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Functional Safety Market By Device Type, By Safety System, By Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 300 Pages
  • April 2024
  • Region: Global
  • Allied Market Research
  • ID: 6010490
Description Jump to:
The global functional safety market was valued at $5.5 billion in 2022, and is projected to reach $14.7 billion by 2032, growing at a CAGR of 10.5% from 2023 to 2032.

Functional safety is a multidisciplinary approach applied across industries such as pharmaceuticals, process control, mining, power generation, and oil and gas, with the primary aim of preventing physical harm or damage to individuals and communities due to environmental factors or system failures. It involves implementing automatic mechanisms within systems to mitigate or prevent harm during unexpected events or failures, ensuring safe operation even under adverse conditions.

The growing complexity of systems emerges as a significant driver in the functional safety market, given its direct correlation with increased risks of failures and hazards. As industries adopt advanced technologies and interconnected systems, the potential for malfunctions or errors also rises exponentially. This heightened complexity underscores the necessity of implementing robust functional safety measures to mitigate risks and ensure operational reliability. Companies across various sectors recognize the importance of investing in comprehensive safety solutions to safeguard personnel, assets, and the environment against potential hazards. Therefore, the increase in system complexity serves as a powerful driver for the adoption of functional safety practices and solutions, fueling continual demand and innovation in the market.

However, limited skilled workforce presents a significant restraint in the functional safety market. The shortage of professionals with expertise in functional safety standards and methodologies poses challenges for businesses seeking to implement and maintain effective safety solutions. As industries across automotive, aerospace, healthcare, and manufacturing sectors increasingly prioritize safety compliance, the demand for skilled professional's adept in functional safety practices continues to rise. However, limited availability of trained personnel capable of managing complex safety standards and protocols hampers the widespread adoption of functional safety solutions. This scarcity not only slows down the implementation process but also increases operational costs and diminishes the overall effectiveness of safety initiatives. Consequently, addressing the shortage of skilled workforce remains a critical challenge for the functional safety market, impeding its growth and development.

Moreover, cross-industry collaboration presents a significant opportunity in the functional safety market. By Promoting partnerships between industries, academia, and regulatory bodies, organizations can leverage diverse expertise and resources to drive innovation and develop more efficient and cost-effective functional safety solutions. Through collaboration, stakeholders can share insights, best practices, and technological advancements, accelerating the development and adoption of safety standards and protocols. Furthermore, collaborative initiatives enable the pooling of resources for research and development, promoting the exploration of novel approaches to address evolving safety challenges across industries. By boosting a culture of collaboration and knowledge-sharing, cross-industry partnerships pave the way for the co-creation of comprehensive safety solutions that enhance operational efficiency, mitigate risks, and ensure compliance with regulatory requirements. As organizations recognize the value of collaboration, they unlock new opportunities to drive sustainable growth and innovation in the functional safety market.

The functional safety market is segmented into device type, safety system, industry vertical, and region. By device type, the functional safety market is divided into safety controllers/modules/relays, programmable safety systems (PSS), safety sensors, emergency stop devices, final control elements (valves, actuators), and others. By safety system, the market is classified into emergency shutdown systems (ESD), burner management systems (BMS), high-integrity pressure protection systems (HIPPS), turbomachinery control (TMC) systems, fire and gas monitoring control systems, and supervisory control and data acquisition (SCADA) systems. By industry vertical, the market is fragmented into oil and gas, power generation, food and beverage, pharmaceutical, automotive, and others. By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Chile, Argentina, rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, rest of MEA).

The major companies profiled in the report include Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Mitsubishi Electric Corporation, and Omron Corporation.

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the functional safety market analysis from 2022 to 2032 to identify the prevailing functional safety market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the functional safety market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global functional safety market trends, key players, market segments, application areas, and market growth strategies.

