DELRAY BEACH, Fla., Dec. 6, 2024 /PRNewswire/ -- The global functional safety market will USD 7,896.7 million by 2029 from USD 5,883.4 million by 2024, at a CAGR of 6.1% during the forecast period according to a new report by MarketsandMarkets. Several key factors are driving the functional safety market, including mounting adoption of advanced safety solutions to prevent accidents in industrial facilities, rapid digital transformation to revolutionize traditional manufacturing, increasing industrial automation, stringent safety regulations, and advancements in technology. Furthermore, rising workplace safety awareness, infrastructure development, and the integration of AI and IoT in critical systems further fuel demand.
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Browse in-depth TOC on "Functional Safety Market"
225 - Tables
78 - Figures
291 - Pages
Functional Safety Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 5,883.4 million |
Estimated Value by 2029 | $ 7,896.7 million |
Growth Rate | Poised to grow at a CAGR of 6.1% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Device, Service, System, Application, industry, and region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities related to designing system that comply with complex safety standards |
Key Market Opportunities | Increasing deployment of IIoT technology in industries |
Key Market Drivers | Enforcement of stringent safety regulations by the government |
Emergency shutdown system segment is expected to account for the largest share of the functional safety market during the forecast period.
An emergency shutdown (ESD) system is designed to minimize risks associated with emergencies, particularly those involving the escape of hydrocarbons, uncontrolled flooding, or fire outbreaks in areas containing hazardous materials. These emergencies can cause the shutdown of a plant, unit, or equipment. The ESD system in its broad and general sense can be made up of field mounted sensors, trip relays, input and output valves for handling signals, alarm and Human-Machine Interface units. Also, industries like oil & gas, chemical, and power been subjected to severe equipment harm, leakage, and blast consequences this has caused the industries to require reliable ESD systems. The implementation of automation in industries makes systems more complex; sophisticated ESDs have to identify deviations that can cause the system to go up and execute the shutdown to safeguard structures, people, and the ecosystems.
Oil & gas industry segment to contribute to the largest market share in the forecast year.
The oil & gas industry's demand for functional safety is driven by stringent regulatory compliance, high-risk operating conditions, and the complexity of processes across upstream, midstream, and downstream operations. Factors such as increased exploration and production, aging infrastructure, and prioritization of worker safety further emphasize the need for safety systems. In the oil & gas industry, standards such as IEC 61508 and IEC 61511, and the Norwegian Oil & Gas Guideline 070 provide recommended frameworks for the implementation of functional safety. Further, various safety instrumented systems are used in the oil & gas industry to ensure functional safety. ESD is used to minimize the consequences of emergencies by shutting down part systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control, which ensure the required response in case of fire scenarios.
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Europe is expected to hold the largest market share of the functional safety market during the forecast period.
Europe is one of the largest markets for functional safety systems as functional safety standards are strictly followed within the European Economic Area (which comprises all European Union countries). The safety standards and directives present in the region restrict the supply and operations of machinery that do not meet the regulatory requirements. The functional safety and functional safety requirements are stringent in the European region; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. Regulatory standards and EU directives regarding occupational safety have propelled the installation of functional safety systems in industries, which, in turn, is influencing the growth of the functional safety market in Europe. Moreover, the increasing focus of European companies on reducing OPEX and rising environmental concerns have boosted the growth of the functional safety industry in this region.
The key companies in the functional safety companies include Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), Yokogawa Electric Corporation (Japan), HIMA (Germany), Omron Corporation (Japan), Siemens (Germany), and General Electric (US).
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