Asia Pacific Functional Safety Market Size, Share & Trends Analysis Report By Device Type, By Industry Verticals (Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others), By Safety System, By Country and Growth Forecast, 2024 - 2031
The Asia Pacific Functional Safety Market would witness market growth of 10.7% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $877.6 million by 2031. The Japan market is registering a CAGR of 10% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 11.4% during (2024 - 2031).
Functional safety systems are crucial for ensuring the safety and reliability of consumer electronics products such as smartphones, tablets, laptops, and wearable devices. Safety measures help prevent accidents such as electric shocks, battery fires, overheating, and short circuits in consumer electronics devices. For instance, according to the India Brand Equity Foundation, India is one of the greatest consumer electronics sectors in the Asia-Pacific region. It is home to a substantial talent for electronic and embedded software design. India has committed to attain US$ 300 billion in electronics manufacturing and US$ 120 billion in exports by 2025-26. Safety systems are essential for ensuring the safe operation of lithium-ion batteries used in consumer electronics devices.
The mining industry is subject to strict safety regulations due to the hazardous nature of mining operations. Compliance with safety standards such as ISO 13849, IEC 61508, and IEC 62061 is essential for ensuring the safety of mining operations. Mining operations involve high-risk activities such as drilling, blasting, excavation, and material handling. Safety systems are essential for protecting personnel, equipment, and the environment from accidents and hazards in mining operations.
The pharmaceutical industry in India is witnessing significant growth, driven by increasing healthcare expenditure, growing population, and rising demand for pharmaceutical products. Pharmaceutical companies in India are expanding their production capacity to meet the growing demand for pharmaceutical products. As per Invest India, the pharmaceutical industry in India is anticipated to increase to $65 billion by 2024 and $130 billion by 2030. Additionally, electronic devices such as smartphones, tablets, and laptops contain safety-critical systems that require functional safety solutions to ensure the safety and well-being of users in China. Functional safety solutions are integrated into electronic devices to prevent malfunctions, errors, and accidents that could endanger user safety in China. Technological advancements in consumer electronics are driving the development of advanced electronic devices with integrated safety features in China. China's industry and brand-building skills have allowed the country to rank first in the world for consumer electronics production and sales, according to the State Council of China report updated in 2022.
Based on Device Type, the market is segmented into Safety Sensors, Safety Controllers, Modules & Relays, Programmable Safety Systems, Final Control Elements (Valves, Actuators), Emergency Stop Devices, and Others. Based on Industry Verticals, the market is segmented into Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others. Based on Safety System, the market is segmented into Emergency Shutdown Systems (ESD), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC) Systems, Supervisory Control and Data Acquisition (SCADA) Systems, and Fire & Gas Monitoring Control Systems. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
List of Key Companies Profiled
- ABB Ltd.
- General Electric Company
- Siemens AG
- Rockwell Automation, Inc.
- Schneider Electric SE
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Honeywell International, Inc.
- Omron Corporation
- Yokogawa Electric Corporation
By Device Type
- Safety Sensors
- Safety Controllers, Modules & Relays
- Programmable Safety Systems
- Final Control Elements (Valves, Actuators)
- Emergency Stop Devices
- Others
- Oil & Gas
- Power Generation
- Automotive
- Pharmaceutical
- Food & Beverage
- Others
- Emergency Shutdown Systems (ESD)
- Burner Management Systems (BMS)
- High-Integrity Pressure Protection Systems (HIPPS)
- Turbomachinery Control (TMC) Systems
- Supervisory Control and Data Acquisition (SCADA) Systems
- Fire & Gas Monitoring Control Systems
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Asia Pacific Functional Safety Market, by Device Type
- 1.4.2 Asia Pacific Functional Safety Market, by Industry Verticals
- 1.4.3 Asia Pacific Functional Safety Market, by Safety System
- 1.4.4 Asia Pacific Functional Safety Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Top Winning Strategies
- 4.3.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2020, Nov – 2024, Mar) Leading Players
- 4.4 Porter’s Five Forces Analysis
- Chapter 5. Asia Pacific Functional Safety Market by Device Type
- 5.1 Asia Pacific Safety Sensors Market by Country
- 5.2 Asia Pacific Safety Controllers, Modules & Relays Market by Country
- 5.3 Asia Pacific Programmable Safety Systems Market by Country
- 5.4 Asia Pacific Final Control Elements (Valves, Actuators) Market by Country
- 5.5 Asia Pacific Emergency Stop Devices Market by Country