Additional benefits you will get with this purchase are:

  • Quarterly Update and* (only available with a corporate license, on listed price)
  • 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
  • Free Upcoming Version on the Purchase of Five and Enterprise User License.
  • 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
  • 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
  • Free data Pack on the Five and Enterprise User License. (Excel version of the report)
  • Free Updated report if the report is 6-12 months old or older.
  • 24-hour priority response*
  • Free Industry updates and white papers.

Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)

  • Product Benchmarking / Product specification and applications
  • Product Life Cycle
  • Supply Chain Analysis & Vendor Margins
  • Upcoming/New Entrant by Regions
  • Market share analysis of players by products/segments
  • New Product Development/ Product Matrix of Key Players
  • Additional company profiles with specific to client's interest
  • Additional country or region analysis- market size and forecast
  • Expanded list for Company Profiles
  • Historic market data
  • Key player details (including location, contact details, supplier/vendor network etc. in excel format)
  • Market share analysis of players at global/region/country level

Key Market Segments

By Device Type

  • Safety Controllers/Modules/Relays
  • Programmable Safety Systems
  • Safety Sensors
  • Emergency Stop Devices
  • Final Control Elements (Valves, Actuators)
  • Others

By Safety System

  • Emergency Shutdown Systems (ESD)
  • Burner Management Systems (BMS)
  • High-Integrity Pressure Protection Systems (HIPPS)
  • Turbomachinery Control (TMC) Systems
  • Fire and Gas Monitoring Control Systems
  • Supervisory Control and Data Acquisition (SCADA) Systems

