Functional Safety Market - By Device Type, Emergency Stop Devices, Actuators), By Safety Systems, By vertical Industry (Oil & Gas, Power Generation, Food & Beverage, Pharmaceutical, Automotive, Chemicals & Petrochemical) & Forecast, 2024 - 2032
Global Functional Safety Market size is expected to record over 7.5% CAGR from 2024 to 2032, driven by the increasing partnerships among key industry players. Companies are actively forming alliances to enhance technology integration and streamline safety protocols. These ventures are fostering innovation and improving reliability across various sectors.
Collaborative efforts are also driving advancements in functional safety standards and solutions for ensuring robust safety measures in increasingly complex technological environments. For instance, in May 2024, Modelwise and innotec GmbH forged a strategic alliance to transform functional safety assessment by leveraging the former’s Paitron software and innotec's expertise in HARA, safety requirements management, and hardware/software development.
The overall market is segregated into device type, safety system, vertical industry, and region.
By safety system, the functional safety industry from the emergency stop devices segment will witness substantial growth from 2024 to 2032. These devices are continuously integrated into various industrial processes to ensure prompt and efficient response to emergencies. Companies are also increasingly investing in the development of advanced emergency stop solutions to enhance workplace safety standards. The strong focus on enhancing functionalities and reliability to meet the evolving safety regulations and industry demands will add to the segment growth.
In terms of vertical industry, the functional safety market from the oil & gas segment is anticipated to expand at substantial CAGR up to 2032. This is owing to the rigorous safety measures that are implemented to mitigate risks and ensure smooth operations within the oil & gas sector. There has been active adoption of cutting-edge technologies and standards to enhance functional safety across oil & gas facilities. Innovations, such as predictive maintenance and real-time monitoring will also continue to play a crucial role in optimizing safety and efficiency within this sector.
Regionally, the Europe functional safety market size is projected to depict robust growth between 2024 and 2032 due to the increasing demand in healthcare and industrial sectors. The need for reliable safety systems in healthcare facilities is continuously driving investments in advanced functional safety solutions. The rising incidence of industrial accidents is prompting industries to prioritize safety measures, fostering the adoption of functional safety technologies in Europe.
- Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
- Chapter 2 Executive Summary
- 2.1 Industry 360 degree synopsis, 2018 - 2032
- 2.2 Business trends
- 2.2.1 Total addressable market (TAM), 2024-2032
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Vendor matrix
- 3.3 Technology & innovation landscape
- 3.4 Patent analysis
- 3.5 Key news and initiatives
- 3.6 Regulatory landscape
- 3.7 Impact forces
- 3.7.1 Growth drivers
- 3.7.1.1 Increasing emphasis on safety
- 3.7.1.2 Rapid technological advancements
- 3.7.1.3 Rising measurement of human factors and human-machine interaction
- 3.7.1.4 Rising trend of industry 4.0
- 3.7.1.5 Rising adoption of IIoT technology
- 3.7.2 Industry pitfalls & challenges
- 3.7.2.1 Complex global standards
- 3.7.2.2 Limited skilled functional safety certified workforce
- 3.8 Growth potential analysis
- 3.9 Porter's analysis
- 3.9.1 Supplier power
- 3.9.2 Buyer power
- 3.9.3 Threat of new entrants
- 3.9.4 Threat of substitutes
- 3.9.5 Industry rivalry
- 3.10 PESTEL analysis
- Chapter 4 Competitive Landscape, 2023
- 4.1 Company market share analysis
- 4.2 Competitive positioning matrix
- 4.3 Strategic outlook matrix
- Chapter 5 Market Estimates & Forecast, By Device Type, 2018 - 2032 (USD Million)
- 5.1 Key trends
- 5.2 Safety sensors
- 5.3 Safety controllers/modules/relays
- 5.4 Safety switches
- 5.5 Programmable safety systems (PSS)
- 5.6 Emergency stop devices
- 5.7 Actuators
- 5.8 Others
- Chapter 6 Market Estimates & Forecast, By Safety Systems, 2018 - 2032 (USD Million)
- 6.1 Key trends
- 6.2 Safety instrumented systems (SIS)
- 6.3 Turbo machinery control (TMC) systems
- 6.4 Fire & gas monitoring control systems (FGMCS)
- 6.5 Emergency shutdown systems (ESD)
- 6.6 SCADA
- 6.7 Others
- Chapter 7 Market Estimates & Forecast, By Vertical Industry, 2018 - 2032 (USD Million)
- 7.1 Key trends
- 7.2 Underground
- 7.3 Oil & gas
- 7.4 Power generation
- 7.5 Food & beverage
- 7.6 Pharmaceutical
- 7.7 Automotive
- 7.8 Chemicals & petrochemical
- 7.9 Others
- 7.10 Underwater
- Chapter 8 Market Estimates & Forecast, By Region, 2018 - 2032 (USD Million)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Rest of Asia Pacific
- Chapter 9 Company Profiles
- 9.1 ABB
- 9.2 AGNISYS, INC.
- 9.3 Arm Limited
- 9.4 Emerson Electric Co.
- 9.5 Honeywell International Inc.
- 9.6 NXP Semiconductors
- 9.7 Rockwell Automation Inc.
- 9.8 ROHM CO., LTD.
- 9.9 Schneider Electric
- 9.10 Siemens
- 9.11 Yokogawa Electric Corporation
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