Functional Safety Market to Reach $14.7 billion, Globally,
Wilmington, Delaware, April 29, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Functional Safety Market By Device Type (Safety Controllers/Modules/Relays, Programmable Safety Systems, Safety Sensors, Emergency Stop Devices, Final Control Elements (Valves, Actuators), and Others), 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, and Supervisory Control and Data Acquisition (SCADA) Systems), and Industry Verticals (Oil and Gas, Power Generation, Food and Beverage, Pharmaceutical, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the “functional safety market” was valued at $5.5 billion in 2022, and is estimated to reach $14.7 billion by 2032, growing at a CAGR of 10.52% from 2023 to 2032.
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- 162 – Tables
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Prime determinants of growth
The functional safety market is anticipated to experience significant expansion during the forecast period. This growth is primarily driven by factors such as regulatory compliance, technological advancements, and increased awareness about safety. In addition, emerging markets are expected to further boost the market. However, high implementation costs pose a significant restraint to the growth of the functional safety market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.5 billion |
| Market Size in 2032 | $14.7 billion |
| CAGR | 10.52% |
| No. of Pages in Report | 300 |
| Segments Covered | Device Type, Safety System, Industry Verticals, and Region |
| Drivers | Regulatory Compliance Technological Advancements Increasing Awareness about Safety |
| Opportunities | Emerging Markets |
| Restraints | High Implementation Costs |
The safety sensors segment is anticipated to dominate in terms of revenue during the forecast period.
By device type, the safety sensors segment accounted for one-third of the total revenue in the global functional safety market in 2022, and it is expected to continue its dominant position during the forecast period and is projected to experience the fastest CAGR of 12.04% from 2023 to 2032. This dominance is likely due to an increase in demand for features such as autonomous vehicles and advanced driver-assistance systems, which rely heavily on safety sensors.
The Emergency Shutdown Systems (ESD) segment is projected to retain the highest market share by 2032.
By safety systems, the Emergency Shutdown Systems (ESD) segment emerged as the market leader in the global functional safety market in 2022, holding nearly one-third of the market share, owing to stricter regulations and growing focus on safety in industries with high-risk environments like oil & gas and nuclear power. However, the turbomachinery control (TMC) systems segment is projected to witness the fastest CAGR of 12.96% from 2023 to 2032 owing to increase in demand for efficient and optimized power generation across industries. TMC systems play a crucial role in maximizing turbine performance and efficiency.
The oil and gas segment are anticipated to dominate in terms of revenue during the forecast period.
By industry verticals, the oil and gas segment emerged as the market leader in the global functional safety market in 2022, holding one-fourth of the market share, due to strict regulations and high-risk environments in the oil and gas industry. These factors necessitate the use of sophisticated safety systems to prevent accidents and protect personnel and assets. However, the automotive segment is projected to witness the fastest CAGR of 12.78% from 2023 to 2032, owing to increase in adoption of autonomous vehicles and ADAS features.
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North America garnered the major share in 2022.
Region-wise, North America dominated the functional safety market revenue in 2022, with nearly two-fifths of the global market share. This is primarily due to stringent safety regulations and widespread adoption of automation technologies. However, the Asia-Pacific segment is projected to experience the fastest CAGR of 13.41% from 2023 to 2032, due to rapid industrialization and rise in adoption of automation technologies in the region.
Leading 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
The report provides a detailed analysis of these key players in the global functional safety market. These players have adopted acquisition, and product launch strategies to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
Key Industry Developments:
- In September 2022, Yokogawa Electric Corporation announced the acquisition of Votiva Singapore Pte Ltd., a Southeast Asian IT consultant offering services for deploying software of enterprise resource planning (ERP) as well as customer relationship management (CRM).
- In January 2021, Rockwell Automation launched Allen-Bradley 450L GuardShield safety light curtains, designed to improve productivity and increase efficiency, while providing personnel safety. The product provides CIP Safety over EtherNet/IP, thus enabling smart safety within a connected enterprise and providing extensive data from the plant floor.
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Key Benefits for Stakeholders
- The functional safety market 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 opportunity.
- 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.
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By Application
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By Region:
- North America (U.S., Canada, and Mexico)
- Europe (UK, Germany, France, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, and Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)
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