By Industry Verticals

  • Oil and Gas
  • Power Generation
  • Food and Beverage
  • Pharmaceutical
  • Automotive
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
  • Latin America
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America
  • Middle East and Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of Middle East And Africa
Key Market Players
  • Rockwell Automation Inc.
  • Emerson Electric Company
  • Honeywell International Inc.
  • Yokogawa Electric Corporation
  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • General Electric Company
  • Mitsubishi Electric Corporation
  • Omron Corporation.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities
CHAPTER 4: FUNCTIONAL SAFETY MARKET, BY DEVICE TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Safety Controllers/Modules/Relays
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Programmable Safety Systems
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
4.4. Safety Sensors
4.4.1. Key market trends, growth factors and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market share analysis by country
4.5. Emergency Stop Devices
4.5.1. Key market trends, growth factors and opportunities
4.5.2. Market size and forecast, by region
4.5.3. Market share analysis by country
4.6. Final Control Elements (Valves, Actuators)
4.6.1. Key market trends, growth factors and opportunities
4.6.2. Market size and forecast, by region
4.6.3. Market share analysis by country
4.7. Others
4.7.1. Key market trends, growth factors and opportunities
4.7.2. Market size and forecast, by region
4.7.3. Market share analysis by country
CHAPTER 5: FUNCTIONAL SAFETY MARKET, BY SAFETY SYSTEM
5.1. Overview
5.1.1. Market size and forecast
5.2. Emergency Shutdown Systems (ESD)
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Burner Management Systems (BMS)
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
5.4. High-Integrity Pressure Protection Systems (HIPPS)
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis by country
5.5. Turbomachinery Control (TMC) Systems
5.5.1. Key market trends, growth factors and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market share analysis by country
5.6. Fire and Gas Monitoring Control Systems
5.6.1. Key market trends, growth factors and opportunities
5.6.2. Market size and forecast, by region
5.6.3. Market share analysis by country
5.7. Supervisory Control and Data Acquisition (SCADA) Systems
5.7.1. Key market trends, growth factors and opportunities
5.7.2. Market size and forecast, by region
5.7.3. Market share analysis by country
CHAPTER 6: FUNCTIONAL SAFETY MARKET, BY INDUSTRY VERTICALS
6.1. Overview
6.1.1. Market size and forecast
6.2. Oil and Gas
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market share analysis by country
6.3. Power Generation
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market share analysis by country
6.4. Food and Beverage
6.4.1. Key market trends, growth factors and opportunities
6.4.2. Market size and forecast, by region
6.4.3. Market share analysis by country
6.5. Pharmaceutical
6.5.1. Key market trends, growth factors and opportunities
6.5.2. Market size and forecast, by region
6.5.3. Market share analysis by country
6.6. Automotive
6.6.1. Key market trends, growth factors and opportunities
6.6.2. Market size and forecast, by region
6.6.3. Market share analysis by country
6.7. Others
6.7.1. Key market trends, growth factors and opportunities
6.7.2. Market size and forecast, by region
6.7.3. Market share analysis by country
CHAPTER 7: FUNCTIONAL SAFETY MARKET, BY REGION
7.1. Overview
7.1.1. Market size and forecast By Region
7.2. North America
7.2.1. Key market trends, growth factors and opportunities
7.2.2. Market size and forecast, by Device Type
7.2.3. Market size and forecast, by Safety System
7.2.4. Market size and forecast, by Industry Verticals
7.2.5. Market size and forecast, by country
7.2.5.1. U.S.
7.2.5.1.1. Market size and forecast, by Device Type
7.2.5.1.2. Market size and forecast, by Safety System
7.2.5.1.3. Market size and forecast, by Industry Verticals
7.2.5.2. Canada
7.2.5.2.1. Market size and forecast, by Device Type
7.2.5.2.2. Market size and forecast, by Safety System
7.2.5.2.3. Market size and forecast, by Industry Verticals
7.2.5.3. Mexico
7.2.5.3.1. Market size and forecast, by Device Type
7.2.5.3.2. Market size and forecast, by Safety System
7.2.5.3.3. Market size and forecast, by Industry Verticals
7.3. Europe
7.3.1. Key market trends, growth factors and opportunities
