Global Functional Safety Market Analysis 2022

Best Price Guarantee	Publisher	Published Date	SKU
from $2,800	Syngene Research LLP	May, 2022	SYNR17296688

Best Price Guarantee
Price	from $2,800
Publisher	Syngene Research LLP
Published Date	May, 2022
SKU	SYNR17296688

Global Functional Safety Market Analysis 2022

The Global Functional Safety Market is expected to reach $8.67 billion by 2028 growing at a CAGR of 8.9% from 2021 to 2028. Functional safety is fraction of the overall security of the system or portion of equipment, which depends on automatic protection. These systems are composed of electrical and electronic elements that are used for the fulfillment of safety function in most of the related sectors, with application in industries, such as automotive, oil and gas, power generation, chemicals and petrochemicals, food and beverages, pharmaceuticals, and metal and mining, as there is a high risk of related injuries. Functional safety is becoming a must in the market as the system employs certified sub-systems and defined processes to achieve specific safety performance. Industry 4.0 provides a new all-encompassing concept for modern factories. Organizations use functional safety to minimize the hazardous states in systems or components and to limit damage to people, property, and the environment.

Factors such as rising trend of Industry 4.0 across industries, growing standards of industrial safety, increase in the number of mobile applications, rapid demand for safety systems in oil and gas industry, and increase in the number of manufacturing industries are driving the growth of the market. However, increasing complexity coupled with high initial costs and maintenance costs restraining the growth of the market.

Based on the device type, safety sensors segment is expected to have lucrative growth during the forecast period, owing to stringent safety regulations by the government and alerting on time of any hazardous situation. Safety Sensors are used for machine guarding/ personnel protection, for perimeter monitoring and body part protection, or to protect hazardous areas. These sensors detect the presence of humans within a specified area and reduce the possibility of accidents, which can be achieved through tripping function or presence detection. These safety sensors include the elements of redundancy wherein if any one element fails, then another takes control over the operation, and thus avoids productivity losses resulting from shutdown. Safety sensor-based products are incorporated into functional safety systems for different applications such as to sense movement and position of machinery, tracking tooling data, and helping integrate automated systems.

The key vendors mentioned are Johnson Controls, Schneider Electric SE, Emerson Electric Co., Rockwell Automation Inc., Honeywell International Inc., OMRON Corporation, Yokogawa Electric Corporation, ABB Ltd., Siemens AG, Endress+Hauser Management AG, Intel Corporation, Panasonic Corporation, DEKRA Group, General Electric Company, SICK AG, HIMA Paul Hildebrandt GmbH, Pepperl+Fuchs SE, Banner Engineering Corporation, Renesas Electronics Corporation, and Mitsubishi Electric Corporation.

Safety Integrity Level (SIL) Types Covered:

SIL 2
SIL 3
SIL 4

Device Types Covered:

Safety Programmable Logic Controllers (PLCs)
Safety Switches
Emergency Stop Devices
Safety Sensors
Safety Controllers/ Modules/ Relays
Programmable Safety Systems
Final Control Elements (Valves, Actuators)

Systems Covered:

Fire and Gas Monitoring Control System
Distributed Control System (DCS)
Burner Management System (BMS)
Emergency Shutdown Systems (ESD)
High-Integrity Pressure Protection Systems (HIPPS)
Turbomachinery Control (TMC) System
Supervisory Control and Data Acquisition (SCADA) Systems
Safety Instrumented Systems
Battery Management Systems

Sales Channels Covered:

Distributors/ Resellers
Direct Channel
System Integrators

Services Covered:

Testing, Inspection, and Certification
Design, Engineering, and Maintenance
Training and Consulting

End Users Covered:

Discrete Industry
Process Industry

Regions Covered:

North America
Europe
Asia Pacific
South America
Middle East & Africa

Key Questions Answered in this Report:

How this market evolved since the year 2020
Market size estimations, forecasts and CAGR for all the segments presented in the scope
Key Market Developments and financials of the key players
Opportunity Analysis for the new entrants
SWOT Analysis of the key players
Fastest growing markets analyzed during the forecast period

