Functional Safety Market by System (ESD, F&G, TMC, BMS, HIPPS, SCADA, and DCS), Device (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, and Emergency Stop Devices), End User (Oil & Gas, Power Generation, Food & Beverage, Pharmaceutical, and Automotive): Global Market Size Estimates and Forecast (2022-2030)
The functional safety market is expected to cross US$ 5.15 billion in 2022 and is expected to hit US$ 8.45 billion by 2030, recording a CAGR of 7.02% during the forecast period.
Functional safety market has been significantly growing with the high adoption of IIoT.
The growing usage of IIoT in the industrial sector is creating new opportunities. The data produced by smart sensors may be easily controlled using IIoT technology. As a result of the IIoT technology's effective monitoring, analysis, and control, the rate of productivity has increased, as has the demand for functional safety equipment. According to a study, around 1.3 million workers were afflicted by work-related illnesses; each year, over 72,702 employee instances of non-fatal injuries were recognized, and over 144 workers died as a result of the incidents. Such research has increased the functional safety market growth.
Within the report, the functional safety market is segmented into system, device, end user, and geography. By system, the functional safety market is further segmented into ESD, F&G, TMC, BMS, HIPPS, SCADA, and DCS. On the basis of the device, the functional safety market is categorized into safety sensors, safety controllers, programmable safety systems, safety switches, and emergency stop devices. Based on end user, the functional safety market is divided into oil & gas, power generation, food & beverage, pharmaceutical, and automotive. Geographically, the functional safety market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Functional safety market is highly popular and frequently used in the industrial sectors due to the abundance of plants and increasing activities
Functional safety refers to a system or piece of equipment that uses automatic protection. The inputs to the automatic protection system must be accurately processed. It should also respond predictably to failure. Human errors, hardware faults, and operational/environmental stress all fall into this category. Today, functional safety is used in many industries, including medicines, mining, and oil & gas. With the growing use of automation systems in manufacturing, testing, and process control, it is more vital than ever to avoid equipment damage, accidents, and environmental impact.
Rising adoption in various industries is one of the major factors accelerating functional safety market growth.
Functional safety applies to many industries today, and it is becoming more popular as manufacturers and end-users seek to reduce associated risks 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. Growing government and worker needs and expectations have prompted manufacturers and suppliers to utilize predictable methods to achieve and build equipment to meet specified safety regulations.
Recent strategic developments in the functional safety market
The functional safety market has undergone several significant developments, and a few of these have been mentioned below:
- In July 2021, Schneider Electric introduced EcoStruxure Triconex Safety View, which aids in risk reduction and plant safety when risks are high.
- In March 2022, Gaurdhat announced the development of the first industrial-grade technology for monitoring worker conditions. The system featured a variety of wearable sensors and software for real-time monitoring and event-based notifications to aid in the prevention of injuries or fatalities caused by heat, radiation, gas, noise, over-exertion, or worker-specific health conditions.
The functional safety market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships Schneider Electric; ABB; Honeywell International Inc.; Emerson Electric Co.; and Rockwell Automation, Inc. are among the prominent players operating in the functional safety market.
The target audience for the functional safety market report:
- Raw material providers
- Functional safety system panel providers
- Functional safety system providers
- Functional safety system -related service providers
- Functional safety system -related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Electronics component suppliers
- Functional safety system and devices distributors and sales firms
- End users of functional safety system devices
- Research institutes, organizations, and consulting companies
Scope of the functional safety market report:
- System:
- ESD
- F&G
- TMC
- BMS
- HIPPS
- SCADA
- DCS
- Device
- Safety Sensors
- Safety Controllers
- Programmable Safety Systems
- Safety Switches
- Emergency Stop Devices
- End User:
- Oil & Gas
- Power Generation
- Food & Beverage
- Pharmaceutical
- Automotive
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Schneider Electric
- ABB
- Honeywell International Inc.
- Emerson Electric Co.
- Rockwell Automation, Inc.
Companies profiled
- Schneider Electric
- ABB
- Honeywell International Inc.
- Emerson Electric Co.
- Rockwell Automation, Inc.