USD 5 billion
Functional Safety Market Size, Share, Growth Analysis, By Component(Safety Sensors, Safety PLCs (Programmable Logic Controllers), Safety Relays, Safety Switches), By System(Burner Management Systems (BMS), Emergency Shutdown Systems (ESD), High-Integrity Pressure Protection Systems (HIPPS), and Industrial Control Systems (ICS)), By End-User(Oil and Gas, Chemicals, Energy and Power, Automotive), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20G2040 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
97
|Figures:
76
Functional Safety Market Insights
Global Functional Safety Market size was valued at USD 5 billion in 2022 and is poised to grow from USD 5.52 billion in 2023 to USD 12.26 billion by 2031, growing at a CAGR of 10.48% in the forecast period (2024-2031).
The functional safety global market is recording remarkable progress due to the growing demands for industry safety, more so in industries like manufacturing, auto, and energy. An increase in the demand for sophisticated safety systems, meeting the stringent regulations, and utilisation of current technological advances such as IoT and AI are the drivers. Nonetheless, these present some challenges such as complexities in implementations and consequently high costs in compliance with the functional safety standards.
Due to high competition among major players in this domain, the vendors are concentrating their efforts on innovations and business partnerships. There are huge geographical markets in North America and Europe, with lots of potential for significant expansions in Asia Pacific. This trend suggests moving toward an integrated safety solution, which is also keeping pace with changing technological requirements.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Safety PLCs (Programmable Logic Controllers)
Fastest Growth
Safety Sensors
Growth Rate
10.48% CAGR
Global Functional Safety Market ($ Bn)
Country Share for Europe Region (%)
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Functional Safety Market Segmental Analysis
The global Functional Safety market is segmented into four major segments i.e. by Component, System, End-User, and region. Based on Type, it is divided into Safety Sensors, Safety PLCs (Programmable Logic Controllers), Safety Relays, Safety Switches, Emergency Stop Devices. Based on System, it is bifurcated as Burner Management Systems (BMS), Emergency Shutdown Systems (ESD), High-Integrity Pressure Protection Systems (HIPPS), Industrial Control Systems (ICS). Based on End-User it is segregated into Oil and Gas, Chemicals, Energy and Power, Automotive, Aerospace, Manufacturing,Pharmaceutical. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Analysis by Component
The functional safety for the process industry sector is expected to be dominated by safety PLCs (programmable logic controllers). When it comes to enactment of safety functions, safety PLCs are important as they act quickly in emergency cases. They are common not only in the manufacturing sector but also in process automation, which explains this market supremacy. Safety PLCs constitute important elements of many functional safety systems due to their high reliability and flexibility that allow them to cover even the most challenging safety requirements.
The safety sensor is likely to be the one with a high growth rate. Growing penetration by sensors together with more complex technologies such as the Internet of things (IoT) and artificial intelligence (AI). Real-time hazard detection and prevention rely heavily on Safety Sensors as part of an increasing focus on preemptive safety action. Growth in the Functional Safety Market is being fuelled by the adoption of Industry 4.0 and the need for more advanced Safety Sensors.
Analysis by Application
The function safety could be dominated by emergency shutdown systems. ESD systems are necessary as quick responses to emergency situations, no damage or minimal damage, as well as equipment and personnel safety depend on them. ESDs are used predominantly in industries that conduct risky operations, like oil and gas, among others, for emergency purposes. They dominate because of their widespread use and importance at highest risk environments.
HIPPS will be the fastest-growing system. While HIPPs play an integral part in preventing blowouts in oil related sectors, it is only one of several applications. With increased awareness on pressure protection and strict safety regulations, it is the reason why HIPPS has become widely accepted. In terms of functional safety, HIPPS is set to experience a huge boom as industries concentrate more on improving security procedures and adhering to norms.
Global Functional Safety Market By Component
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Functional Safety Market Regional Insights
The functional safety market may be dominated by Europe. There is a well-established industrial background in the area with an emphasis on manufacturing, automobile, and also processing which has been heavily dependent on the functional safety systems. Demand for functional safety solutions is high as a result of stringent safety regulations and standards in European industries. Furthermore, emphasis on the incorporation of advanced technologies as well security for workers has contributed to European domination in the functional safety industry.
