Market Overview:
The global functional safety market is expected to grow from USD 9.5 billion in 2018 to USD 16.8 billion by 2030, at a CAGR of 7.0% from 2018 to 2030. The growth of the market can be attributed to the increasing demand for functional safety systems in various applications, such as chemical, food and drink, water and sewage, pharmaceuticals, biotechnology, metals & mining and others. Moreover, the increase in adoption of industrial automation across different industries is also fueling the growth of the global functional safety market.
Product Definition:
Functional safety is the property of a system that ensures that its functions are performed safely, i.e. without unacceptable risk to people, property or the environment. Functional safety is important because it allows systems to be designed and operated with a reduced risk of failure, which can save lives and money.
Emergency shutdown System:
The global emergency shutdown system, it's usage and growth factor in the functional safety market was valued at USD 6.5 billion in 2015. The industry is expected to grow at a CAGR of XX% from 2016 to 2024. The increasing awareness about employee safety coupled with the growing industrial fatalities due to machine/plant malfunction is anticipated to drive demand for emergency shutdown systems over the forecast period.
In an attempt to reduce accidents.
Turbomachinery Control:
Turbomachinery control is a system that monitors and regulates the speed of the turbine. It ensures that the turbine does not exceed its design speed, operating conditions, and load limits. The primary function of this system is to protect the machine from damage due to exceeding limitations such as clutch settings or mechanical wear & tear.
Application Insights:
The other application segment includes oil and gas, pulp and paper, food processing, mining and construction. The water and sewage segment is expected to witness the fastest growth over the forecast period owing to increasing urbanization along with industrialization in developing countries such as India. Latin America functional safety market was valued at USD 281.5 million in 2017 owing to growing demand for electric vehicles (EVs) coupled with rising awareness regarding product benefits among end-users of water services across the region.
Functional safety equipment plays a major role in ensuring that production units operate within designed parameters without causing any damage or loss due to accidents during normal operations or maintenance activities. This equipment also helps prevent human error from occurring while performing routine tasks such as machine monitoring & control, material handling & storage systems etc., which are vital for ensuring safe operations of chemical plants, food processing facilities etc.
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 by various companies for implementing advanced technologies in their production processes. Moreover, increasing demand for automation across numerous industries is anticipated to drive the regional market during the forecast period.
The European functional safety market accounted for a significant share owing to growing awareness about employee health and safety coupled with stringent regulations implemented by OSHA, BSI, CSABA and other organizations pertaining to risk assessment techniques followed by industry participants operating within Europe. However, North America functional safety market is expected witness considerable growth over the forecast period owing to increasing adoption of Distributed Control Systems (DCS) technology across several industrial applications such as manufacturing facilities and power plants among others.
Growth Factors:
- Increasing demand for safety-critical systems in automotive and aerospace industries
- Proliferation of Internet of Things (IoT) and connected devices, which are prone to cyber-attacks
- Stringent government regulations for functional safety across different industries
- Growing demand for automation and digitalization in manufacturing sector
- Emergence of new technologies such as artificial intelligence (AI) and machine learning
Scope Of The Report
Report Attributes
Report Details
Report Title
Functional Safety 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
Chemical, Food And Drink, Water And Sewage, Pharmaceuticals, Biotechnology, Metals & Mining, Other
By Companies
Siemens, ABB, Honeywell, General Electric, Schneider Electric, Rockwell Automation, Emerson Electric, Honeywell International, HIMA Paul Hildebrandt, Endress+Hauser Management, TUV Rheinland, Omron, Yokogawa Electric, DEKRA
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
231
Number of Tables & Figures
162
Customization Available
Yes, the report can be customized as per your need.
Global Functional Safety Market Report Segments:
The global Functional Safety 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
Chemical, Food And Drink, Water And Sewage, Pharmaceuticals, Biotechnology, Metals & Mining, Other
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
- Honeywell
- General Electric
- Schneider Electric
- Rockwell Automation
- Emerson Electric
- Honeywell International
- HIMA Paul Hildebrandt
- Endress+Hauser Management
- TUV Rheinland
- Omron
- Yokogawa Electric
- DEKRA
Highlights of The Functional Safety 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:
- Chemical
- Food And Drink
- Water And Sewage
- Pharmaceuticals
- Biotechnology
- Metals & Mining
- Other
- 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 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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- Correctly Positioning New Products
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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 is a system-level approach to ensuring the safe operation of systems. It encompasses the design, testing and implementation of controls and procedures that protect people, equipment and property from potential hazards. Functional safety is an essential part of any industrial or commercial process where there are potential interactions between people, machines or other systems.
Some of the major companies in the functional safety market are Siemens, ABB, Honeywell, General Electric, Schneider Electric, Rockwell Automation, Emerson Electric, Honeywell International, HIMA Paul Hildebrandt, Endress+Hauser Management, TUV Rheinland, Omron, Yokogawa Electric, DEKRA.
