Methodology

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Table Information

Report AttributeDetails
No. of Pages143
PublishedJuly 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 5.9 Billion
Forecasted Market Value ( USD ) by 2032 $ 14 Billion
Compound Annual Growth Rate10.1%
Regions CoveredGlobal
No. of Companies Mentioned12

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About the Functional Safety Market

Functional Safety is a type of engineering that focuses on the safety of systems and processes. It is a proactive approach to safety that involves the design, implementation, and maintenance of safety-critical systems. It is used in a variety of industries, including automotive, aerospace, medical, and industrial. Functional Safety is based on the principles of hazard identification, risk assessment, and risk mitigation. It involves the use of safety-related components, such as sensors, controllers, and actuators, to detect and respond to hazardous conditions. It also involves the use of safety protocols, such as safety integrity levels, to ensure that safety-critical systems are designed and operated in a safe manner. Some of the companies in the Functional Safety market include ABB, Siemens, Rockwell Automation, Honeywell, Schneider Electric, and Emerson. Show Less Read more

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