1 Market Synopsis
2 Research Outline: 2.1 Research Snapshot; 2.2 Research Methodology; 2.3 Research Sources; 2.3.1 Primary Research Sources; 2.3.2 Secondary Research Sources
3 Market Dynamics: 3.1 Drivers; 3.2 Restraints
4 Market Environment: 4.1 Bargaining power of suppliers; 4.2 Bargaining power of buyers; 4.3 Threat of substitutes; 4.4 Threat of new entrants; 4.5 Competitive rivalry
5 Global Functional Safety Market, By Safety Integrity Level (SIL) Type: 5.1 Introduction; 5.2 SIL 2; 5.3 SIL 3; 5.4 SIL 4
6 Global Functional Safety Market, By Device Type: 6.1 Introduction; 6.2 Safety Programmable Logic Controllers (PLCs); 6.3 Safety Switches; 6.4 Emergency Stop Devices; 6.5 Safety Sensors; 6.6 Safety Controllers/ Modules/ Relays; 6.7 Programmable Safety Systems; 6.8 Final Control Elements (Valves, Actuators)
7 Global Functional Safety Market, By System: 7.1 Introduction; 7.2 Fire and Gas Monitoring Control System; 7.3 Distributed Control System (DCS); 7.4 Burner Management System (BMS); 7.5 Emergency Shutdown Systems (ESD); 7.6 High-Integrity Pressure Protection Systems (HIPPS); 7.7 Turbomachinery Control (TMC) System; 7.8 Supervisory Control and Data Acquisition (SCADA) Systems; 7.9 Safety Instrumented Systems; 7.10 Battery Management Systems
8 Global Functional Safety Market, By Sales Channel: 8.1 Introduction; 8.2 Distributors/ Resellers; 8.3 Direct Channel; 8.4 System Integrators
9 Global Functional Safety Market, By Service: 9.1 Introduction; 9.2 Testing, Inspection, and Certification; 9.3 Design, Engineering, and Maintenance; 9.4 Training and Consulting
10 Global Functional Safety Market, By End User: 10.1 Introduction; 10.2 Discrete Industry; 10.3 Process Industry
11 Global Functional Safety Market, By Geography: 11.1 Introduction; 11.2 North America; 11.3 Europe; 11.4 Asia Pacific; 11.5 South America; 11.6 Middle East & Africa
12 Strategic Benchmarking
13 Vendors Landscape: 13.1 Johnson Controls; 13.2 Schneider Electric SE; 13.3 Emerson Electric Co.; 13.4 Rockwell Automation Inc.; 13.5 Honeywell International Inc.; 13.6 OMRON Corporation; 13.7 Yokogawa Electric Corporation; 13.8 ABB Ltd.; 13.9 Siemens AG; 13.10 Endress+Hauser Management AG; 13.11 Intel Corporation; 13.12 Panasonic Corporation; 13.13 DEKRA Group; 13.14 General Electric Company; 13.15 SICK AG; 13.16 HIMA Paul Hildebrandt GmbH; 13.17 Pepperl+Fuchs SE; 13.18 Banner Engineering Corporation; 13.19 Renesas Electronics Corporation; 13.20 Mitsubishi Electric Corporation
List of Data Tables: Table 1 Global Functional Safety Market Outlook, By Region (2020-2028) ($MN); Table 2 Global Functional Safety Market Outlook, By Safety Integrity Level (SIL) Type (2020-2028) ($MN); Table 3 Global Functional Safety Market Outlook, By SIL 2 (2020-2028) ($MN); Table 4 Global Functional Safety Market Outlook, By SIL 3 (2020-2028) ($MN); Table 5 Global Functional Safety Market Outlook, By SIL 4 (2020-2028) ($MN); Table 6 Global Functional Safety Market Outlook, By Device Type (2020-2028) ($MN); Table 7 Global Functional Safety Market Outlook, By Safety Programmable Logic Controllers (PLCs) (2020-2028) ($MN); Table 8 Global Functional Safety Market Outlook, By Safety Switches (2020-2028) ($MN); Table 9 Global Functional Safety Market Outlook, By Emergency Stop Devices (2020-2028) ($MN); Table 10 Global Functional Safety Market Outlook, By Safety Sensors (2020-2028) ($MN); Table 11 Global Functional Safety Market Outlook, By Safety Controllers/ Modules/ Relays (2020-2028) ($MN); Table 12 Global Functional Safety Market Outlook, By Programmable Safety Systems (2020-2028) ($MN); Table 13 Global Functional Safety Market Outlook, By Final Control Elements (Valves, Actuators) (2020-2028) ($MN); Table 14 Global Functional Safety Market Outlook, By System (2020-2028) ($MN); Table 15 Global Functional Safety Market Outlook, By Fire and Gas Monitoring Control System (2020-2028) ($MN); Table 16 Global Functional Safety Market Outlook, By Distributed Control System (DCS) (2020-2028) ($MN); Table 17 Global Functional Safety Market Outlook, By Burner Management System (BMS) (2020-2028) ($MN); Table 18 Global Functional Safety Market Outlook, By Emergency Shutdown Systems (ESD) (2020-2028) ($MN); Table 19 Global Functional Safety Market Outlook, By High-Integrity Pressure