The functional safety market is expected to grow at a compound annual growth rate of 7%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Functional Safety 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 Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Functional Safety 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 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 Market Size & Forecast, 2020-2028 4.5.1 Functional Safety Market Size and Y-o-Y Growth 4.5.2 Functional Safety Market Absolute $ Opportunity
Chapter 5 Global 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 Market Size Forecast by Type
5.2.1 Emergency shutdown System
5.2.2 Turbomachinery Control
5.2.3 Fire and Gas Monitoring Control
5.2.4 High Integrity Pressure Protection Systems
5.2.5 Battery Management Systems
5.2.6 Supervisory Control and Data Acquisition
5.2.7 Distributed Control Systems
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global 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 Market Size Forecast by Applications
6.2.1 Chemical
6.2.2 Food And Drink
6.2.3 Water And Sewage
6.2.4 Pharmaceuticals
6.2.5 Biotechnology
6.2.6 Metals & Mining
6.2.7 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Functional Safety 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 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 Analysis and Forecast
9.1 Introduction
9.2 North America 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 Market Size Forecast by Type
9.6.1 Emergency shutdown System
9.6.2 Turbomachinery Control
9.6.3 Fire and Gas Monitoring Control
9.6.4 High Integrity Pressure Protection Systems
9.6.5 Battery Management Systems
9.6.6 Supervisory Control and Data Acquisition
9.6.7 Distributed Control Systems
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 Market Size Forecast by Applications
9.10.1 Chemical
9.10.2 Food And Drink
9.10.3 Water And Sewage
9.10.4 Pharmaceuticals
9.10.5 Biotechnology
9.10.6 Metals & Mining
9.10.7 Other
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 Analysis and Forecast
10.1 Introduction
10.2 Europe 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 Market Size Forecast by Type
10.6.1 Emergency shutdown System
10.6.2 Turbomachinery Control
10.6.3 Fire and Gas Monitoring Control
10.6.4 High Integrity Pressure Protection Systems
10.6.5 Battery Management Systems
10.6.6 Supervisory Control and Data Acquisition
10.6.7 Distributed Control Systems
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 Market Size Forecast by Applications
10.10.1 Chemical
10.10.2 Food And Drink
10.10.3 Water And Sewage
10.10.4 Pharmaceuticals
10.10.5 Biotechnology
10.10.6 Metals & Mining
10.10.7 Other
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 Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific 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 Market Size Forecast by Type
11.6.1 Emergency shutdown System
11.6.2 Turbomachinery Control
11.6.3 Fire and Gas Monitoring Control
11.6.4 High Integrity Pressure Protection Systems
11.6.5 Battery Management Systems
11.6.6 Supervisory Control and Data Acquisition
11.6.7 Distributed Control Systems
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 Market Size Forecast by Applications
11.10.1 Chemical
11.10.2 Food And Drink
11.10.3 Water And Sewage
11.10.4 Pharmaceuticals
11.10.5 Biotechnology
11.10.6 Metals & Mining
11.10.7 Other
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 Analysis and Forecast
12.1 Introduction
12.2 Latin America 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 Market Size Forecast by Type
12.6.1 Emergency shutdown System
12.6.2 Turbomachinery Control
12.6.3 Fire and Gas Monitoring Control
12.6.4 High Integrity Pressure Protection Systems
12.6.5 Battery Management Systems
12.6.6 Supervisory Control and Data Acquisition
12.6.7 Distributed Control Systems
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 Market Size Forecast by Applications
12.10.1 Chemical
12.10.2 Food And Drink
12.10.3 Water And Sewage
12.10.4 Pharmaceuticals
12.10.5 Biotechnology
12.10.6 Metals & Mining
12.10.7 Other
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) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) 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) Market Size Forecast by Type
13.6.1 Emergency shutdown System
13.6.2 Turbomachinery Control
13.6.3 Fire and Gas Monitoring Control
13.6.4 High Integrity Pressure Protection Systems
13.6.5 Battery Management Systems
13.6.6 Supervisory Control and Data Acquisition
13.6.7 Distributed Control Systems
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) Market Size Forecast by Applications
13.10.1 Chemical
13.10.2 Food And Drink
13.10.3 Water And Sewage
13.10.4 Pharmaceuticals
13.10.5 Biotechnology
13.10.6 Metals & Mining
13.10.7 Other
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 Market: Competitive Dashboard
14.2 Global Functional Safety 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 Honeywell
14.3.4 General Electric
14.3.5 Schneider Electric
14.3.6 Rockwell Automation
14.3.7 Emerson Electric
14.3.8 Honeywell International
14.3.9 HIMA Paul Hildebrandt
14.3.10 Endress+Hauser Management
14.3.11 TUV Rheinland
14.3.12 Omron
14.3.13 Yokogawa Electric
14.3.14 DEKRA