What is the global market size of Functional Safety Market?

Global Functional Safety Market size was valued at USD 4.7 billion in 2021 and is poised to grow from USD 5 billion in 2022 to USD 12.97 billion by 2030, growing at a CAGR of 10.48% in the forecast period (2023-2030).

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 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.

Functional Safety Market Report Snapshots

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FAQs

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 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. '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'

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.

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.

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.

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Functional Safety Market Dynamics

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