7.3.2. Market size and forecast, by Device Type
7.3.3. Market size and forecast, by Safety System
7.3.4. Market size and forecast, by Industry Verticals
7.3.5. Market size and forecast, by country
7.3.5.1. UK
7.3.5.1.1. Market size and forecast, by Device Type
7.3.5.1.2. Market size and forecast, by Safety System
7.3.5.1.3. Market size and forecast, by Industry Verticals
7.3.5.2. Germany
7.3.5.2.1. Market size and forecast, by Device Type
7.3.5.2.2. Market size and forecast, by Safety System
7.3.5.2.3. Market size and forecast, by Industry Verticals
7.3.5.3. France
7.3.5.3.1. Market size and forecast, by Device Type
7.3.5.3.2. Market size and forecast, by Safety System
7.3.5.3.3. Market size and forecast, by Industry Verticals
7.3.5.4. Rest of Europe
7.3.5.4.1. Market size and forecast, by Device Type
7.3.5.4.2. Market size and forecast, by Safety System
7.3.5.4.3. Market size and forecast, by Industry Verticals
7.4. Asia-Pacific
7.4.1. Key market trends, growth factors and opportunities
7.4.2. Market size and forecast, by Device Type
7.4.3. Market size and forecast, by Safety System
7.4.4. Market size and forecast, by Industry Verticals
7.4.5. Market size and forecast, by country
7.4.5.1. China
7.4.5.1.1. Market size and forecast, by Device Type
7.4.5.1.2. Market size and forecast, by Safety System
7.4.5.1.3. Market size and forecast, by Industry Verticals
7.4.5.2. Japan
7.4.5.2.1. Market size and forecast, by Device Type
7.4.5.2.2. Market size and forecast, by Safety System
7.4.5.2.3. Market size and forecast, by Industry Verticals
7.4.5.3. India
7.4.5.3.1. Market size and forecast, by Device Type
7.4.5.3.2. Market size and forecast, by Safety System
7.4.5.3.3. Market size and forecast, by Industry Verticals
7.4.5.4. South Korea
7.4.5.4.1. Market size and forecast, by Device Type
7.4.5.4.2. Market size and forecast, by Safety System
7.4.5.4.3. Market size and forecast, by Industry Verticals
7.4.5.5. Rest of Asia-Pacific
7.4.5.5.1. Market size and forecast, by Device Type
7.4.5.5.2. Market size and forecast, by Safety System
7.4.5.5.3. Market size and forecast, by Industry Verticals
7.5. Latin America
7.5.1. Key market trends, growth factors and opportunities
7.5.2. Market size and forecast, by Device Type
7.5.3. Market size and forecast, by Safety System
7.5.4. Market size and forecast, by Industry Verticals
7.5.5. Market size and forecast, by country
7.5.5.1. Brazil
7.5.5.1.1. Market size and forecast, by Device Type
7.5.5.1.2. Market size and forecast, by Safety System
7.5.5.1.3. Market size and forecast, by Industry Verticals
7.5.5.2. Argentina
7.5.5.2.1. Market size and forecast, by Device Type
7.5.5.2.2. Market size and forecast, by Safety System
7.5.5.2.3. Market size and forecast, by Industry Verticals
7.5.5.3. Chile
7.5.5.3.1. Market size and forecast, by Device Type
7.5.5.3.2. Market size and forecast, by Safety System
7.5.5.3.3. Market size and forecast, by Industry Verticals
7.5.5.4. Rest of Latin America
7.5.5.4.1. Market size and forecast, by Device Type
7.5.5.4.2. Market size and forecast, by Safety System
7.5.5.4.3. Market size and forecast, by Industry Verticals
7.6. Middle East and Africa
7.6.1. Key market trends, growth factors and opportunities
7.6.2. Market size and forecast, by Device Type
7.6.3. Market size and forecast, by Safety System
7.6.4. Market size and forecast, by Industry Verticals
7.6.5. Market size and forecast, by country
7.6.5.1. UAE
7.6.5.1.1. Market size and forecast, by Device Type
7.6.5.1.2. Market size and forecast, by Safety System
7.6.5.1.3. Market size and forecast, by Industry Verticals
7.6.5.2. Saudi Arabia
7.6.5.2.1. Market size and forecast, by Device Type
7.6.5.2.2. Market size and forecast, by Safety System
7.6.5.2.3. Market size and forecast, by Industry Verticals
7.6.5.3. South Africa
7.6.5.3.1. Market size and forecast, by Device Type
7.6.5.3.2. Market size and forecast, by Safety System
7.6.5.3.3. Market size and forecast, by Industry Verticals
7.6.5.4. Rest of Middle East And Africa
7.6.5.4.1. Market size and forecast, by Device Type
7.6.5.4.2. Market size and forecast, by Safety System
7.6.5.4.3. Market size and forecast, by Industry Verticals
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
9.1. Rockwell Automation Inc.
9.1.1. Company overview
9.1.2. Key executives
9.1.3. Company snapshot
9.1.4. Operating business segments
9.1.5. Product portfolio
9.1.6. Business performance
9.1.7. Key strategic moves and developments
9.2. Emerson Electric Company
9.2.1. Company overview
9.2.2. Key executives
9.2.3. Company snapshot