- 5.6 Asia Pacific Others Market by Country
- Chapter 6. Asia Pacific Functional Safety Market by Industry Verticals
- 6.1 Asia Pacific Oil & Gas Market by Country
- 6.2 Asia Pacific Power Generation Market by Country
- 6.3 Asia Pacific Automotive Market by Country
- 6.4 Asia Pacific Pharmaceutical Market by Country
- 6.5 Asia Pacific Food & Beverage Market by Country
- 6.6 Asia Pacific Others Market by Country
- Chapter 7. Asia Pacific Functional Safety Market by Safety System
- 7.1 Asia Pacific Emergency Shutdown Systems (ESD) Market by Country
- 7.2 Asia Pacific Burner Management Systems (BMS) Market by Country
- 7.3 Asia Pacific High-Integrity Pressure Protection Systems (HIPPS) Market by Country
- 7.4 Asia Pacific Turbomachinery Control (TMC) Systems Market by Country
- 7.5 Asia Pacific Supervisory Control and Data Acquisition (SCADA) Systems Market by Country
- 7.6 Asia Pacific Fire & Gas Monitoring Control Systems Market by Country
- Chapter 8. Asia Pacific Functional Safety Market by Country
- 8.1 China Functional Safety Market
- 8.1.1 China Functional Safety Market by Device Type
- 8.1.2 China Functional Safety Market by Industry Verticals
- 8.1.3 China Functional Safety Market by Safety System
- 8.2 Japan Functional Safety Market
- 8.2.1 Japan Functional Safety Market by Device Type
- 8.2.2 Japan Functional Safety Market by Industry Verticals
- 8.2.3 Japan Functional Safety Market by Safety System
- 8.3 India Functional Safety Market
- 8.3.1 India Functional Safety Market by Device Type
- 8.3.2 India Functional Safety Market by Industry Verticals
- 8.3.3 India Functional Safety Market by Safety System
- 8.4 South Korea Functional Safety Market
- 8.4.1 South Korea Functional Safety Market by Device Type
- 8.4.2 South Korea Functional Safety Market by Industry Verticals
- 8.4.3 South Korea Functional Safety Market by Safety System
- 8.5 Australia Functional Safety Market
- 8.5.1 Australia Functional Safety Market by Device Type
- 8.5.2 Australia Functional Safety Market by Industry Verticals
- 8.5.3 Australia Functional Safety Market by Safety System
- 8.6 Malaysia Functional Safety Market
- 8.6.1 Malaysia Functional Safety Market by Device Type
- 8.6.2 Malaysia Functional Safety Market by Industry Verticals
- 8.6.3 Malaysia Functional Safety Market by Safety System
- 8.7 Rest of Asia Pacific Functional Safety Market
- 8.7.1 Rest of Asia Pacific Functional Safety Market by Device Type
- 8.7.2 Rest of Asia Pacific Functional Safety Market by Industry Verticals
- 8.7.3 Rest of Asia Pacific Functional Safety Market by Safety System
- Chapter 9. Company Profiles
- 9.1 ABB Ltd.
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.4 Research & Development Expense
- 9.1.5 Recent strategies and developments:
- 9.1.5.1 Product Launches and Product Expansions:
- 9.1.6 SWOT Analysis
- 9.2 General Electric Company
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Segmental and Regional Analysis
- 9.2.4 Research & Development Expense
- 9.2.5 SWOT Analysis
- 9.3 Siemens AG
- 9.3.1 Company Overview
- 9.3.2 Financial Analysis
- 9.3.3 Segmental and Regional Analysis
- 9.3.4 Research & Development Expense
- 9.3.5 Recent strategies and developments:
- 9.3.5.1 Product Launches and Product Expansions:
- 9.3.6 SWOT Analysis
- 9.4 Rockwell Automation, Inc.
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.4.3 Segmental and Regional Analysis
- 9.4.4 Research & Development Expenses
- 9.4.5 Recent strategies and developments:
- 9.4.5.1 Acquisition and Mergers:
- 9.4.6 SWOT Analysis
- 9.5 Schneider Electric SE
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Segmental and Regional Analysis
- 9.5.4 Research & Development Expense
- 9.5.5 SWOT Analysis
- 9.6 Mitsubishi Electric Corporation
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental and Regional Analysis
- 9.6.4 Research & Development Expense
- 9.6.5 Recent strategies and developments:
- 9.6.5.1 Partnerships, Collaborations, and Agreements:
- 9.6.5.2 Product Launches and Product Expansions:
- 9.6.6 SWOT Analysis
- 9.7 Emerson Electric Co.
- 9.7.1 Company Overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Research & Development Expense
- 9.7.5 Recent strategies and developments:
- 9.7.5.1 Acquisition and Mergers:
- 9.7.6 SWOT Analysis
- 9.8 Honeywell International, Inc.
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Segmental and Regional Analysis
- 9.8.4 Research & Development Expenses
- 9.8.5 Recent strategies and developments:
- 9.8.5.1 Partnerships, Collaborations, and Agreements:
- 9.8.5.2 Product Launches and Product Expansions:
- 9.8.5.3 Acquisition and Mergers:
- 9.8.6 SWOT Analysis
- 9.9 Omron Corporation
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Segmental and Regional Analysis
- 9.9.4 Research & Development Expenses
- 9.9.5 Recent strategies and developments:
- 9.9.5.1 Partnerships, Collaborations, and Agreements:
- 9.9.5.2 Product Launches and Product Expansions:
- 9.9.6 SWOT Analysis
- 9.10. Yokogawa Electric Corporation
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Segmental and Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.10.5 Recent strategies and developments:
- 9.10.5.1 Product Launches and Product Expansions:
- 9.10.6 SWOT Analysis
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