The fastest-growing region of the functional safety market will be Asia Pacific. High-speed industrialization in countries such as China, India, and Japan together with growing concerns about safety standards results in an increased appetite for functional safety systems. Investments in growing the sector including the energy, chemical, and automotive among others coupled with rigorous regulatory requirements drive the adoption of functional safety in the Asia-pacific region. Faster growth of functional safety applications is attributed to the growing manufacturing and process companies in this region.
Global Functional Safety Market By Region
- Largest
- Fastest
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Functional Safety Market Dynamics
Drivers
Increasing Consumer Awareness on Occupational Safety
- The rise in focus on work safety in many organizations mostly on manufacturing, oil and gas, auto industry, spurs the need for robust functional safety solutions. Strict regulation and standards push firms to enhance safety procedures for risk abatement and conformity. Integrating Industry 4.0 technologies like IoT and AI on industrial processes upgrade the functionality of safety systems and increase their acceptance.
Restraints
High Complexity Associated with Implementing Functional Safety
- The implementation of functional safety standards is difficult and one of the major barriers in the market for safety. Functional safety systems pose a challenge for organizations as they navigate through complex safety guidelines which may cause delays and additional expenses. Moreover, the upfront cost involved in implementing robust functional safeguards may act as a challenge, particularly to small businesses.
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Functional Safety Market Competitive Landscape
The Functional Safety market is competitive with major players and an ever-changing struggle between established and upstart organizations. The big players in the market concentrate on strategic activities such as cooperation, merging and new product development so they keep the competition at arm’s length with them. At the same time, there are niche players and startups that come up offering solutions for various sectors or innovation based services.
Top Player’s Company Profiles
- TÜV SÜD
- Exida
- SGS
- Lloyd's Register
- Bureau Veritas
- DNV GL
- UL
- Intertek
- ABS Group
- Dekra
- TÜV Rheinland
- Pilz GmbH & Co. KG
- Pepperl+Fuchs
- Rockwell Automation
- Siemens AG
- Honeywell International Inc.
- Schneider Electric
- Yokogawa Electric Corporation
- Emerson Electric Co.
- General Electric
Recent Developments
- In March 2024, Lattice Semiconductor unveiled its latest software offering, Lattice Radiant design software, which boasts enhanced functional safety and reliability features.
- In February 2024, Vietjet, a modern airline, and Safran Aerosystems, a renowned aviation safety systems provider, revealed a strategic collaboration. This partnership aims to supply safety equipment for Vietjet's B737MAX aircraft. The chosen safety components encompass crucial items like Life Rafts, Protective Breathing Equipment, Crew Masks, and Life Vests, along with related support services.
- In December 2023, FPT, a leading technology services provider, made a significant move by unveiling its automotive technology subsidiary – FPT Automotive. With ambitions to achieve billion-dollar status by 2023, FPT Automotive is poised to become a major player in automotive services and products. Its primary focus is on advancing software-defined vehicles (SDV) and shaping the future of mobility while prioritizing safety standards.
Functional Safety Key Market Trends
- Rising Integration of Functional Safety with Industrial IoT and AI: Integration of Functional Safety into new technologies such as Industrial Internet of Things (IIIoT) and Artificial Intelligence (AI). The safety systems become more effective due to this integration as it helps in real time monitoring and also gives anticipation abilities. Moreover, there is an emerging convergence on the way between security and cybersecurity to handle the more complex challenges affecting connected industrial systems. Furthermore, the use of common platforms and procedures for improved accessibility and consistent implementation of functional safety systems.
Functional Safety Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Functional Safety market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by a growing emphasis on industrial safety, driven by stringent regulations and increased awareness. Implementation complexities and initial costs serve as restraints, particularly for smaller enterprises. Safety PLCs dominate product types, providing crucial safety functions in various industries.
Europe leads in market share due to stringent safety standards, while the Asia-Pacific region is the fastest-growing market, fueled by rapid industrialization. Key trends include the integration of AI and IIoT, convergence of safety and cybersecurity, and a shift towards standardized platforms for seamless interoperability.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5 billion |
| Market size value in 2031 | USD 12.26 billion |
| Growth Rate | 10.48% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Functional Safety Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Functional Safety Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Functional Safety Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Functional Safety Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Functional Safety Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Functional Safety Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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