9.2.4. Operating business segments
9.2.5. Product portfolio
9.2.6. Business performance
9.2.7. Key strategic moves and developments
9.3. Honeywell International Inc.
9.3.1. Company overview
9.3.2. Key executives
9.3.3. Company snapshot
9.3.4. Operating business segments
9.3.5. Product portfolio
9.3.6. Business performance
9.3.7. Key strategic moves and developments
9.4. Yokogawa Electric Corporation
9.4.1. Company overview
9.4.2. Key executives
9.4.3. Company snapshot
9.4.4. Operating business segments
9.4.5. Product portfolio
9.4.6. Business performance
9.4.7. Key strategic moves and developments
9.5. ABB Ltd.
9.5.1. Company overview
9.5.2. Key executives
9.5.3. Company snapshot
9.5.4. Operating business segments
9.5.5. Product portfolio
9.5.6. Business performance
9.5.7. Key strategic moves and developments
9.6. Siemens AG
9.6.1. Company overview
9.6.2. Key executives
9.6.3. Company snapshot
9.6.4. Operating business segments
9.6.5. Product portfolio
9.6.6. Business performance
9.6.7. Key strategic moves and developments
9.7. Schneider Electric SE
9.7.1. Company overview
9.7.2. Key executives
9.7.3. Company snapshot
9.7.4. Operating business segments
9.7.5. Product portfolio
9.7.6. Business performance
9.7.7. Key strategic moves and developments
9.8. General Electric Company
9.8.1. Company overview
9.8.2. Key executives
9.8.3. Company snapshot
9.8.4. Operating business segments
9.8.5. Product portfolio
9.8.6. Business performance
9.8.7. Key strategic moves and developments
9.9. Mitsubishi Electric Corporation
9.9.1. Company overview
9.9.2. Key executives
9.9.3. Company snapshot
9.9.4. Operating business segments
9.9.5. Product portfolio
9.9.6. Business performance
9.9.7. Key strategic moves and developments
9.10. Omron Corporation.
9.10.1. Company overview
9.10.2. Key executives
9.10.3. Company snapshot
9.10.4. Operating business segments
9.10.5. Product portfolio
9.10.6. Business performance
9.10.7. Key strategic moves and developments
List of Tables
Table 01. Global Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 02. Functional Safety Market for Safety Controllers/Modules/Relays, by Region, 2022-2032 ($Million)
Table 03. Functional Safety Market for Programmable Safety Systems, by Region, 2022-2032 ($Million)
Table 04. Functional Safety Market for Safety Sensors, by Region, 2022-2032 ($Million)
Table 05. Functional Safety Market for Emergency Stop Devices, by Region, 2022-2032 ($Million)
Table 06. Functional Safety Market for Final Control Elements (Valves, Actuators), by Region, 2022-2032 ($Million)
Table 07. Functional Safety Market for Others, by Region, 2022-2032 ($Million)
Table 08. Global Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 09. Functional Safety Market for Emergency Shutdown Systems (Esd), by Region, 2022-2032 ($Million)
Table 10. Functional Safety Market for Burner Management Systems (Bms), by Region, 2022-2032 ($Million)
Table 11. Functional Safety Market for High-Integrity Pressure Protection Systems (Hipps), by Region, 2022-2032 ($Million)
Table 12. Functional Safety Market for Turbomachinery Control (Tmc) Systems, by Region, 2022-2032 ($Million)
Table 13. Functional Safety Market for Fire and Gas Monitoring Control Systems, by Region, 2022-2032 ($Million)
Table 14. Functional Safety Market for Supervisory Control and Data Acquisition (Scada) Systems, by Region, 2022-2032 ($Million)
Table 15. Global Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 16. Functional Safety Market for Oil and Gas, by Region, 2022-2032 ($Million)
Table 17. Functional Safety Market for Power Generation, by Region, 2022-2032 ($Million)
Table 18. Functional Safety Market for Food and Beverage, by Region, 2022-2032 ($Million)
Table 19. Functional Safety Market for Pharmaceutical, by Region, 2022-2032 ($Million)
Table 20. Functional Safety Market for Automotive, by Region, 2022-2032 ($Million)
Table 21. Functional Safety Market for Others, by Region, 2022-2032 ($Million)
Table 22. Functional Safety Market, by Region, 2022-2032 ($Million)
Table 23. North America Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 24. North America Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 25. North America Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 26. North America Functional Safety Market, by Country, 2022-2032 ($Million)
