Product Code: SR112024A5228
The global functional safety market size reached US$ 5.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2032, exhibiting a growth rate (CAGR) of 9.9% during 2024-2032.
Functional safety refers to the general safety of a plant and equipment using safety-related systems, such as alarm systems, safety instrumented systems (SIS), and basic process control systems (BPCS). It covers fault detection, physical or systemic redundancy, and transitioning to a safe state that reduces the overall risk caused by faults in the electronic system. As a result, it finds extensive applications in the pharmaceutical, automotive, oil and gas, and food and beverage (F&B) industries worldwide.
Functional Safety Market Trends:
The increasing requirement of safety systems for personnel and asset protection on account of stringent government regulations represents one of the key factors impelling the growth of the market. Besides this, the introduction of the industrial internet of things (IIoT), also known as Industry 4.0, is offering new opportunities for integrated safety and compliance services. It enables industries and enterprises to have better efficiency and reliability in their operations. Moreover, a key concept in Industry 4.0 is cyber-physical systems (CPS), which consists of storage systems, smart machines, and production facilities capable of autonomously exchanging information, triggering actions, and controlling each other independently. This, coupled with the increasing focus of market players on product innovations to offer better services, is driving the overall sales and profitability. Furthermore, there is an increase in the utilization of safety sensor switches in machines and other industrial applications to inhibit accidental contact with live electrical connections. Factors like the rising automation in different industry verticals and the rising number of power projects to meet the escalating demand for energy across the globe are anticipated to offer lucrative growth opportunities to industry investors and strengthen the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global functional safety market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on device type, safety system and end use industry.
Breakup by Device Type:
Safety Sensors
Safety Controllers/Modules/Relays
Safety Switches
Programmable Safety Systems
Emergency Stop Devices
Final Control Elements
Others
Breakup by Safety System:
Burner Management System (BMS)
Turbomachinery Control System (TMC)
High-Integrity Pressure Protection System (HIPPS)
Fire and Gas Monitoring Control System
Emergency Shutdown System (ESD)
Supervisory Control and Data Acquisition System (SCADA)
Distributed Control System (DCS)
Breakup by End Use Industry:
Oil and Gas
Power Generation
Food and Beverage
Pharmaceutical
Automotive
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., Intel Corporation, Johnson Controls, OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation.
Key Questions Answered in This Report
- 1. What was the size of the global functional safety market in 2023?
- 2. What is the expected growth rate of the global functional safety market during 2024-2032?
- 3. What are the key factors driving the global functional safety market?
- 4. What has been the impact of COVID-19 on the global functional safety market?
- 5. What is the breakup of the global functional safety market based on the device type?
- 6. What is the breakup of the global functional safety market based on the safety system?
- 7. What is the breakup of the global functional safety market based on the end use industry?
- 8. What are the key regions in the global functional safety market?
- 9. Who are the key players/companies in the global functional safety market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Functional Safety Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Device Type
- 6.1 Safety Sensors
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Safety Controllers/Modules/Relays
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Safety Switches
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Programmable Safety Systems
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Emergency Stop Devices
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
- 6.6 Final Control Elements
- 6.6.1 Market Trends
- 6.6.2 Market Forecast
- 6.7 Others
- 6.7.1 Market Trends
- 6.7.2 Market Forecast
7 Market Breakup by Safety System
- 7.1 Burner Management System (BMS)
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Turbomachinery Control System (TMC)
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 High-Integrity Pressure Protection System (HIPPS)
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Fire and Gas Monitoring Control System
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Emergency Shutdown System (ESD)
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Supervisory Control and Data Acquisition System (SCADA)
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
- 7.7 Distributed Control System (DCS)
- 7.7.1 Market Trends
- 7.7.2 Market Forecast
8 Market Breakup by End Use Industry
- 8.1 Oil and Gas
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Power Generation
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Food and Beverage
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Pharmaceutical
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Automotive
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Others
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 ABB Ltd.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Emerson Electric Co.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 General Electric Company
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Honeywell International Inc.
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 Intel Corporation
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Johnson Controls
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 OMRON Corporation
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Panasonic Corporation
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Pepperl+Fuchs SE
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Rockwell Automation Inc.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Schneider Electric SE
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 Siemens AG
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.13 Yokogawa Electric Corporation
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.13.3 Financials
- 14.3.13.4 SWOT Analysis