Functional Safety Market Insights
The global functional safety market is estimated to witness a significant CAGR during the forecast period (2020-2026). The increasing demand for safety systems in the oil & gas industry and the growing usage of industrial internet of things are some of the factors driving the market growth. IIoT can acquire data from sensors that measure pressure, level, flow, temperature, and vibration and send this information collected to monitoring systems. The demand for functional safety products and solutions depends directly on the production activities. Moreover, the rise in industrial revolution 4.0 is one of the significant factors likely to drive market growth. However, the high investment required for installing functional safety systems is one of the restraining factors hampering the market growth.
Functional Safety Market Size: By Offering
Based on offering, the global functional safety market is segmented into components and services. The services segment is expected to grow at a high CAGR during the forecast period due to rising adoption of safety instrumented systems and increasing demand for functional safety in the chemical industry. The ever-increased demand from the oil and gas industry, power generation, and maintenance of devices in the verticals is leading the service segment to grow in the forecast period. Furthermore, the component segment is expected to hold the largest market share during the forecast period.
Functional Safety Market Size: By System
Based on system, the global functional safety market is segmented into turbomachinery control, emergency shutdown systems, fire & gas monitoring, high-intensity pressure protecting systems, and burner management systems. Emergency shutdown system is expected to hold the largest market share during the forecast period. Emergency stop devices have a wide range of applications for safety in industries. It is carefully designed to minimize the risk of fire leakage, flooding, and hydrocarbon release or leakage in the oil and gas industry. Furthermore, the burner management system (BMS) is expected to grow at a high CAGR during the forecast period. The burner management system provides safety for the power generation industry which enables timely shut down in case of fire, creates a safe environment for boilers and personnel leading to the segment growth. Second most, the fire and gas monitoring system is expected to grow at a high CAGR during the forecast period due to proper implementation of the system which prevents fire, saves time, and flame detection propelling the segment growth in the market.
Functional Safety Market Size: By Industry
Based on industry, the global functional safety market is segmented into power generation, food & beverages, oil & gas, pharmaceuticals, chemicals, water & wastewater, and metal & mining, among others. The oil and gas industry segment is expected to grow at a high CAGR during the forecast period. Implementation of functional safety systems ensure protection, reduces the loss of property and human life, and adherence to strict government regulations that lead to market growth. Furthermore, the chemical industry segment is projected to grow at a high CAGR during the forecast period. Functional safety in the chemical industry reduces the risk of human error and ensures safety from explosives, and fire.
Functional Safety Market Size: By Region
Based on region, the global functional safety market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia-Pacific region is expected to grow at a high CAGR during the forecast period. Moreover, the increasing number of power projects designed to meet the growing demand for electricity has given momentum to the implementation of functional safety systems such as burner management and fire and gas systems at plant sites. Furthermore, European region is expected to hold the largest market share over the coming years. Large-scale production requires a process to be controlled more intensively, especially in terms of its efficiency and safety, and this drives the ESD system in the European region.
Functional Safety Market Share and Competitor Analysis
Some of the key players operating in the functional safety market include: Emerson Electric, ABB, Schneider Electric, Yokogawa, General Electric, Honeywell, Omron, Siemens AG, Proserv Ingenious Simplicity, Velan Inc, Paladon Systems Ltd., Johnson Controls (Tyco), Rockwell, Hima Paul, Balluff, Mogas Industries, Pietro Fiorentini (Arvan SRL), Frames Group, TUV Rheinland, SGS Group, EXIDA, Schlumberger, Intertek Dekra SE, TÜV SÜD, and Proserv Ingenious Simplicity, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
- In February 2020, Rockwell automation launched a product E100 electronic motor overload relay which helps prevent motor damage and downtime
- In May 2019, Synopsys announced the industry first unified functional safety verification solution to accelerate Time-to-Certification for IPs and SoCs
- Check the Press Release on Global Functional Safety Market Report
Functional Safety Market: By Offering
- Introduction
- Functional Safety Market, By Offering, 2020-2026 (USD Million)
- Component
- Component: Functional Safety Market, 2020-2026 (USD Million)
- Safety Sensor: Functional Safety Market, 2020-2026 (USD Million)
- Programmable Safety System: Functional Safety Market, 2020-2026 (USD Million)
- Safety Controller/Module/Relay: Functional Safety Market, 2020-2026 (USD Million)
- Safety Switch: Functional Safety Market, 2020-2026 (USD Million)
- Emergency Stop Device: Functional Safety Market, 2020-2026 (USD Million)
- Final Control Elements: Functional Safety Market, 2020-2026 (USD Million)
- Services
- Services: Functional Safety Market, 2020-2026 (USD Million)
- Testing, Inspection, and Certification: Functional Safety Market, 2020-2026 (USD Million)
- Maintenance: Functional Safety Market, 2020-2026 (USD Million)
- Training and Consulting: Functional Safety Market, 2020-2026 (USD Million)
Functional Safety Market: By System
- Introduction
- Functional Safety Market, By System, 2020-2026 (USD Million)
- Turbo Machinery Control
- Turbo Machinery Control: Functional Safety Market, 2020-2026 (USD Million)
- High Intensity Pressure Protecting Systems
- High Intensity Pressure Protecting Systems: Functional Safety Market, 2020-2026 (USD Million)