Table 27. U.S. Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 28. U.S. Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 29. U.S. Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 30. Canada Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 31. Canada Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 32. Canada Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 33. Mexico Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 34. Mexico Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 35. Mexico Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 36. Europe Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 37. Europe Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 38. Europe Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 39. Europe Functional Safety Market, by Country, 2022-2032 ($Million)
Table 40. UK Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 41. UK Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 42. UK Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 43. Germany Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 44. Germany Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 45. Germany Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 46. France Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 47. France Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 48. France Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 49. Rest of Europe Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 50. Rest of Europe Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 51. Rest of Europe Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 52. Asia-Pacific Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 53. Asia-Pacific Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 54. Asia-Pacific Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 55. Asia-Pacific Functional Safety Market, by Country, 2022-2032 ($Million)
Table 56. China Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 57. China Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 58. China Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 59. Japan Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 60. Japan Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 61. Japan Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 62. India Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 63. India Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 64. India Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 65. South Korea Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 66. South Korea Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 67. South Korea Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 68. Rest of Asia-Pacific Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 69. Rest of Asia-Pacific Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 70. Rest of Asia-Pacific Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 71. Latin America Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 72. Latin America Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 73. Latin America Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 74. Latin America Functional Safety Market, by Country, 2022-2032 ($Million)
Table 75. Brazil Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 76. Brazil Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 77. Brazil Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 78. Argentina Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 79. Argentina Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 80. Argentina Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 81. Chile Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 82. Chile Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 83. Chile Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 84. Rest of Latin America Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 85. Rest of Latin America Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 86. Rest of Latin America Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 87. Middle East and Africa Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 88. Middle East and Africa Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 89. Middle East and Africa Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 90. Middle East and Africa Functional Safety Market, by Country, 2022-2032 ($Million)
Table 91. UAE Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 92. UAE Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 93. UAE Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 94. Saudi Arabia Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 95. Saudi Arabia Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 96. Saudi Arabia Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 97. South Africa Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 98. South Africa Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 99. South Africa Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 100. Rest of Middle East and Africa Functional Safety Market, by Device Type, 2022-2032 ($Million)
