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Global Functional Safety Market: By Device Type: Safety Sensors, Safety controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Others; By Safety Systems; By End-User Industry; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Functional Safety Market Outlook
The global functional safety market is being driven by increasing number of manufacturing units in emerging economies such as India and China that allows the functional safety industry to thrive and evolve. Thus, the market is projected to grow at a CAGR of 8.4% during the forecast period of 2023-2028.
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Increasing Usage of Industrial Internet of Things to Augment the Market Growth
The Industrial Internet of Things (IIoT) is opening up new possibilities for integrated safety and compliance services. Sensors that detect pressure, level, flow, temperature, and vibration can be used by the Industrial Internet of Things to gather data and communicate it to monitoring systems. The data is sent over wired and wireless networks, allowing for real-time analysis, alarms, and potential remedies in the event of an emergency.
Companies can link their operations with safety systems and monitor them in real time using the Industrial Internet of Things. IIoT allows for fast monitoring, analysis, and control, as well as virtual administration of physical systems, resulting in improved performance. All these factors are expected to propel the growth of the functional safety market growth during the forecast period.
The Asia Pacific to Significantly Contribute Toward the Growth of the Functional Safety Industry
During the projected period, the functional safety market in the Asia Pacific is predicted to develop at the fastest rate. Increased industrialisation in emerging economies like China and India is expected to most likely fuel this rise. The market in this area is growing due to the greater acceptance of worldwide functional safety requirements. Rapid industrialisation, increasing industrial emphasis, organisational, functional safety, and the impact of multinational firms in implementing safety systems are further propelling the market in APAC forward. Furthermore, the increasing number of power projects to meet the increased demand for energy has accelerated the deployment of functional safety systems at plant locations, such as burner management and fire and gas systems. With the growing industrialisation, the usage of safety automation solutions in manufacturing industries in this area is expanding considerably, adding to the market development.
Functional Safety: Market Segmentation
Functional safety is a secondary safety feature that guarantees a safe and orderly shutdown of processing units in the event of a plant's unexpected condition. Functional safety is becoming more essential in a variety of industries, including oil and gas, chemicals, power generation, food and beverage, pharmaceuticals, metals and mining, water and wastewater treatment, and many more.
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On the basis of device type, functional safety industry is segmented into:
- Safety Sensors
- Safety controllers/Modules/Relays
- Safety Switches
- Programmable Safety Systems
- Emergency Stop Devices
- Final Control Elements
- Others
Based on safety systems, functional safety industry is categorised into:
- Burner Management System
- Turbomachinery Control System
- High-Integrity Pressure Protection Systems
- Fire and Gas Monitoring Control System
- Emergency Shutdown Systems
- Supervisory Control and Data Acquisition System
- Distributed Control System
On the basis of end-user Industry, the market is segmented into:
- Oil and Gas
- Power Generation
- Food and Beverage
- Pharmaceutical
- Automotive
- Others
The major regional markets of functional safety are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Focus on Fiscal Policy Steps by Regional Financial Institutions to Bolster the Growth of the Functional Safety Industry
Many nations have already begun to create recovery strategies in response to the economic crisis caused by the COVID-19 epidemic. The United States has enacted the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which allocates USD 2 trillion to five categories: individuals/families, large enterprises, small businesses, state and local governments, and public services. Manufacturing operations have a direct impact on the need for functional safety goods and solutions. Various government initiatives across the globe are expected to drive the functional safety industry growth.
Key Industry Players in the Global Functional Safety Market
The report gives a detailed analysis of the following key players in the global functional safety market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Rockwell Automation Inc.
- Emerson Electric Company
- Honeywell International Inc.
- Yokogawa Electric Corporation
- ABB Ltd.
