Functional Safety Market - Share, Growth, Trends and Forecasts 2023 - 2028
The new report by Expert Market Research titled, ‘Global Functional Safety Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the functional safety market, assessing the market based on its segments like device type, safety system and end-use industry. The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market supported the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 8.4%
The functional safety market in Asia Pacific is expected to grow at the quickest rate during the forecast period. This rise is predicted to be fueled by increased industrialization in emerging economies such as China and India. Because of the increased acceptance of global functional safety norms, the market in this sector is rising. Rapid industrialization increased industrial attention, organizational and functional safety, and the impact of multinational enterprises in implementing safety systems are all driving the market ahead in APAC. Furthermore, as the number of power projects grows in response to rising energy demand, the deployment of functional safety systems at plant locations, such as burner management and fire and gas systems, has quickened. As the world becomes more industrialized, the use of safety automation solutions in manufacturing industries is increasing dramatically, fueling market growth.
Functional Safety Industry Definition and Major Segments
Functional safety is a supplementary safety component that ensures a safe and orderly shutdown of processing units in the event of an unplanned condition at a facility. Oil and gas, chemicals, power generation, food and beverage, pharmaceuticals, metals and mining, water and wastewater treatment, and many more industries are recognising the importance of functional safety.
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The functional safety market can be divided into categories such as device type, safety system and end-use.
Based on device type:
- Safety Sensors
- Safety controllers/Modules/Relays
- Safety Switches
- Programmable Safety Systems
- Emergency Stop Devices
- Final Control Elements
- Others
Based on safety systems:
- Burner Management System
- Turbomachinery Control System
- High-Integrity Pressure Protection Systems
- Fire and Gas Monitoring Control System
- Emergency Shutdown Systems
- Supervisory Control and Data Acquisition System
- Distributed Control System
Based on end-use:
- Oil and Gas
- Power Generation
- Food and Beverage
- Pharmaceutical
- Automotive
- Others
The functional safety industry is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa based on regional markets.
Functional Safety Market Trend
Functional safety is very popular and widely employed in the industrial sectors due to the abundance of plants and growing activities. Furthermore, the increased need for safety systems in the oil and gas industry to prevent industrial disasters is likely to boost the worldwide functional safety market forward over the forecast period. In addition, the implementation of several regulatory standards to protect operators and equipment is propelling the business ahead.
Today, functional safety is applicable to many industries, and demand is growing as manufacturers and end-users seek to reduce risk even further. With the increased use of automated equipment for production, testing, and process control, it is more important than ever to avoid equipment damage, accidents, and environmental harm. Manufacturers and suppliers have used predictable methods to achieve and design equipment to meet particular safety requirements in response to growing demands and expectations from governments and workers.
Key Market Players
The major players within the market are Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd., Schneider Electric SE and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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