Product Code: GVR-4-68040-266-2
Functional Safety Market Growth & Trends:
The global functional safety market size is anticipated to reach USD 9.21 billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising regulatory requirements for safety in industries are driving market growth. Additionally, the growing need for risk mitigation and liability concerns is promoting the demand for functional safety solutions.
With the rise of Industry 4.0 and the Internet of Things (IoT), businesses are adopting automation to streamline processes, improve accuracy, and boost overall productivity. However, as automation systems become more complex and interconnected, the importance of functional safety standards grows. Implementing robust safety measures safeguards employees & assets and also helps companies comply with regulatory requirements and industry standards.
As regulatory bodies worldwide impose stringent safety standards and guidelines, companies are increasingly investing in functional safety solutions to ensure compliance and mitigate operational risks. Industries such as manufacturing, oil and gas, automotive, and pharmaceutical are facing increasing pressure to adhere to safety regulations to protect personnel, assets, and the environment. This heightened focus on regulatory compliance is a key driver shaping the growth of the market for functional safety as businesses seek to meet safety standards and avoid penalties or legal implications.
Functional Safety Market Report Highlights:
- Based on device, the safety sensors segment accounted for the largest revenue share of 25.5% in 2023. This can be attributed to the integration of advanced technology in various sensors. The programmable safety systems segment is expected to witness the fastest growth, led by the increasing demand for automation of processes.
- Based on system, the emergency shutdown systems segment dominated the market in 2023 and is expected to grow at a significant CAGR over the forecast period. This can be attributed to its increasing adoption in critical and hazardous environments.
- Based on industry, the automotive segment is expected to grow at a significant rate over the forecast period, owing to the increasing focus on connected car technologies and cybersecurity drives the adoption of functional safety solutions in the automotive sector.
- In January 2024, innotec GmbH partnered with SIListra Systems GmbH. The collaboration aims at specialized software solutions and their integration into development tools for functional safety applications, particularly in automating safety-critical processes. Through this joint offering, manufacturers across various industrial sectors can access a comprehensive and harmonized service for implementing the certified SIListra Safety Transformer into their controls, machinery, devices, and systems.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Device
- 1.2.2. Systems
- 1.2.3. Industry
- 1.2.4. Regional scope
- 1.2.5. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Information procurement
- 1.4.2. Information or data analysis
- 1.4.3. Market formulation & data visualization
- 1.4.4. Data validation & publishing
- 1.5. Research Scope and Assumptions
- 1.5.1. List of data sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Device outlook
- 2.2.2. Systems outlook
- 2.2.3. Industry outlook
- 2.3. Competitive Insights
Chapter 3. Functional Safety Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. End-user Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market driver analysis
- 3.3.2. Market restraint analysis
- 3.3.3. Market opportunity analysis
- 3.4. Functional Safety Market Analysis Tools
- 3.4.1. End-user Analysis - Porter's Five Forces
- 3.4.1.1. Supplier power
- 3.4.1.2. Buyer power
- 3.4.1.3. Substitution threat
- 3.4.1.4. Threat of new entrant
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic landscape
- 3.4.2.3. Social landscape
- 3.4.2.4. Technological landscape
- 3.4.2.5. Environmental landscape
- 3.4.2.6. Legal landscape
Chapter 4. Functional Safety Market: Device Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Functional Safety Market: Device Movement Analysis, USD Million, 2023 & 2030
- 4.2.1. Safety Sensors
- 4.2.1.1. Safety sensors market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.2. Safety Modules
- 4.2.2.1. Safety modules market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.3. Valves
- 4.2.3.1. Valves market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.4. Programmable Safety Systems
- 4.2.4.1. Programmable safety systems market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.5. Safety Switches
- 4.2.5.1. Safety switches market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.6. Actuators
- 4.2.6.1. Actuators market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.7. Emergency Stop Devices
- 4.2.7.1. Emergency stop devices market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.8. Others
- 4.2.8.1. Others market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 5. Functional Safety Market: Systems Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Functional Safety Market: Systems Movement Analysis, USD Million, 2023 & 2030
- 5.2.1. Emergency Shutdown Systems
- 5.2.1.1. Emergency shutdown systems market estimates and forecasts 2018 to 2030 (USD Million)
- 5.2.2. Fire & Gas Monitoring Controls
- 5.2.2.1. Fire & gas monitoring controls market estimates and forecasts 2018 to 2030 (USD Million)
- 5.2.3. Turbomachinery Controls Systems
- 5.2.3.1. Turbomachinery controls systems market estimates and forecasts 2018 to 2030 (USD Million)
- 5.2.4. Burner Management Systems
- 5.2.4.1. Burner management systems market estimates and forecasts 2018 to 2030 (USD Million)
- 5.2.5. High Integrity Pressure Protection Systems
- 5.2.5.1. High integrity pressure protection systems market estimates and forecasts 2018 to 2030 (USD Million)
- 5.2.6. Distributed Control Systems
- 5.2.6.1. Distributed control systems market estimates and forecasts 2018 to 2030 (USD Million)
- 5.2.7. Supervisory Control and Data Acquisition Systems
- 5.2.7.1. Supervisory control and data acquisition systems market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 6. Functional Safety Market: Industry Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Functional Safety Market: Industry Movement Analysis, USD Million, 2023 & 2030
- 6.2.1. Oil & Gas
- 6.2.1.1. Oil & gas market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.2. Power Generation
- 6.2.2.1. Power generation market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.3. Chemicals
- 6.2.3.1. Chemicals market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.4. Food & Beverages
- 6.2.4.1. Food & beverages market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.5. Pharmaceuticals
- 6.2.5.1. Pharmaceuticals market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.6. Automotive
- 6.2.6.1. Automotive market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.7. Railways
- 6.2.7.1. Railways market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.8. Others
- 6.2.8.1. Others market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 7. Functional Safety Market: Regional Estimates & Trend Analysis
- 7.1. Functional Safety Market Share, By Region, 2023 & 2030, USD Million
- 7.2. North America
- 7.2.1. North America functional safety market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. U.S.