- Schneider Electric SE
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Device Type, Safety Systems, End-User Industry, Region |
| Breakup by Device Type | Safety Sensors, Safety controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, Others |
| Breakup by Safety Systems | Burner Management System, Turbomachinery Control System, High-Integrity Pressure Protection Systems, Fire and Gas Monitoring Control System, Emergency Shutdown Systems, Supervisory Control and Data Acquisition System, Distributed Control System |
| Breakup by End-User Industry | Oil and Gas, Power Generation, Food and Beverage, Pharmaceutical, Automotive, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd., Schneider Electric SE, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Functional Safety Market Analysis
8.1 Key Industry Highlights
8.2 Global Functional Safety Historical Market (2018-2022)
8.3 Global Functional Safety Market Forecast (2023-2028)
8.4 Global Functional Safety Market by Device Type
8.4.1 Safety Sensors
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Safety controllers/Modules/Relays
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Safety Switches
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Programmable Safety Systems
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Emergency Stop Devices
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Final Control Elements
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.4.7 Others
8.5 Global Functional Safety Market by Safety Systems
8.5.1 Burner Management System
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Turbomachinery Control System
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 High-Integrity Pressure Protection Systems
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Fire and Gas Monitoring Control System
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Emergency Shutdown Systems
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
8.5.6 Supervisory Control and Data Acquisition System
8.5.6.1 Market Share
8.5.6.2 Historical Trend (2018-2022)
8.5.6.3 Forecast Trend (2023-2028)
8.5.7 Distributed Control System
8.5.7.1 Market Share
8.5.7.2 Historical Trend (2018-2022)
8.5.7.3 Forecast Trend (2023-2028)
8.6 Global Functional Safety Market by End-User Industry
8.6.1 Oil and Gas
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Power Generation
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Food and Beverage
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Pharmaceutical
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Automotive
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
8.6.6 Others
8.7 Global Functional Safety Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Functional Safety Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Functional Safety Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Functional Safety Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Functional Safety Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Functional Safety Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Rockwell Automation Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Emerson Electric Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Honeywell International Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Yokogawa Electric Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 ABB Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Schneider Electric SE
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Functional Safety Market: Key Industry Highlights, 2018 and 2028
2. Global Functional Safety Historical Market: Breakup by Device Type (USD Billion), 2018-2022
3. Global Functional Safety Market Forecast: Breakup by Device Type (USD Billion), 2023-2028
4. Global Functional Safety Historical Market: Breakup by Safety Systems (USD Billion), 2018-2022
5. Global Functional Safety Market Forecast: Breakup by Safety Systems (USD Billion), 2023-2028
6. Global Functional Safety Historical Market: Breakup by End-User Industry (USD Billion), 2018-2022
7. Global Functional Safety Market Forecast: Breakup by End-User Industry (USD Billion), 2023-2028
8. Global Functional Safety Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Functional Safety Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Functional Safety Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Functional Safety Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Functional Safety Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Functional Safety Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Functional Safety Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Functional Safety Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Functional Safety Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Functional Safety Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Functional Safety Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Functional Safety Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Functional Safety Market Structure
Key Questions Answered in the Report
The global functional safety market is projected to grow at a CAGR of 8.4% between 2021 and 2026.
The major drivers of the industry, such as strict mandates for safety regulations, surging demand for safety systems in the oil and gas industry, and high requirement for reliable safety systems to ensure personnel and asset protection, are expected to aid the market growth.
The key market trends guiding the growth of the industry include increased usage of Industrial Internet of Things.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different device types available in the industry are safety sensors, safety controllers/modules/relays, safety switches, programmable safety systems, emergency stop devices, and final control elements, among others.
The various safety systems available in the industry are burner management system, turbomachinery control system, high-integrity pressure protection systems, fire and gas monitoring control system, emergency shutdown systems, supervisory control and data acquisition system, and distributed control system.
The significant end-user industries of functional safety are oil and gas, power generation, food and beverage, pharmaceutical, and automotive, among others.
The major players in the industry are Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd., Schneider Electric SE, among others.
Analyst Review
The global functional safety market is driven by the surging demand for safety systems in the oil and gas industry. Aided by the increasing number of manufacturing units in emerging economies such as India and China that allows the functional safety industry to thrive and evolve, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 8.4%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its device types, the functional safety industry can be segmented into safety sensors, safety controllers/modules/relays, safety switches, programmable safety systems, emergency stop devices, and final control elements, among others. On the basis of safety systems, the market is segmented into burner management system, turbomachinery control system, high-integrity pressure protection systems, fire and gas monitoring control system, emergency shutdown systems, supervisory control and data acquisition system, and distributed control system. By end-user industries, the market is divided into oil and gas, power generation, food and beverage, pharmaceutical, and automotive, among others. The major regional markets for functional safety are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd., and Schneider Electric SE, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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