Market Research

Functional Safety Market Size, Share, and Analysis, By Safety System (BMS, TMS, HIPPS, Fire & Gas Monitoring Control System, ESD, SCADA, and DCS), By Device (Safety Sensors, Safety Controllers, Safety Switches, Programmable Safety Systems, Emergency Stop

Best Price Guarantee Length Publisher Published Date SKU
from $4,950 580 Pages Fatpos Global September, 2024 FAGL19336118
Best Price Guarantee
Price from $4,950
Length 580 Pages
Publisher Fatpos Global
Published Date September, 2024
SKU FAGL19336118

Functional Safety Market Size, Share, and Analysis, By Safety System (BMS, TMS, HIPPS, Fire & Gas Monitoring Control System, ESD, SCADA, and DCS), By Device (Safety Sensors, Safety Controllers, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, and Final Control Elements), By Sales Channel (Direct and Indirect), By SIL Type (SIL 1, SIL 2, SIL 3, and SIL 4), By End User (Oil & Gas, Food & Beverage, Power Generation, Automotive and Transportation, and Pharmaceutical), By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034


Functional Safety Market Size, Share, and Analysis, By Safety System (BMS, TMS, HIPPS, Fire & Gas Monitoring Control System, ESD, SCADA, and DCS), By Device (Safety Sensors, Safety Controllers, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, and Final Control Elements), By Sales Channel (Direct and Indirect), By SIL Type (SIL 1, SIL 2, SIL 3, and SIL 4), By End User (Oil & Gas, Food & Beverage, Power Generation, Automotive and Transportation, and Pharmaceutical), By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

PRODUCT OVERVIEW

Functional Safety Market is anticipated to grow at a CAGR of 9.5% in the forecast period (2024-2034), with the market size valued at USD 5.7 billion in 2023 and projected to reach USD 15.5 billion by 2034.

Functional safety is an important part that ensure the reliability and safety of complex systems across industries like automotive, manufacturing, and energy. It includes taking necessary steps to detect and reduce potential risks, thus lowering the risk of damage to individuals and assets. Functional safety standards, such as ISO 26262 and IEC 61508, establish guidelines for the development and evaluation of safety-related systems and components. These standards define the criteria for the safety lifecycle, which includes design, operation, and maintenance. Furthermore, functional safety includes important aspects like hazard analysis, calculating the safety integrity level, and implementing safety-related control systems. Thus, as industries become increasingly automated and digital, the demand for functional safety solutions will encourage innovation and improvements in safety technologies.

MARKET HIGHLIGHTS

Functional safety market is anticipated to reach USD 15.5 billion, growing at a CAGR of 9.5% during the forecast period, owing to strict regulations mandating safety standards across industries, which encourages the use of functional safety measures. The increasing complexity and automation of industrial processes increase the need for safety measures to reduce these risks effectively. Moreover, growing awareness of workplace safety and the possible consequences of accidents is responsible for driving the demand for functional safety solutions. In addition, developments in sensor technology, along with software and communication help in improving the reliability of safety systems. Thus, the functional safety market is likely to grow due to the constant evolution of technology and focus on safety in many industries.

Functional Safety Market Segments:
  • By Safety System
  • BMS
  • TMS
  • HIPPS
  • Fire & Gas Monitoring Control System
  • ESD
  • SCADA
  • DCS
  • By Device
  • Safety Sensors
  • Safety Controllers
  • Safety Switches
  • Programmable Safety Systems
  • Emergency Stop Devices
  • Final Control Elements
  • By Sales Channel
  • Direct
  • Indirect
  • By SIL Type
  • SIL 1
  • SIL 2
  • SIL 3
  • SIL 4
  • By End User
  • Oil & Gas
  • Food & Beverage
  • Power Generation
  • Automotive and Transportation
  • Pharmaceutical
MARKET DYNAMICS

Growth Drivers

Increasing Emphasis on Safety Regulations in Various Industries Is Expected to Promote Market Growth and Development

Growing Adoption of Automation and Complex Machinery has Raised the Need for Functional Safety Solutions