- Burner Management Systems
- Burner Management Systems: Functional Safety Market, 2020-2026 (USD Million)
- Fire & Gas Monitoring
- Fire & Gas Monitoring: Functional Safety Market, 2020-2026 (USD Million)
- Emergency Shutdown Systems
- Emergency Shutdown Systems: Functional Safety Market, 2020-2026 (USD Million)
Functional Safety Market: By Industry
- Introduction
- Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Power Generation
- Power Generation: Functional Safety Market, 2020-2026 (USD Million)
- Food & Beverages
- Food & Beverages: Functional Safety Market, 2020-2026 (USD Million)
- Oil & Gas
- Oil & Gas: Functional Safety Market, 2020-2026 (USD Million)
- Pharmaceuticals
- Pharmaceuticals: Functional Safety Market, 2020-2026 (USD Million)
- Chemicals
- Chemicals: Functional Safety Market, 2020-2026 (USD Million)
- Metal & Mining
- Metal & Mining: Functional Safety Market, 2020-2026 (USD Million)
- Water & Wastewater
- Water & Wastewater: Functional Safety Market, 2020-2026 (USD Million)
- Others
- Others: Functional Safety Market, 2020-2026 (USD Million)
Functional Safety Market: By Region
- Introduction
- Global Functional Safety Market, Regional Analysis, 2020-2026 (USD Million)
- North America
- North America Functional Safety Market, Regional Analysis, 2020-2026 (USD Million)
- By Offering
- North America Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- North America Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- North America Functional Safety Market, By Industry, 2020-2026 (USD Million)
- By Country
- U.S
- By Offering
- U.S. Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- U.S. Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- U.S. Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Canada.
- By Offering
- Canada Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Canada Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Canada Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Mexico
- By Offering
- Mexico Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Mexico Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Mexico Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Europe
- Europe Functional Safety Market, Regional Analysis, 2020-2026 (USD Million)
- By Offering
- Europe Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Europe Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Europe Functional Safety Market, By Industry, 2020-2026 (USD Million)
- By Country
- Germany
- By Offering
- Germany Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Germany Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Germany Functional Safety Market, By Industry, 2020-2026 (USD Million)
- UK
- By Offering
- UK Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- UK Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- UK Functional Safety Market, By Industry, 2020-2026 (USD Million)
- France
- By Offering
- France Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- France Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- France Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Italy
- By Offering
- Italy Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Italy Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Italy Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Asia Pacific
- Asia Pacific Functional Safety Market, Regional Analysis, 2020-2026 (USD Million)
- By Offering
- Asia Pacific Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Asia Pacific Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Asia Pacific Functional Safety Market, By Industry, 2020-2026 (USD Million)
- By Country
- China
- By Offering
- China Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- China Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- China Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Japan
- By Offering
- Japan Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Japan Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Japan Functional Safety Market, By Industry, 2020-2026 (USD Million)
- India
- By Offering
- India Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- India Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- India Functional Safety Market, By Industry, 2020-2026 (USD Million)
- South Korea
- By Offering
- South Korea Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- South Korea Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- South Korea Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Rest of APAC
- By Offering
- Rest Of APAC, Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Rest of APAC Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Rest of APAC Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Central & South America
- Central & South America Functional Safety Market, Regional Analysis, 2020-2026 (USD Million)
- By Offering
- Central & South America Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Central & South America Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Central & South America Functional Safety Market, By Industry, 2020-2026 (USD Million)
- By Country
- Brazil
- By Offering
- Brazil Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Brazil Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Brazil Functional Safety Market, By Industry, 2020-2026 (USD Million)
- Middle East & Africa
- Middle East & Africa Functional Safety Market, Regional Analysis, 2020-2026 (USD Million)
- By Offering
- Middle East & Africa Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Middle East & Africa Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Middle East & Africa Functional Safety Market, By Industry, 2020-2026 (USD Million)
- By Country
- Saudi Arabia
- By Offering
- Saudi Arabia Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- Saudi Arabia Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- Saudi Arabia Functional Safety Market, By Industry, 2020-2026 (USD Million)
- UAE
- By Offering
- UAE Functional Safety Market, By Offering, 2020-2026 (USD Million)
- By System
- UAE Functional Safety Market, By System, 2020-2026 (USD Million)
- By Industry
- UAE Functional Safety Market, By Industry, 2020-2026 (USD Million)
The global Functional Safety Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Functional Safety Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
