According to the latest report by IMARC Group, “Global Functional Safety Market Analysis: Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global functional safety market reached a value of US$ 4.67 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.29 Billion by 2027, exhibiting a CAGR of 11.60% during 2022-2027.
Functional safety is a type of safety system that depends on automatic protection. It safeguards equipment and plants by using several types of safety-related systems, such as Basic Process Control Systems (BPCS), Safety Instrumented Systems (SIS), Burner Management System (BMS), etc. Functional safety helps to detect physical or systemic redundancy and ensures a transition to a safe state that prevents the prevailing risk caused by faults in the electronic systems. Consequently, it finds widespread applications across various sectors, including oil and gas, pharmaceutical, automotive, food and beverage (F&B), etc.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
| Report Metric |
| Historical: 2016-2021 |
| Base Year: 2021 |
| Forecast Year: 2022-2027 |
Functional Safety Market Trends and Drivers:
The growing demand for safety systems for personnel and asset protection, owing to the implementation of stringent regulations by government bodies, is primarily driving the functional safety market. Besides this, inflating usage of the industrial internet of things (IIoT), alternatively known as Industry 4.0, for enhanced efficiency and reliability in operations is acting as another significant growth-inducing factor.
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In line with this, the elevating need for cyber-physical systems (CPS), which are a key concept of Industry 4.0, is also augmenting the market growth. Additionally, the rising utilization of sensor switches in industrial devices and applications to prevent accidental contact with live electrical connection and the expanding number of power projects for meeting the increasing energy requirements across countries are anticipated to catalyze the functional safety market over the forecasted period.
Global Functional Safety Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., Intel Corporation, Johnson Controls, OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation.
The report has segmented the market on the basis of region, device type, safety system and end use industry.
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 System:
- Burner Management System (BMS)
- Turbomachinery Control System (TMC)
- High-Integrity Pressure Protection System (HIPPS)
- Fire and Gas Monitoring Control System
- Emergency Shutdown System (ESD)
- Supervisory Control and Data Acquisition System (SCADA)
- Distributed Control System (DCS)
Breakup by End Use Industry:
- Oil and Gas
- Power Generation
- Food and Beverage
- Pharmaceutical
- Automotive
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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