Global Functional Safety Market Report and Forecast 2024-2032

Global Functional Safety Market Outlook

The global functional safety market is being driven by increasing number of manufacturing units in emerging economies such as India and China that allows the functional safety industry to thrive and evolve. Thus, the market is projected to grow at a CAGR of 8.4% during the forecast period of 2024-2032.

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Increasing Usage of Industrial Internet of Things to Augment the Market Growth

The Industrial Internet of Things (IIoT) is opening up new possibilities for integrated safety and compliance services. Sensors that detect pressure, level, flow, temperature, and vibration can be used by the Industrial Internet of Things to gather data and communicate it to monitoring systems. The data is sent over wired and wireless networks, allowing for real-time analysis, alarms, and potential remedies in the event of an emergency.

Companies can link their operations with safety systems and monitor them in real time using the Industrial Internet of Things. IIoT allows for fast monitoring, analysis, and control, as well as virtual administration of physical systems, resulting in improved performance. All these factors are expected to propel the growth of the functional safety market growth during the forecast period.

The Asia Pacific to Significantly Contribute Toward the Growth of the Functional Safety Industry

During the projected period, the functional safety market in the Asia Pacific is predicted to develop at the fastest rate. Increased industrialisation in emerging economies like China and India is expected to most likely fuel this rise. The market in this area is growing due to the greater acceptance of worldwide functional safety requirements. Rapid industrialisation, increasing industrial emphasis, organisational, functional safety, and the impact of multinational firms in implementing safety systems are further propelling the market in APAC forward. Furthermore, the increasing number of power projects to meet the increased demand for energy has accelerated the deployment of functional safety systems at plant locations, such as burner management and fire and gas systems. With the growing industrialisation, the usage of safety automation solutions in manufacturing industries in this area is expanding considerably, adding to the market development.

Functional Safety: Market Segmentation

Functional safety is a secondary safety feature that guarantees a safe and orderly shutdown of processing units in the event of a plant's unexpected condition. Functional safety is becoming more essential in a variety of industries, including oil and gas, chemicals, power generation, food and beverage, pharmaceuticals, metals and mining, water and wastewater treatment, and many more.

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On the basis of device type, functional safety industry is segmented into:

• Safety Sensors 
• Safety controllers/Modules/Relays
• Safety Switches
• Programmable Safety Systems
• Emergency Stop Devices
• Final Control Elements
• Others

Based on safety systems, functional safety industry is categorised into:

• Burner Management System
• Turbomachinery Control System
• High-Integrity Pressure Protection Systems
• Fire and Gas Monitoring Control System
• Emergency Shutdown Systems
• Supervisory Control and Data Acquisition System
• Distributed Control System

On the basis of end-user Industry, the market is segmented into:

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

The major regional markets of functional safety are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Focus on Fiscal Policy Steps by Regional Financial Institutions to Bolster the Growth of the Functional Safety Industry

Many nations have already begun to create recovery strategies in response to the economic crisis caused by the COVID-19 epidemic. The United States has enacted the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which allocates USD 2 trillion to five categories: individuals/families, large enterprises, small businesses, state and local governments, and public services. Manufacturing operations have a direct impact on the need for functional safety goods and solutions. Various government initiatives across the globe are expected to drive the functional safety industry growth.

Key Industry Players in the Global Functional Safety Market

The report gives a detailed analysis of the following key players in the global functional safety market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Rockwell Automation Inc.
• Emerson Electric Company
• Honeywell International Inc. 
• Yokogawa Electric Corporation
• ABB Ltd. 
• Schneider Electric SE
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report