Market Overview:
The global functional safety device market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for safety devices in various end-use industries, such as automotive, rail transit, chemical engineering, oil and gas, medical and electric power. Additionally, the growing awareness about functional safety among end users is also contributing to the growth of this market. On the basis of type, the global functional safety device market can be segmented into:safety sensors;safety PLCs;safety relays;safe actuators;safety switches;and others. Of these segments, safe actuators are expected to witness highest growth during the forecast period owing to their increasing use in various industrial applications. On the basis of application,the global functional safety device market can be segmented into:automotive industry;rail transit industry;chemical engineering industry ;oil and gas industry ;medical sector ;electric power sector ;elevator escalator sector ;and others . Among these segments , automotive and rail transit industries are expected to witness highest growth during th eforecast period owing t o t heir growing demand for safet y dev ices across th e world .
Product Definition:
A Functional Safety Device is a safety-critical electronic device that helps to ensure the safe operation of machinery or equipment. These devices are used in applications where the failure of a single component could result in injury or death. The importance of Functional Safety Devices cannot be overstated, as their failure could lead to disaster.
Safety Sensors:
Safety sensors are used in the functional safety device (FSD) market to monitor and detect hazardous situations and take preventive measures. They can be classified into proximity, position, flow, temperature/heat, pressure/vacuum and other sensors.
Safety PLCs:
Safety PLCs are Programmable Logic Controllers that are used in Functional Safety Device. They have wide range of applications such as medical devices, industrial control systems, and automotive safety. The market for safety PLC is expected to witness significant growth over the forecast period owing to increasing need for automation in industries coupled with growing awareness regarding personal protection from hazardous situations.
Functional Safety Devices (FSD) ensure system integrity by detecting.
Application Insights:
The market is segmented by application into automobile, rail transit, chemical engineering, oil and gas, medical electric power elevator/escalator/moving walkways safety valves other industries. The automobile application segment dominated the global functional safety device market in 2017 owing to the increasing need for vehicle automation across the globe. This can be attributed to a rise in road accidents and deaths caused due to human error. As a result of this increase in risk factor among other factors such as aging population & changing lifestyles coupled with government initiatives such as NHTSA¢â‚¬â„¢s TOP SAFE 2015 program has driven demand for these devices globally.
Functional safety plays an important role during automotive manufacturing process from raw material procurement till final delivery of vehicles on roads or rails Functional Safety Devices (FSD) ensure that all operations are performed properly which includes material handling equipment selection design installation testing.
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 rising investments in various industries, such as chemical, oil and gas, electric power sector. In addition, increasing industrial accidents are also anticipated to drive demand for these devices across Asia Pacific. According to OSHA 2016 data on workplace fatalities; there were 1,078 construction industry workers killed due to workplace injuries from 2011 through 2015 (OSHA 2016). Moreover, growing awareness regarding employee safety is further anticipated boost regional demand for functional safety device during the forecast period.
The North America market was valued at USD X million in 2017 and is projected grow at a CAGR of XX% over the forecast period owing to stringent government regulations pertaining employee health & safety coupled with rapid technological advancements across several end-use industries including manufacturing facilities.
Growth Factors:
- Increasing demand for safety-critical systems in automotive and aerospace industries
- Proliferation of Internet of Things (IoT) and connected devices
- Stringent government regulations for safety-critical systems
- Growing demand for semiconductor products in automotive and industrial applications
- Advancements in technology that improve the performance, reliability, and security of functional safety devices
Scope Of The Report
Report Attributes
Report Details
Report Title
Functional Safety Device Market Research Report
By Type
Safety Sensors, Safety PLCs, Safety Relays, Safety Valve, Safe Actuator, Safety Switches, Others
By Application
Automobile, Rail Transit, Chemical Engineering, Oil and Gas, Medical, Electric Power, Elevator Escalator, Others
By Companies
Siemens, ABB, Schneider, Honeywell, Rockwell Automation, Mitsubishi Electric, Emerson, Yokogawa Electric, GE, Omron, Siemens, SICK, PILZ, HIMA Paul Hildebrandt, Endress+Hauser, Eaton
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
179
Number of Tables & Figures
126
Customization Available
Yes, the report can be customized as per your need.
Global Functional Safety Device Market Report Segments:
The global Functional Safety Device market is segmented on the basis of:
Types
Safety Sensors, Safety PLCs, Safety Relays, Safety Valve, Safe Actuator, Safety Switches, Others
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
Automobile, Rail Transit, Chemical Engineering, Oil and Gas, Medical, Electric Power, Elevator Escalator, 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
- ABB
- Schneider
- Honeywell
- Rockwell Automation
- Mitsubishi Electric
- Emerson
- Yokogawa Electric
- GE
- Omron
- Siemens
- SICK
- PILZ
- HIMA Paul Hildebrandt
- Endress+Hauser
- Eaton
Highlights of The Functional Safety Device 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:
- Safety Sensors
- Safety PLCs
- Safety Relays
- Safety Valve
- Safe Actuator
- Safety Switches
- Others
- By Application:
- Automobile
- Rail Transit
- Chemical Engineering
- Oil and Gas
- Medical
- Electric Power
- Elevator Escalator
- 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 Device 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?
