Market Overview:
The global functional safety systems market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The market growth is attributed to the increasing demand for safety-critical applications, such as automotive, railways, and medical devices. Functional safety systems are used in these applications to ensure safe and reliable operations. North America accounted for the largest share of the global functional safety systems market in 2017, followed by Europe and Asia Pacific.
Product Definition:
A Functional Safety System is a system that is designed to protect people, property and the environment from potential harm during normal or abnormal operation of a process. The importance of Functional Safety Systems cannot be overstated as they are essential for protecting human life and preventing accidents.
Emergency shutdown System:
The global emergency shutdown system, it's usage and growth factor in functional safety systems market size was valued at USD 1.5 billion in 2015.
The major driving factors responsible for the industry’s expansion include growing awareness regarding employee health.
Turbomachinery Control:
The global turbomachinery control and it's usage in functional safety systems market size was valued at USD 0.87 billion in 2015. The industry is expected to witness significant growth owing to the increasing demand for energy-efficient industrial processes, which is further anticipated to drive the overall industry growth over the forecast period.
Turbomachinery Control (TC) has been used traditionally as a means of manually controlling process variables such as feed rate, speed,.
Application Insights:
The market is segmented by application into automobiles, railways, medical and other industries. Automotive was the largest application segment in 2017 and accounted for over 40% of the global functional safety systems market revenue. The increasing production of electric vehicles to meet growing demand is expected to drive product demand over the forecast period.
Functional safety systems play a vital role in ensuring high reliability of automotive components and system functionality under various operating conditions such as vibration, temperature changes, pressure fluctuations etc., thereby assuring high level of component robustness and overall system performance across all operating conditions. Increasing production & Demand for Electric Vehicles (EV) are anticipated to drive product demand from automotive applications over the forecast period.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The growth of this region can be attributed to increasing awareness regarding safety systems, growing industrialization, and rising investments by governments for improving workplace safety standards. Moreover, emerging economies such as China and India are making huge investments for setting up industries that produce high-quality products with low prices thereby driving the demand for efficient functional safety systems in these countries.
The Asia Pacific regional market is also anticipated to witness significant growth during the forecast period owing to an increase in disposable income coupled with a rise in consumerism resulting from economic development within each country. Furthermore, rapid urbanization along with increased infrastructure spending has led to an increase in construction activities which generates a large number of hazardous waste that needs proper management leading into functional safety requirements across various applications such as medical devices manufacturing or chemical processing industries; thus propelling industry growth across this region significantly over the next eight years.
Growth Factors:
- Increasing demand for safety-critical systems in automotive and aerospace industries
- Proliferation of advanced driver assistance systems (ADAS) and autonomous vehicles
- Stringent government regulations for safety-critical systems
- Growing demand for functional safety services and consulting
- Advancements in technology that improve the efficiency and accuracy of functional safety testing
Scope Of The Report
Report Attributes
Report Details
Report Title
Functional Safety Systems Market Research Report
By Type
Emergency shutdown System, Turbomachinery Control, Fire and Gas Monitoring Control, High Integrity Pressure Protection Systems, Battery Management Systems, Supervisory Control and Data Acquisition, Distributed Control Systems
By Application
Automotivess, Railways, Medical, Others
By Companies
Siemens AG, ABB Ltd., Honeywell, General Electric Co., Schneider Electric SE, Rockwell Automation Inc., Emerson Electric Co., Honeywell International Inc., HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG, TUV Rheinland, Omron Corporation, Yokogawa Electric Corporation, DEKRA Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
236
Number of Tables & Figures
166
Customization Available
Yes, the report can be customized as per your need.
Global Functional Safety Systems Market Report Segments:
The global Functional Safety Systems market is segmented on the basis of:
Types
Emergency shutdown System, Turbomachinery Control, Fire and Gas Monitoring Control, High Integrity Pressure Protection Systems, Battery Management Systems, Supervisory Control and Data Acquisition, Distributed Control Systems
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Automotivess, Railways, Medical, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Siemens AG
- ABB Ltd.
- Honeywell
- General Electric Co.
- Schneider Electric SE
- Rockwell Automation Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- HIMA Paul Hildebrandt GmbH
- Endress+Hauser Management AG
- TUV Rheinland
- Omron Corporation
- Yokogawa Electric Corporation
- DEKRA Group
Highlights of The Functional Safety Systems Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Emergency shutdown System
- Turbomachinery Control
- Fire and Gas Monitoring Control
- High Integrity Pressure Protection Systems
- Battery Management Systems
- Supervisory Control and Data Acquisition
- Distributed Control Systems
- By Application:
- Automotivess
- Railways
- Medical
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Functional Safety Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Functional safety systems are a set of engineering and management practices that help ensure the safe operation of industrial plants and systems. They include features such as hazard identification, risk assessment, control strategies, and communication plans. Functional safety systems can help prevent accidents by detecting potential hazards before they cause damage or harm to people or equipment.
Some of the major players in the functional safety systems market are Siemens AG, ABB Ltd., Honeywell, General Electric Co., Schneider Electric SE, Rockwell Automation Inc., Emerson Electric Co., Honeywell International Inc., HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG, TUV Rheinland, Omron Corporation, Yokogawa Electric Corporation, DEKRA Group.