Restraint

High Initial Investment Costs to Act as a Major Challenge in the Market

Key Players
  • ABB Group
  • Emerson Electric Co.
  • Schneider Electric SE
  • Honeywell International Inc.
  • Omron Corporation
  • Siemens AG
  • Rockwell Automation, Inc.
  • General Electric Company
  • Yokogawa Electric Corporation
  • Mitsubishi Electric Corporation
  • Pilz GmbH & Co. KG
  • Balluff GmbH
  • HIMA Paul Hildebrandt GmbH
  • Pepperl+Fuchs GmbH
  • B&R Industrial Automation GmbH
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Laboratory Temperature Control Units Market is further segmented by region into:
  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Reasons to Purchase this Report
  • Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
  • Provision of market value (USD Billion) data for each segment and sub-segment
  • Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
  • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
  • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
  • Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
  • The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
  • Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
  • Provides insight into the market through Value Chain
  • Market dynamics scenario, along with growth opportunities of the market in the years to come
  • 3-month post-sales analyst support.
*Please Note: The report will be delivered in 2-3 business days upon order confirmation*


1. Executive Summary
1.1. Regional Market Share
1.2. Business Trends
1.3. Functional Safety Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. Research Methodology
2.1. Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. Market Characteristics
3.1. Market Definition
3.2. Functional Safety Market: COVID-19 Impact
3.3. Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. Functional Safety Market – Industry Insights
4.1. Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. Macroeconomic Indicators
6. Recent Developments
7.Market Dynamics
7.1. Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4. Market Restraints
7.5. Market Trends
8. Risk Analysis
9. Market Analysis
9.1. Porters Five Forces
9.2. PEST Analysis
9.2.1. Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10. Functional Safety Market
10.1. Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.Functional Safety Market Size & Forecast 2024A-2034F
11.1. Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1. By Safety System
11.3.1.1. BMS
11.3.1.1.1. By Value (USD Million) 2024-2034F
11.3.1.1.2.Market Share (%) 2024-2034F
11.3.1.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.2.TMS
11.3.1.2.1.By Value (USD Million) 2024-2034F
11.3.1.2.2. Market Share (%) 2024-2034F
11.3.1.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.3.HIPPS
11.3.1.3.1.By Value (USD Million) 2024-2034F
11.3.1.3.2. Market Share (%) 2024-2034F
11.3.1.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.4.Fire & Gas Monitoring Control System
11.3.1.4.1.By Value (USD Million) 2024-2034F
11.3.1.4.2. Market Share (%) 2024-2034F
11.3.1.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.5.ESD
11.3.1.5.1.By Value (USD Million) 2024-2034F
11.3.1.5.2. Market Share (%) 2024-2034F
11.3.1.5.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.6.SCADA
11.3.1.6.1.By Value (USD Million) 2024-2034F
11.3.1.6.2. Market Share (%) 2024-2034F
11.3.1.6.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.7.DCS
11.3.1.7.1.By Value (USD Million) 2024-2034F
11.3.1.7.2. Market Share (%) 2024-2034F
11.3.1.7.3. Y-o-Y Growth (%) 2024-2034F
11.3.2. By Device
11.3.2.1.Safety Sensors
11.3.2.1.1.By Value (USD Million) 2024-2034F
11.3.2.1.2. Market Share (%) 2024-2034F
11.3.2.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.2. Safety Controllers
11.3.2.2.1. By Value (USD Million) 2024-2034F
11.3.2.2.2.Market Share (%) 2024-2034F
11.3.2.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Safety Switches
11.3.2.3.1. By Value (USD Million) 2024-2034F
11.3.2.3.2.Market Share (%) 2024-2034F
11.3.2.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.4. Programmable Safety Systems
11.3.2.4.1. By Value (USD Million) 2024-2034F
11.3.2.4.2.Market Share (%) 2024-2034F
11.3.2.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.5. Emergency Stop Devices