A functional safety device (FSD) is a component of an industrial control system that monitors and controls the safe operation of the system. FSDs are used to prevent or mitigate potential hazards, including machine failures, injuries, and environmental disasters.
Some of the major companies in the functional safety device market are Siemens, ABB, Schneider, Honeywell, Rockwell Automation, Mitsubishi Electric, Emerson, Yokogawa Electric, GE, Omron, Siemens, SICK, PILZ, HIMA Paul Hildebrandt, Endress+Hauser, Eaton.
The functional safety device market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Functional Safety Device Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Functional Safety Device Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Functional Safety Device Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Functional Safety Device Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Functional Safety Device Market Size & Forecast, 2018-2028
4.5.1 Functional Safety Device Market Size and Y-o-Y Growth
4.5.2 Functional Safety Device Market Absolute $ Opportunity
Chapter 5 Global Functional Safety Device Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Functional Safety Device Market Size Forecast by Type
5.2.1 Safety Sensors
5.2.2 Safety PLCs
5.2.3 Safety Relays
5.2.4 Safety Valve
5.2.5 Safe Actuator
5.2.6 Safety Switches
5.2.7 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Functional Safety Device Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Functional Safety Device Market Size Forecast by Applications
6.2.1 Automobile
6.2.2 Rail Transit
6.2.3 Chemical Engineering
6.2.4 Oil and Gas
6.2.5 Medical
6.2.6 Electric Power
6.2.7 Elevator Escalator
6.2.8 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Functional Safety Device Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Functional Safety Device Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Functional Safety Device Analysis and Forecast
9.1 Introduction
9.2 North America Functional Safety Device Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Functional Safety Device Market Size Forecast by Type
9.6.1 Safety Sensors
9.6.2 Safety PLCs
9.6.3 Safety Relays
9.6.4 Safety Valve
9.6.5 Safe Actuator
9.6.6 Safety Switches
9.6.7 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Functional Safety Device Market Size Forecast by Applications
9.10.1 Automobile
9.10.2 Rail Transit
9.10.3 Chemical Engineering
9.10.4 Oil and Gas
9.10.5 Medical
9.10.6 Electric Power
9.10.7 Elevator Escalator
9.10.8 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Functional Safety Device Analysis and Forecast
10.1 Introduction
10.2 Europe Functional Safety Device Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Functional Safety Device Market Size Forecast by Type
10.6.1 Safety Sensors
10.6.2 Safety PLCs
10.6.3 Safety Relays
10.6.4 Safety Valve
10.6.5 Safe Actuator
10.6.6 Safety Switches
10.6.7 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Functional Safety Device Market Size Forecast by Applications
10.10.1 Automobile
10.10.2 Rail Transit
10.10.3 Chemical Engineering
10.10.4 Oil and Gas
10.10.5 Medical
10.10.6 Electric Power
10.10.7 Elevator Escalator
10.10.8 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Functional Safety Device Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Functional Safety Device Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Functional Safety Device Market Size Forecast by Type
11.6.1 Safety Sensors
11.6.2 Safety PLCs
11.6.3 Safety Relays
11.6.4 Safety Valve
11.6.5 Safe Actuator
11.6.6 Safety Switches
11.6.7 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Functional Safety Device Market Size Forecast by Applications
11.10.1 Automobile
11.10.2 Rail Transit
11.10.3 Chemical Engineering
11.10.4 Oil and Gas
11.10.5 Medical
11.10.6 Electric Power
11.10.7 Elevator Escalator
11.10.8 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Functional Safety Device Analysis and Forecast
12.1 Introduction
12.2 Latin America Functional Safety Device Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Functional Safety Device Market Size Forecast by Type
12.6.1 Safety Sensors
12.6.2 Safety PLCs
12.6.3 Safety Relays
12.6.4 Safety Valve
12.6.5 Safe Actuator
12.6.6 Safety Switches
12.6.7 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Functional Safety Device Market Size Forecast by Applications
12.10.1 Automobile
12.10.2 Rail Transit
12.10.3 Chemical Engineering
12.10.4 Oil and Gas
12.10.5 Medical
12.10.6 Electric Power
12.10.7 Elevator Escalator
12.10.8 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Functional Safety Device Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Functional Safety Device Market Size 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 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Functional Safety Device Market Size Forecast by Type
13.6.1 Safety Sensors
13.6.2 Safety PLCs
13.6.3 Safety Relays
13.6.4 Safety Valve
13.6.5 Safe Actuator
13.6.6 Safety Switches
13.6.7 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Functional Safety Device Market Size Forecast by Applications
13.10.1 Automobile
13.10.2 Rail Transit
13.10.3 Chemical Engineering
13.10.4 Oil and Gas
13.10.5 Medical
13.10.6 Electric Power
13.10.7 Elevator Escalator
13.10.8 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Functional Safety Device Market: Competitive Dashboard
14.2 Global Functional Safety Device Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Siemens
14.3.2 ABB
14.3.3 Schneider
14.3.4 Honeywell
14.3.5 Rockwell Automation
14.3.6 Mitsubishi Electric
14.3.7 Emerson
14.3.8 Yokogawa Electric
14.3.9 GE
14.3.10 Omron
14.3.11 Siemens
14.3.12 SICK
14.3.13 PILZ
14.3.14 HIMA Paul Hildebrandt
14.3.15 Endress+Hauser
14.3.16 Eaton