The functional safety systems market is expected to grow at a compound annual growth rate of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Functional Safety Systems Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Functional Safety Systems Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Functional Safety Systems Market - Supply Chain
4.5. Global Functional Safety Systems Market Forecast
4.5.1. Functional Safety Systems Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Functional Safety Systems Market Size (000 Units) and Y-o-Y Growth
4.5.3. Functional Safety Systems Market Absolute $ Opportunity
5. Global Functional Safety Systems Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Functional Safety Systems Market Size and Volume Forecast by Type
5.3.1. Emergency shutdown System
5.3.2. Turbomachinery Control
5.3.3. Fire and Gas Monitoring Control
5.3.4. High Integrity Pressure Protection Systems
5.3.5. Battery Management Systems
5.3.6. Supervisory Control and Data Acquisition
5.3.7. Distributed Control Systems
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Functional Safety Systems Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Functional Safety Systems Market Size and Volume Forecast by Application
6.3.1. Automotivess
6.3.2. Railways
6.3.3. Medical
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Functional Safety Systems Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Functional Safety Systems Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Functional Safety Systems Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Functional Safety Systems Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Functional Safety Systems Demand Share Forecast, 2019-2029
9. North America Functional Safety Systems Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Functional Safety Systems Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Functional Safety Systems Market Size and Volume Forecast by Application
9.4.1. Automotivess
9.4.2. Railways
9.4.3. Medical
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Functional Safety Systems Market Size and Volume Forecast by Type
9.7.1. Emergency shutdown System
9.7.2. Turbomachinery Control
9.7.3. Fire and Gas Monitoring Control
9.7.4. High Integrity Pressure Protection Systems
9.7.5. Battery Management Systems
9.7.6. Supervisory Control and Data Acquisition
9.7.7. Distributed Control Systems
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Functional Safety Systems Demand Share Forecast, 2019-2029
10. Latin America Functional Safety Systems Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Functional Safety Systems Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Functional Safety Systems Market Size and Volume Forecast by Application
10.4.1. Automotivess
10.4.2. Railways
10.4.3. Medical
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Functional Safety Systems Market Size and Volume Forecast by Type
10.7.1. Emergency shutdown System
10.7.2. Turbomachinery Control
10.7.3. Fire and Gas Monitoring Control
10.7.4. High Integrity Pressure Protection Systems
10.7.5. Battery Management Systems
10.7.6. Supervisory Control and Data Acquisition
10.7.7. Distributed Control Systems
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Functional Safety Systems Demand Share Forecast, 2019-2029
11. Europe Functional Safety Systems Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Functional Safety Systems Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Functional Safety Systems Market Size and Volume Forecast by Application
11.4.1. Automotivess
11.4.2. Railways
11.4.3. Medical
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Functional Safety Systems Market Size and Volume Forecast by Type
11.7.1. Emergency shutdown System
11.7.2. Turbomachinery Control
11.7.3. Fire and Gas Monitoring Control
11.7.4. High Integrity Pressure Protection Systems
11.7.5. Battery Management Systems
11.7.6. Supervisory Control and Data Acquisition
11.7.7. Distributed Control Systems
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Functional Safety Systems Demand Share, 2019-2029
12. Asia Pacific Functional Safety Systems Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Functional Safety Systems Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Functional Safety Systems Market Size and Volume Forecast by Application
12.4.1. Automotivess
12.4.2. Railways
12.4.3. Medical
12.4.4. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Functional Safety Systems Market Size and Volume Forecast by Type
12.7.1. Emergency shutdown System
12.7.2. Turbomachinery Control
12.7.3. Fire and Gas Monitoring Control
12.7.4. High Integrity Pressure Protection Systems
12.7.5. Battery Management Systems
12.7.6. Supervisory Control and Data Acquisition
12.7.7. Distributed Control Systems
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Functional Safety Systems Demand Share, 2019-2029
13. Middle East & Africa Functional Safety Systems Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Functional Safety Systems Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Functional Safety Systems Market Size and Volume Forecast by Application
13.4.1. Automotivess
13.4.2. Railways
13.4.3. Medical
13.4.4. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Functional Safety Systems Market Size and Volume Forecast by Type
13.7.1. Emergency shutdown System
13.7.2. Turbomachinery Control
13.7.3. Fire and Gas Monitoring Control
13.7.4. High Integrity Pressure Protection Systems
13.7.5. Battery Management Systems
13.7.6. Supervisory Control and Data Acquisition
13.7.7. Distributed Control Systems
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Functional Safety Systems Demand Share, 2019-2029
14. Competition Landscape
14.1. Global Functional Safety Systems Market: Market Share Analysis
14.2. Functional Safety Systems Distributors and Customers
14.3. Functional Safety Systems Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Siemens AG
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. ABB Ltd.
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Honeywell
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. General Electric Co.
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Schneider Electric SE
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Rockwell Automation Inc.
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Emerson Electric Co.
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Honeywell International Inc.
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. HIMA Paul Hildebrandt GmbH
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Endress+Hauser Management AG
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. TUV Rheinland
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Omron Corporation
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Yokogawa Electric Corporation
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. DEKRA Group
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20.