11.3.2.5.1. By Value (USD Million) 2024-2034F
11.3.2.5.2.Market Share (%) 2024-2034F
11.3.2.5.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.6. Final Control Elements
11.3.2.6.1. By Value (USD Million) 2024-2034F
11.3.2.6.2.Market Share (%) 2024-2034F
11.3.2.6.3.Y-o-Y Growth (%) 2024-2034F
11.3.3. By Sales Channel
11.3.3.1.Direct
11.3.3.1.1.By Value (USD Million) 2024-2034F
11.3.3.1.2. Market Share (%) 2024-2034F
11.3.3.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.2. Indirect
11.3.3.2.1. By Value (USD Million) 2024-2034F
11.3.3.2.2.Market Share (%) 2024-2034F
11.3.3.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.4. By SIL Type
11.3.4.1.SIL 1
11.3.4.1.1.By Value (USD Million) 2024-2034F
11.3.4.1.2. Market Share (%) 2024-2034F
11.3.4.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.2. SIL 2
11.3.4.2.1. By Value (USD Million) 2024-2034F
11.3.4.2.2.Market Share (%) 2024-2034F
11.3.4.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.3. SIL 3
11.3.4.3.1. By Value (USD Million) 2024-2034F
11.3.4.3.2. Market Share (%) 2024-2034F
11.3.4.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.4. SIL 4
11.3.4.4.1.By Value (USD Million) 2024-2034F
11.3.4.4.2. Market Share (%) 2024-2034F
11.3.4.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.5. By End User
11.3.5.1.Oil & Gas
11.3.5.1.1.By Value (USD Million) 2024-2034F
11.3.5.1.2. Market Share (%) 2024-2034F
11.3.5.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.5.2. Food & Beverage
11.3.5.2.1. By Value (USD Million) 2024-2034F
11.3.5.2.2.Market Share (%) 2024-2034F
11.3.5.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.5.3. Power Generation
11.3.5.3.1. By Value (USD Million) 2024-2034F
11.3.5.3.2.Market Share (%) 2024-2034F
11.3.5.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.5.4. Automotive and Transportation
11.3.5.4.1.By Value (USD Million) 2024-2034F
11.3.5.4.2. Market Share (%) 2024-2034F
11.3.5.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.5.5. Pharmaceutical
11.3.5.5.1. By Value (USD Million) 2024-2034F
11.3.5.5.2.Market Share (%) 2024-2034F
11.3.5.5.3.Y-o-Y Growth (%) 2024-2034F
12. North America Functional Safety Market Size & Forecast 2024A-2034F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Safety Systems
12.3.2.By Device
12.3.3.By Sales Channel
12.3.4.By SIL Type
12.3.5.By End User
12.4. Country
12.4.1.United States
12.4.2.Canada
13. Europe Functional Safety Market Size & Forecast 2024A-2034F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Safety Systems
13.3.2.By Device
13.3.3.By Sales Channel
13.3.4.By SIL Type
13.3.5.By End User
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. Asia-Pacific Functional Safety Market Size & Forecast 2024A-2034F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Safety Systems
14.3.2.By Device
14.3.3.By Sales Channel
14.3.4. By SIL Type
14.3.5.By End User
14.4. Country
14.4.1. India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. Middle East and Africa Functional Safety Market Size & Forecast 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Safety Systems
15.3.2.By Device
15.3.3.By Sales Channel
15.3.4.By SIL Type
15.3.5.By End User
15.4. Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. Latin America Functional Safety Market Size & Forecast 2024A-2034F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1.By Safety Systems
16.3.2. By Device
16.3.3.By Sales Channel
16.3.4.By SIL Type
16.3.5.By End User
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. Competitive Landscape
17.1. Company market share, 2023
17.2.Key player overview
17.3. Key stakeholders
18. Company Profiles
18.1.ABB Group
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. Emerson Electric Co.
18.3. Schneider Electric SE
18.4. Honeywell International Inc.
18.5. Omron Corporation
18.6. Siemens AG
18.7. Rockwell Automation, Inc.
18.8. General Electric Company
18.9. Yokogawa Electric Corporation
18.10. Mitsubishi Electric Corporation
18.11.Pilz GmbH & Co. KG
18.12. Balluff GmbH
18.13. HIMA Paul Hildebrandt GmbH
18.14. Pepperl+Fuchs GmbH
18.15. B&R Industrial Automation GmbH
18.16. Other Prominent Players
19. Appendix
20.Consultant Recommendation

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