- 7.2.2.1. U.S. functional safety market estimates and forecasts 2017 to 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada functional safety market estimates and forecasts 2017 to 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe functional safety market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.2. UK
- 7.3.2.1. UK functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.3.5. Italy
- 7.3.5.1. Italy functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific functional safety market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. China
- 7.4.2.1. China functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.3. India
- 7.4.3.1. India functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.4. Japan
- 7.4.4.1. Japan functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.5. South Korea
- 7.4.5.1. South Korea functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.4.6. Australia
- 7.4.6.1. Australia functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America functional safety market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5.2. Brazil
- 7.5.2.1. Brazil functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.5.3. Mexico
- 7.5.3.1. Mexico functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.5.4. Argentina
- 7.5.4.1. Argentina functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.6. MEA
- 7.6.1. MEA functional safety market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.2. UAE
- 7.6.2.1. UAE functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.6.3. Saudi Arabia
- 7.6.3.1. Saudi Arabia functional safety market estimates and forecasts 2018 to 2030 (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. South Africa functional safety market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Market Positioning
- 8.4. Company Heat Map Analysis
- 8.5. Strategy Mapping
- 8.5.1.1. Expansion
- 8.5.1.2. Mergers & acquisition
- 8.5.1.3. Partnerships & collaborations
- 8.5.1.4. New product launches
- 8.5.1.5. Research and development
- 8.6. Company Profiles
- 8.6.1. ABB Ltd.
- 8.6.1.1. Company overview
- 8.6.1.2. Financial performance
- 8.6.1.3. Product benchmarking
- 8.6.1.4. Strategic initiatives
- 8.6.2. DEKRA Group
- 8.6.2.1. Company overview
- 8.6.2.2. Financial performance
- 8.6.2.3. Product benchmarking
- 8.6.2.4. Strategic initiatives
- 8.6.3. Emerson Electric Co.
- 8.6.3.1. Company overview
- 8.6.3.2. Financial performance
- 8.6.3.3. Product benchmarking
- 8.6.3.4. Strategic initiatives
- 8.6.4. Endress+Hauser Management AG
- 8.6.4.1. Company overview
- 8.6.4.2. Financial performance
- 8.6.4.3. Product benchmarking
- 8.6.4.4. Strategic initiatives
- 8.6.5. General Electric Company
- 8.6.5.1. Company overview
- 8.6.5.2. Financial performance
- 8.6.5.3. Product benchmarking
- 8.6.5.4. Strategic initiatives
- 8.6.6. HIMA Paul Hildebrandt GmbH
- 8.6.6.1. Company overview
- 8.6.6.2. Financial performance
- 8.6.6.3. Product benchmarking
- 8.6.6.4. Strategic initiatives
- 8.6.7. Honeywell International Inc.
- 8.6.7.1. Company overview
- 8.6.7.2. Financial performance
- 8.6.7.3. Product benchmarking
- 8.6.7.4. Strategic initiatives
- 8.6.8. Omron Corporation
- 8.6.8.1. Company overview
- 8.6.8.2. Financial performance
- 8.6.8.3. Product benchmarking
- 8.6.8.4. Strategic initiatives
- 8.6.9. Rockwell Automation Inc.
- 8.6.9.1. Company overview
- 8.6.9.2. Financial performance
- 8.6.9.3. Product benchmarking
- 8.6.9.4. Strategic initiatives
- 8.6.10. Schneider Electric SE
- 8.6.10.1. Company overview
- 8.6.10.2. Financial performance
- 8.6.10.3. Product benchmarking
- 8.6.10.4. Strategic initiatives
- 8.6.11. Siemens AG
- 8.6.11.1. Company overview
- 8.6.11.2. Financial performance
- 8.6.11.3. Product benchmarking
- 8.6.11.4. Strategic initiatives
- 8.6.12. Yokogawa Electric Corporation
- 8.6.12.1. Company overview
- 8.6.12.2. Financial performance
- 8.6.12.3. Product benchmarking
- 8.6.12.4. Strategic initiatives
- 8.6.13. Modelwise
- 8.6.13.1. Company overview
- 8.6.13.2. Financial performance
- 8.6.13.3. Product benchmarking
- 8.6.13.4. Strategic initiatives
- 8.6.14. Ascent Labs
- 8.6.14.1. Company overview
- 8.6.14.2. Financial performance
- 8.6.14.3. Product benchmarking
- 8.6.14.4. Strategic initiatives