Owing to benefits such as ability to prevent dangerous failures, improvement in safety and quality of products, lesser maintenance issues, protection of critical equipment, assurity of safety life-cycle, functional safety is experiencing rapid adoption as opposed to traditional safety related systems, thus fostering the growth of global functional safety market.
The global Functional Safety market is anticipated to increase at a 7.1% CAGR to reach value $8,990.6 million in 2030
Covid-19 Impact & Market Status
The pandemic severely impacted industries across the world including food & beverage, nuclear, machinery, manufacturing and other industries. The pandemic has affected the global functional safety market leading to supply chain disruptions, reduced high disposable incomes due to lesser end-user requirements, and growing uncertainties. However, at the same time the pandemic has also accelerated digital transformation shifting end-user industries to adopt integrated automated safety systems thereby giving boost to global functional safety market.
Sensors Functional Safety Type to Emerge as the Most Lucrative Segment
Based on various approaches the market is classified into different product types such as sensors, controllers, switches, programmable safety systems, final control elements, and others. Among these, the sensors segment accounted for highest market share owing to potential industrial benefits. Owing to key factors increasing adoption of safety instrumented systems (SIS) and growing demand for functional safety have propelled the market for sensors segment.
Burner Management System to Remain Atop
Based on various approaches the market is classified into different safety systems such as burner management system, turbomachinery control system, high-integrity pressure protection system, and others. The burner management system segment is projected to remain atop in the global functional market. The burner management system assures safe start-up and shut-down of system and monitors performance and satisfies the safety requirement specifications.
Food & Beverage to Ensure Revenue Maximization
Based on various approaches the market is classified into different end user segments such as nuclear, machinery, medical device, railway, automotive, oil & gas, food & beverage, pharmaceutical. Among these, the food & beverage segment to grow with maximum CAGR and ensure good revenue growth. Functional safety the automated integrated approach is making the food & beverage industry conduct production, manufacturing, and processing operations safe, flexible, and profited. This is the key factor increasing its demand in the food & beverage industry.
North American Region to Render Ample Investment Avenues
North America is anticipated to grow at a highest CAGR in the forecasted years due to increasing industrialization leading to growing demand for systems that automatically prevent dangerous failures and functional safety-certified systems. Furthermore, increased acceptance of international functional safety standards as well as multinational companies adopting safety systems and other firms is leading the development of North America in the market.
The need to automatically prevent dangerous failures and functional safety-certified systems has improved the reliance on functional safety.
Rapid end-sue applications across industries such as energy, oil & gas, manufacturing, food & beverage, pharmaceutical, and other applications are fostering remarkable progress in the global functional safety market.
Advantages such as superlative safety capabilities, internal monitoring and diagnostics features, decrease the probability of systematic failures is encouraging further adoption of functional safety.
Functional safety is a part of an overall safety of a system that depends on automatic protection. The automatic protection system has the ability to respond correctly to its inputs and gives predictable responses to failures. The predictable responses include human made errors, hardware failures, and operational failures.
Factors such as increasing trend of vehicle electrification leading to need for functional safety to autonomous driving and advanced systems like advanced driver-assistance system (ADAS) functions, and other systems is propelling the global functional safety market. In addition to this, industrial robotic systems and home appliances benefiting from functional safety, increasing adoption of safety instrumented systems have led to superlative growth of global functional safety market.
However, failure in predictable protection responses, lack of specific approaches in developing safety critical products, lack of methods for identifying safety requirements of specific customers, difficulties in evaluating an architecture in terms of functional safety certification and issues in evaluating functional safety standards are some major factors likely to hamper the global functional safety market. Furthermore, industry is managing to address the complexities by following certain approaches such as configuration of platform to target applications, fault tolerant communication, strategies enforced to reduce complexity and other improvements in current functional safety are anticipated to be a growth opportunity to the global functional safety market.
The key players in the global functional safety market are Rockwell Automation, ABB Ltd, Honeywell, Schneider Electric, Siemens, Omron, General Electric, Yokogawa, HIMA Paul, and Emerson among all other well-established and emerging players. These firms are addressing the immediate and current challenges faced by functional safety and have product portfolios of wide range of customised products. The firms follow certain approaches such as configuration of platform to target applications, fault tolerant communication, strategies enforced to reduce complexity and other improvements in current functional safety making their products widely popular in the end-user industries.
Latest Innovations in the Global Functional Safety Market: a Snapshot
- Last Year, Rockwell Automation launched an automated safety products called E100 electronic motor overload. The product automatically prevents damage and downtime.
- In April 2029, Schneider Electric announced a new launch of functional safety equipment called Easergy P5 protection relay. It is widely used across industries due to its unique feature that protects and controls critical assets from sudden damage.
- In March 2019, ABB upgraded its old version of Ability System 800Xa; it innovated the entire DCS architecture and introduced technologies by innovating the overall DCS architecture and integrating advanced technology and design that could reduce time period of project execution and accelerate scalability of system. Also, the new version of Ability System 800Xa was combined with new Select I/O safety single channel modules for expanding current capabilities and improve flexibility.
- Rockwell Automation in February 2019, inked a new deal with Schlumberger to create Sensia. Sensia is the first of kind automated solution provider.
Functional Safety Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$ 8,990.6 million|
|Growth Rate||CAGR of 7.1% during 2021-2030|
|Segment Covered||Based on Safety System, Based on SIL Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Schneider Electric SE,ABB Ltd.,Hima Paul Hildebrandt GmbH,TUV Rheiland AG,General Electric Co.,Siemens AG,Honeywell International Inc.,Rockwell Automation Inc.,Emerson Electric Co.,Omron Corporation|
Key Segments of the Global Functional Safety Market
Device Type Overview, 2018-2028 (USD Billion)
- Programmable safety systems
- Final control elements
Safety Systems Overview, 2018-2028 (USD Billion)
- Burner management system (BMS)
- Turbomachinery control system (TCS)
- High-integrity pressure protection system (HIPPS)
End User Overview, 2018-2028 (USD Billion)
- Medical device
- Oil & gas
- Food & beverage
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa