According to TechSci Research report, “Global Functional Safety Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. Global Functional Safety Market is anticipated to project robust growth in the forecast period with a CAGR of 9.84% through 2028. The increasing adoption of functional safety systems in a wide range of industries and the growing industrial safety standards are the factors driving the market growth. Oil and gas facilities are prone to accidents that can negatively impact society and the environment. Functional safety measures, including emergency shutdown systems, can significantly minimize the risk of disasters in oil and gas facilities.
The increasing use of connected devices and the rapid installation of software solutions using over-the-air (OTA) are also expected to drive the demand for functional safety systems. Industrial Revolution 4.0 has increased the need for reliable security systems to protect individuals and property. These are the factors anticipated to contribute to the market’s revenue growth during the forecast period.
The adoption of functional safety systems and a data-centric approach provides enterprises in a wide range of industries with the required functionality that enables automatic prevention of dangerous failures and control in instances of such occurrences. They also offer facilities that humans cannot mimic.
Although functional safety systems are driving the demand for the market across the world, the increasing complexity of these systems, coupled with high maintenance costs and the high initial cost of setting up these systems, is dissuading enterprises from investing in functional safety systems technology, thus leading to slow market penetration.
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Based on the End-user Industry, Automotive is expected to hold the largest share of the Functional Safety market during the forecast period, The automotive industry has undergone various changes over the past few years, integrating technological advancements into multiple types of vehicles. Previously, cars were mechanical, mostly with basic electrical systems that offered power for headlights and spark plugs. As technology progressed, vehicles were now equipped with advanced safety purposes, such as airbag deployment systems.
The increase in these sensor-dependent features has driven engineers to develop more accurate sensors with automotive applications in mind. The industry’s adoption of functional safety is predicted to increase due to these trends. It will enable automakers to react faster to market requirements, reduce manufacturing downtimes, enhance supply chains’ efficiency, and expand productivity.
The widespread use of modern vehicles powered by automotive electronic control units (ECU) has necessitated sophisticated safety measures. The process of functional safety has grown to be crucial to the process of developing ECU software. To reduce risks and damage in software or hardware failures, functional safety schemes for automobiles help diagnose malfunctions (electric and electronic) and specify the actions and procedures to be used.
Electrification and automation are the two significant trends in the automotive sector. The emergence of electric vehicles in the industry has dramatically impacted the demand for sensors in the long term. More electric cars mean increased demand for sensors and a rise in sensors for applications, such as battery monitoring, various positioning, and detection of moving parts of automobiles.
Based on Region, North America will dominate the market, The United States is one of the largest markets for functional safety systems globally. The country is renowned for its innovation capabilities and is at the forefront of significant developments surrounding the emerging technologies of the 4th Industrial Revolution. Newfound shale resources in the United States and an increasing number of oil and gas projects are additional indicators of market potential. Prominent vendors such as Honeywell International, Rockwell Automation, Banner Engineering Corp, and General Electric are headquartered in the country.
The government is also focusing on increasing its energy generation capacity and is investing in such projects. For instance, in October 2022, the US Department of Energy (DOE) announced that the Idaho National Laboratory (INL) would receive USD 150 million in financing from the President’s Inflation Reduction Act to modernize its infrastructure and advance nuclear energy research and development. The funding will help almost a dozen projects at INL’s Advanced Test Reactor (ATR) and Materials Fuels Complex (MFC), both of which have been in operation for more than 50 years and play a critical role in developing nuclear technologies for governmental organizations, business, and global collaborations. With nuclear energy accounting for approximately 5% of domestic electricity production and 50% of all domestic clean energy production, it is essential to achieving President Biden’s target of 100% clean electricity by 2035.
Furthermore, in October 2022, the United States Department of Energy (DOE) announced more than USD 28 million across three funding opportunities to support research and development initiatives that promote and sustain hydropower as a crucial source of clean energy. The expansion of low-impact hydropower and pumped storage hydropower, the construction of new pumped storage hydropower facilities, and engagement with influential voices on issues like hydropower fleet modernization, sustainability, and environmental impacts will all be supported by funding provided by Bipartisan Infrastructure Law. Such initiatives of power-generating project investments certainly increase the demand for functional safety devices in the country.
Key market players in the Global Functional Safety Market are the following: –
- Rockwell Automation Inc.
- Emerson Electric Company
- Honeywell International Inc.
- Yokogawa Electric Corporation
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- General Electric Company
- Omron Corporation
- SICK AG
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“The global functional safety market is driven by several key factors. Increasing safety regulations across industries, the growing emphasis on risk reduction, and the need to prevent accidents and system failures are significant drivers. Technological advancements, such as the integration of IoT and automation, have expanded the application of functional safety. Additionally, the rise of autonomous vehicles and the demand for safer, interconnected systems further boost the market. Product liability concerns, environmental considerations, and the pursuit of cost savings also propel the adoption of functional safety measures, ensuring the market’s continued growth and relevance.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Functional Safety Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Device Type (Safety Sensors, Safety Controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements), by Safety Systems (Burner Management Systems, Turbomachinery Control Systems, High-integrity Pressure Protection Systems, Fire and Gas Monitoring Control Systems, Emergency Shutdown Systems, Supervisory Control Data Acquisition Systems, Distributed Control Systems), by End-User Industry (Oil & Gas, Power Generation, Food & Beverage, Pharmaceutical, Automotive), By Region, By Competition 2018-2028 has evaluated the future growth potential of Global Functional Safety Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Functional Safety Market.
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Table of Content-Functional Safety Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
- Voice of Customers
- Global Functional Safety Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Device Type (Safety Sensors, Safety Controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements)
5.2.2. By Safety Systems (Burner Management Systems, Turbomachinery Control Systems, High-integrity Pressure Protection Systems, Fire and Gas Monitoring Control Systems, Emergency Shutdown Systems, Supervisory Control Data Acquisition Systems, Distributed Control Systems)
5.2.3. By End-User Industry (Oil & Gas, Power Generation, Food & Beverage, Pharmaceutical, Automotive)
5.2.4. By Region
5.3. By Company (2022)
5.4. Market Map
- North America Functional Safety Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Device Type
6.2.2. By Safety System
6.2.3. By End-user Industry
6.2.4. By Country
6.3. North America: Country Analysis
6.3.1. United States Functional Safety Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Device Type
6.3.1.2.2. By Safety System
6.3.1.2.3. By End-user Industry
6.3.2. Canada Functional Safety Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Device Type
6.3.2.2.2. By Safety System
6.3.2.2.3. By End-user Industry