Table 101. Rest of Middle East and Africa Functional Safety Market, by Safety System, 2022-2032 ($Million)
Table 102. Rest of Middle East and Africa Functional Safety Market, by Industry Verticals, 2022-2032 ($Million)
Table 103. Rockwell Automation Inc.: Key Executives
Table 104. Rockwell Automation Inc.: Company Snapshot
Table 105. Rockwell Automation Inc.: Product Segments
Table 106. Rockwell Automation Inc.: Service Segments
Table 107. Rockwell Automation Inc.: Product Portfolio
Table 108. Rockwell Automation Inc.: Key Strategies
Table 109. Emerson Electric Company: Key Executives
Table 110. Emerson Electric Company: Company Snapshot
Table 111. Emerson Electric Company: Product Segments
Table 112. Emerson Electric Company: Service Segments
Table 113. Emerson Electric Company: Product Portfolio
Table 114. Emerson Electric Company: Key Strategies
Table 115. Honeywell International Inc.: Key Executives
Table 116. Honeywell International Inc.: Company Snapshot
Table 117. Honeywell International Inc.: Product Segments
Table 118. Honeywell International Inc.: Service Segments
Table 119. Honeywell International Inc.: Product Portfolio
Table 120. Honeywell International Inc.: Key Strategies
Table 121. Yokogawa Electric Corporation: Key Executives
Table 122. Yokogawa Electric Corporation: Company Snapshot
Table 123. Yokogawa Electric Corporation: Product Segments
Table 124. Yokogawa Electric Corporation: Service Segments
Table 125. Yokogawa Electric Corporation: Product Portfolio
Table 126. Yokogawa Electric Corporation: Key Strategies
Table 127. ABB Ltd.: Key Executives
Table 128. ABB Ltd.: Company Snapshot
Table 129. ABB Ltd.: Product Segments
Table 130. ABB Ltd.: Service Segments
Table 131. ABB Ltd.: Product Portfolio
Table 132. ABB Ltd.: Key Strategies
Table 133. Siemens AG: Key Executives
Table 134. Siemens AG: Company Snapshot
Table 135. Siemens AG: Product Segments
Table 136. Siemens AG: Service Segments
Table 137. Siemens AG: Product Portfolio
Table 138. Siemens AG: Key Strategies
Table 139. Schneider Electric SE: Key Executives
Table 140. Schneider Electric SE: Company Snapshot
Table 141. Schneider Electric SE: Product Segments
Table 142. Schneider Electric SE: Service Segments
Table 143. Schneider Electric SE: Product Portfolio
Table 144. Schneider Electric SE: Key Strategies
Table 145. General Electric Company: Key Executives
Table 146. General Electric Company: Company Snapshot
Table 147. General Electric Company: Product Segments
Table 148. General Electric Company: Service Segments
Table 149. General Electric Company: Product Portfolio
Table 150. General Electric Company: Key Strategies
Table 151. Mitsubishi Electric Corporation: Key Executives
Table 152. Mitsubishi Electric Corporation: Company Snapshot
Table 153. Mitsubishi Electric Corporation: Product Segments
Table 154. Mitsubishi Electric Corporation: Service Segments
Table 155. Mitsubishi Electric Corporation: Product Portfolio
Table 156. Mitsubishi Electric Corporation: Key Strategies
Table 157. Omron Corporation.: Key Executives
Table 158. Omron Corporation.: Company Snapshot
Table 159. Omron Corporation.: Product Segments
Table 160. Omron Corporation.: Service Segments
Table 161. Omron Corporation.: Product Portfolio
Table 162. Omron Corporation.: Key Strategies
List of Figures
Figure 01. Functional Safety Market, 2022-2032
Figure 02. Segmentation of Functional Safety Market,2022-2032
Figure 03. Top Impacting Factors in Functional Safety Market
Figure 04. Top Investment Pockets in Functional Safety Market (2023-2032)
Figure 05. Bargaining Power of Suppliers
Figure 06. Bargaining Power of Buyers
Figure 07. Threat of Substitution
Figure 08. Threat of Substitution
Figure 09. Competitive Rivalry
Figure 10. Global Functional Safety Market:Drivers, Restraints and Opportunities
Figure 11. Functional Safety Market, by Device Type, 2022 and 2032(%)
Figure 12. Comparative Share Analysis of Functional Safety Market for Safety Controllers/Modules/Relays, by Country 2022 and 2032(%)
Figure 13. Comparative Share Analysis of Functional Safety Market for Programmable Safety Systems, by Country 2022 and 2032(%)
Figure 14. Comparative Share Analysis of Functional Safety Market for Safety Sensors, by Country 2022 and 2032(%)