Protection Systems (HIPPS) (2020-2028) ($MN); Table 20 Global Functional Safety Market Outlook, By Turbomachinery Control (TMC) System (2020-2028) ($MN); Table 21 Global Functional Safety Market Outlook, By Supervisory Control and Data Acquisition (SCADA) Systems (2020-2028) ($MN); Table 22 Global Functional Safety Market Outlook, By Safety Instrumented Systems (2020-2028) ($MN); Table 23 Global Functional Safety Market Outlook, By Battery Management Systems (2020-2028) ($MN); Table 24 Global Functional Safety Market Outlook, By Sales Channel (2020-2028) ($MN); Table 25 Global Functional Safety Market Outlook, By Distributors/ Resellers (2020-2028) ($MN); Table 26 Global Functional Safety Market Outlook, By Direct Channel (2020-2028) ($MN); Table 27 Global Functional Safety Market Outlook, By System Integrators (2020-2028) ($MN); Table 28 Global Functional Safety Market Outlook, By Service (2020-2028) ($MN); Table 29 Global Functional Safety Market Outlook, By Testing, Inspection, and Certification (2020-2028) ($MN); Table 30 Global Functional Safety Market Outlook, By Design, Engineering, and Maintenance (2020-2028) ($MN); Table 31 Global Functional Safety Market Outlook, By Training and Consulting (2020-2028) ($MN); Table 32 Global Functional Safety Market Outlook, By End User (2020-2028) ($MN); Table 33 Global Functional Safety Market Outlook, By Discrete Industry (2020-2028) ($MN); Table 34 Global Functional Safety Market Outlook, By Process Industry (2020-2028) ($MN); Table 35 North America Functional Safety Market Outlook, By Safety Integrity Level (SIL) Type (2020-2028) ($MN); Table 36 North America Functional Safety Market Outlook, By Device Type (2020-2028) ($MN); Table 37 North America Functional Safety Market Outlook, By System (2020-2028) ($MN); Table 38 North America Functional Safety Market Outlook, By Sales Channel (2020-2028) ($MN); Table 39 North America Functional Safety Market Outlook, By Service (2020-2028) ($MN); Table 40 North America Functional Safety Market Outlook, By End User (2020-2028) ($MN); Table 41 Europe Functional Safety Market Outlook, By Safety Integrity Level (SIL) Type (2020-2028) ($MN); Table 42 Europe Functional Safety Market Outlook, By Device Type (2020-2028) ($MN); Table 43 Europe Functional Safety Market Outlook, By System (2020-2028) ($MN); Table 44 Europe Functional Safety Market Outlook, By Sales Channel (2020-2028) ($MN); Table 45 Europe Functional Safety Market Outlook, By Service (2020-2028) ($MN); Table 46 Europe Functional Safety Market Outlook, By End User (2020-2028) ($MN); Table 47 Asia Pacific Functional Safety Market Outlook, By Safety Integrity Level (SIL) Type (2020-2028) ($MN); Table 48 Asia Pacific Functional Safety Market Outlook, By Device Type (2020-2028) ($MN); Table 49 Asia Pacific Functional Safety Market Outlook, By System (2020-2028) ($MN); Table 50 Asia Pacific Functional Safety Market Outlook, By Sales Channel (2020-2028) ($MN); Table 51 Asia Pacific Functional Safety Market Outlook, By Service (2020-2028) ($MN); Table 52 Asia Pacific Functional Safety Market Outlook, By End User (2020-2028) ($MN); Table 53 South America Functional Safety Market Outlook, By Safety Integrity Level (SIL) Type (2020-2028) ($MN); Table 54 South America Functional Safety Market Outlook, By Device Type (2020-2028) ($MN); Table 55 South America Functional Safety Market Outlook, By System (2020-2028) ($MN); Table 56 South America Functional Safety Market Outlook, By Sales Channel (2020-2028) ($MN); Table 57 South America Functional Safety Market Outlook, By Service (2020-2028) ($MN); Table 58 South America Functional Safety Market Outlook, By End User (2020-2028) ($MN); Table 59 Middle East & Africa Functional Safety Market Outlook, By Safety Integrity Level (SIL) Type (2020-2028) ($MN); Table 60 Middle East & Africa Functional Safety Market Outlook, By Device Type (2020-2028) ($MN); Table 61 Middle East & Africa Functional Safety Market Outlook, By System (2020-2028) ($MN); Table 62 Middle East & Africa Functional Safety Market Outlook, By Sales Channel (2020-2028) ($MN); Table 63 Middle East & Africa Functional Safety Market Outlook, By Service (2020-2028) ($MN); Table 64 Middle East & Africa Functional Safety Market Outlook, By End User (2020-2028) ($MN)