Global Functional Safety Market Analysis Growth Challenges, Opportunities and Future Developments to 2024

The market mainly elaborates the definitions, classifications, market overview, and the industry chain analysis. The report also covers market size, share, trends, and growth analysis on the basis of different parameters. It profoundly displays the current market investigation situation and the upcoming situation in the coming years.

Key Drivers of the Functional Safety Market:

The key drivers contributing to the growth of the global functional safety market are strict mandates for safety regulations, followed by the growing demand for safety systems in the oil & gas industry. Functional safety is largely adopted across the sectors, and rising demand for functional safety as manufacturer and end-user looks to mitigate further risk. In addition to this, the growing use of automated equipment for process control, manufacturing, and others has increased the demand for functional safety due to its ability to decrease the risk of equipment injuries, damage, and environmental damage.

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The rising standard of industrial safety is also surging the growth of the market. For instance, IEC 13849, IEC 62061, and IEC 61508 standard are valid for medical and industrial applications, DO-254/DO178b for Aerospace & Defense applications, and ISO 26262 for automotive applications. The products are built, designed, implement, and operated according to the safety standard. Increasing necessity for reliable safety systems to ensure personnel and asset protection, coupled with growth in industrial revolution 4.0, are further bolstering the growth of the functional safety market size. Furthermore, the rising penetration of workplace safety standards in developing countries and the growing usage of advanced technology such as the Internet of Things (IoT) are creating various growth opportunities for the functional safety market. On the other hand, the high investment costs for installing functional safety and lack of awareness and complexity of standard will hinder the growth of the functional safety market.

Top list of key players in the Functional Safety Market:

Schneider Electric SE
Honeywell International Inc.
Siemens AG
ABB Group
Rockwell Automation, Inc.
HIMA Paul Hildebrandt GmbH
Yokogawa Electric Corporation
Emerson Electric Co.
General Electric Company
Omron Corporation
Johnson Controls International plc

Segmentation of the Functional Safety Market:

The report covers all the regions and countries of the world, which shows a regional development status, including the market size, volume, and value, as well as price data. Besides, the report also covers various segment data of the market.

Breakup by System:

Emergency Shutdown System (ESD)
Fire & Gas Monitoring
High Integrity Pressure Protection System (HIPPS)
Burner Management System (BMS)
Turbomachinery Control (TMC)

Breakup by Offering:

Component

Safety Sensor
Programmable Safety System
Safety Controller/Module/Relay
Safety Switch
Emergency Stop Device
Final Control Element
Others

Services

Testing, Inspection, and Certification
Maintenance
Training and Consulting

Breakup by Industry:

Oil & Gas
Food & Beverages
Pharmaceuticals
Chemicals
Power Generation
Metals & Mining
Water & Wastewater
Others

Breakup by Region:

North America

United States of America
Canada

Asia Pacific

China
Japan
India
Rest of APAC

Europe

United Kingdom
Germany
France
Spain
Rest of Europe

Brazil
South Africa
Saudi Arabia
UAE
Rest of the world (remaining countries of the LAMEA region)

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