Europe 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 Europe Functional Safety Market would witness market growth of 10.0% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $792.8 million by 2031. The UK market is exhibiting a CAGR of 9% during (2024 - 2031). Additionally, The France market would experience a CAGR of 10.8% during (2024 - 2031).
Industries such as oil and gas, chemical, and manufacturing rely on complex automation systems to operate their processes. Safety ensures that these systems operate safely, preventing accidents and ensuring continuity of production. Industrial robots are used for various tasks, including manufacturing, material handling, and assembly. Safety is essential to prevent accidents and ensure the safety of workers. It is crucial for railway systems to ensure the safe operation of trains and the protection of passengers and railway personnel. Railway signalling systems, including trackside signalling and train control systems, rely on safety to prevent accidents and ensure the safe movement of trains.
Functional safety is essential for flight control systems to ensure the safe operation of aircraft and the protection of passengers and crew. Avionics systems, including navigation, communication, and surveillance systems, rely on safety to ensure the safe operation of aircraft. Medical devices such as ventilators, anaesthesia machines, and infusion pumps provide life support to patients. Safety is crucial to ensure these devices' safe and reliable operation. Medical diagnostic equipment, including MRI machines, CT scanners, and X-ray machines, rely on safety to ensure accurate and reliable test results.
The UK government claims that the European region has helped the UK because of its intricately linked supply chains and significant demand for automobiles made in the UK throughout the region. Automotive sector with its varied products, encompassing volume, premium, and niche vehicles. The UK automotive industry is witnessing significant growth, driven by increasing vehicle demand and technological advancements. Additionally, France is known for its leadership in healthcare innovation and medical research. Functional safety solutions ensure the safety and reliability of innovative medical devices developed in France. According to International Trade Administration, the French medical device industry was estimated to bring in €36.7 billion in sales by 2022. Medical device exports from France generated €9.4 billion in revenue, or 26% of the entire industry. The industry is predicted to increase at a 2% yearly rate over the next several years. Moreover, the consumer electronics industry in Hungary is witnessing significant growth, driven by increasing demand for electronic devices such as smartphones, tablets, laptops, and wearable devices. Consumer electronics manufacturers in Hungary are expanding their production capacity to meet the growing demand for electronic devices. Thus, Europe's expanding market is driven by the growth in the automotive industry, the development of advanced electronic devices, and the significant healthcare innovation and medical research in the region.
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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Europe Functional Safety Market, by Device Type
- 1.4.2 Europe Functional Safety Market, by Industry Verticals
- 1.4.3 Europe Functional Safety Market, by Safety System
- 1.4.4 Europe 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. Europe Functional Safety Market by Device Type
- 5.1 Europe Safety Sensors Market by Country
- 5.2 Europe Safety Controllers, Modules & Relays Market by Country
- 5.3 Europe Programmable Safety Systems Market by Country
- 5.4 Europe Final Control Elements (Valves, Actuators) Market by Country
- 5.5 Europe Emergency Stop Devices Market by Country
- 5.6 Europe Others Market by Country
- Chapter 6. Europe Functional Safety Market by Industry Verticals
- 6.1 Europe Oil & Gas Market by Country
- 6.2 Europe Power Generation Market by Country
- 6.3 Europe Automotive Market by Country
- 6.4 Europe Pharmaceutical Market by Country
- 6.5 Europe Food & Beverage Market by Country
- 6.6 Europe Others Market by Country
- Chapter 7. Europe Functional Safety Market by Safety System
- 7.1 Europe Emergency Shutdown Systems (ESD) Market by Country
- 7.2 Europe Burner Management Systems (BMS) Market by Country
- 7.3 Europe High-Integrity Pressure Protection Systems (HIPPS) Market by Country
- 7.4 Europe Turbomachinery Control (TMC) Systems Market by Country
- 7.5 Europe Supervisory Control and Data Acquisition (SCADA) Systems Market by Country
- 7.6 Europe Fire & Gas Monitoring Control Systems Market by Country
- Chapter 8. Europe Functional Safety Market by Country
- 8.1 Germany Functional Safety Market
- 8.1.1 Germany Functional Safety Market by Device Type
- 8.1.2 Germany Functional Safety Market by Industry Verticals
- 8.1.3 Germany Functional Safety Market by Safety System
- 8.2 UK Functional Safety Market
- 8.2.1 UK Functional Safety Market by Device Type
- 8.2.2 UK Functional Safety Market by Industry Verticals
- 8.2.3 UK Functional Safety Market by Safety System
- 8.3 France Functional Safety Market
- 8.3.1 France Functional Safety Market by Device Type
- 8.3.2 France Functional Safety Market by Industry Verticals
- 8.3.3 France Functional Safety Market by Safety System
- 8.4 Russia Functional Safety Market
- 8.4.1 Russia Functional Safety Market by Device Type
- 8.4.2 Russia Functional Safety Market by Industry Verticals
- 8.4.3 Russia Functional Safety Market by Safety System
- 8.5 Spain Functional Safety Market
- 8.5.1 Spain Functional Safety Market by Device Type
- 8.5.2 Spain Functional Safety Market by Industry Verticals
- 8.5.3 Spain Functional Safety Market by Safety System
- 8.6 Italy Functional Safety Market
- 8.6.1 Italy Functional Safety Market by Device Type
- 8.6.2 Italy Functional Safety Market by Industry Verticals
- 8.6.3 Italy Functional Safety Market by Safety System
- 8.7 Rest of Europe Functional Safety Market
- 8.7.1 Rest of Europe Functional Safety Market by Device Type
- 8.7.2 Rest of Europe Functional Safety Market by Industry Verticals
- 8.7.3 Rest of Europe 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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