Figure 15. Comparative Share Analysis of Functional Safety Market for Emergency Stop Devices, by Country 2022 and 2032(%)
Figure 16. Comparative Share Analysis of Functional Safety Market for Final Control Elements (Valves, Actuators), by Country 2022 and 2032(%)
Figure 17. Comparative Share Analysis of Functional Safety Market for Others, by Country 2022 and 2032(%)
Figure 18. Functional Safety Market, by Safety System, 2022 and 2032(%)
Figure 19. Comparative Share Analysis of Functional Safety Market for Emergency Shutdown Systems (Esd), by Country 2022 and 2032(%)
Figure 20. Comparative Share Analysis of Functional Safety Market for Burner Management Systems (Bms), by Country 2022 and 2032(%)
Figure 21. Comparative Share Analysis of Functional Safety Market for High-Integrity Pressure Protection Systems (Hipps), by Country 2022 and 2032(%)
Figure 22. Comparative Share Analysis of Functional Safety Market for Turbomachinery Control (Tmc) Systems, by Country 2022 and 2032(%)
Figure 23. Comparative Share Analysis of Functional Safety Market for Fire and Gas Monitoring Control Systems, by Country 2022 and 2032(%)
Figure 24. Comparative Share Analysis of Functional Safety Market for Supervisory Control and Data Acquisition (Scada) Systems, by Country 2022 and 2032(%)
Figure 25. Functional Safety Market, by Industry Verticals, 2022 and 2032(%)
Figure 26. Comparative Share Analysis of Functional Safety Market for Oil and Gas, by Country 2022 and 2032(%)
Figure 27. Comparative Share Analysis of Functional Safety Market for Power Generation, by Country 2022 and 2032(%)
Figure 28. Comparative Share Analysis of Functional Safety Market for Food and Beverage, by Country 2022 and 2032(%)
Figure 29. Comparative Share Analysis of Functional Safety Market for Pharmaceutical, by Country 2022 and 2032(%)
Figure 30. Comparative Share Analysis of Functional Safety Market for Automotive, by Country 2022 and 2032(%)
Figure 31. Comparative Share Analysis of Functional Safety Market for Others, by Country 2022 and 2032(%)
Figure 32. Functional Safety Market by Region, 2022 and 2032(%)
Figure 33. U.S. Functional Safety Market, 2022-2032 ($Million)
Figure 34. Canada Functional Safety Market, 2022-2032 ($Million)
Figure 35. Mexico Functional Safety Market, 2022-2032 ($Million)
Figure 36. UK Functional Safety Market, 2022-2032 ($Million)
Figure 37. Germany Functional Safety Market, 2022-2032 ($Million)
Figure 38. France Functional Safety Market, 2022-2032 ($Million)
Figure 39. Rest of Europe Functional Safety Market, 2022-2032 ($Million)
Figure 40. China Functional Safety Market, 2022-2032 ($Million)
Figure 41. Japan Functional Safety Market, 2022-2032 ($Million)
Figure 42. India Functional Safety Market, 2022-2032 ($Million)
Figure 43. South Korea Functional Safety Market, 2022-2032 ($Million)
Figure 44. Rest of Asia-Pacific Functional Safety Market, 2022-2032 ($Million)
Figure 45. Brazil Functional Safety Market, 2022-2032 ($Million)
Figure 46. Argentina Functional Safety Market, 2022-2032 ($Million)
Figure 47. Chile Functional Safety Market, 2022-2032 ($Million)
Figure 48. Rest of Latin America Functional Safety Market, 2022-2032 ($Million)
Figure 49. UAE Functional Safety Market, 2022-2032 ($Million)
Figure 50. Saudi Arabia Functional Safety Market, 2022-2032 ($Million)
Figure 51. South Africa Functional Safety Market, 2022-2032 ($Million)
Figure 52. Rest of Middle East and Africa Functional Safety Market, 2022-2032 ($Million)
Figure 53. Top Winning Strategies, by Year
Figure 54. Top Winning Strategies, by Development
Figure 55. Top Winning Strategies, by Company
Figure 56. Product Mapping of Top 10 Players
Figure 57. Competitive Dashboard
Figure 58. Competitive Heatmap: Functional Safety Market
Figure 59. Top Player Positioning, 2022

Companies Mentioned

Key Market Players in the Functional Safety Market include:
  • Rockwell Automation Inc.
  • Emerson Electric Company
  • Honeywell International Inc.
  • Yokogawa Electric Corporation
  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • General Electric Company
  • Mitsubishi Electric Corporation
  • Omron Corporation.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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Table Information

Report AttributeDetails
No. of Pages300
PublishedApril 2024
Forecast Period2022 - 2032
Estimated Market Value ( USD ) in 2022 $ 5.5 billion
Forecasted Market Value ( USD ) by 2032 $ 14.7 billion
Compound Annual Growth Rate10.5%
Regions CoveredGlobal
No. of Companies Mentioned11

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