Functional Safety Market By Device Type, By Safety System, By Industry Verticals : Global Opportunity Analysis and Industry Forecast, 2023-2032

List of Tables

The global functional safety market was valued at $5.5 billion in 2022, and is projected to reach $14.7 billion by 2032, growing at a CAGR of 10.5% from 2023 to 2032.

Functional safety is a multidisciplinary approach applied across industries such as pharmaceuticals, process control, mining, power generation, and oil and gas, with the primary aim of preventing physical harm or damage to individuals and communities due to environmental factors or system failures. It involves implementing automatic mechanisms within systems to mitigate or prevent harm during unexpected events or failures, ensuring safe operation even under adverse conditions.

The growing complexity of systems emerges as a significant driver in the functional safety market, given its direct correlation with increased risks of failures and hazards. As industries adopt advanced technologies and interconnected systems, the potential for malfunctions or errors also rises exponentially. This heightened complexity underscores the necessity of implementing robust functional safety measures to mitigate risks and ensure operational reliability. Companies across various sectors recognize the importance of investing in comprehensive safety solutions to safeguard personnel, assets, and the environment against potential hazards. Therefore, the increase in system complexity serves as a powerful driver for the adoption of functional safety practices and solutions, fueling continual demand and innovation in the market.

However, limited skilled workforce presents a significant restraint in the functional safety market. The shortage of professionals with expertise in functional safety standards and methodologies poses challenges for businesses seeking to implement and maintain effective safety solutions. As industries across automotive, aerospace, healthcare, and manufacturing sectors increasingly prioritize safety compliance, the demand for skilled professional's adept in functional safety practices continues to rise. However, limited availability of trained personnel capable of managing complex safety standards and protocols hampers the widespread adoption of functional safety solutions. This scarcity not only slows down the implementation process but also increases operational costs and diminishes the overall effectiveness of safety initiatives. Consequently, addressing the shortage of skilled workforce remains a critical challenge for the functional safety market, impeding its growth and development.

Moreover, cross-industry collaboration presents a significant opportunity in the functional safety market. By Promoting partnerships between industries, academia, and regulatory bodies, organizations can leverage diverse expertise and resources to drive innovation and develop more efficient and cost-effective functional safety solutions. Through collaboration, stakeholders can share insights, best practices, and technological advancements, accelerating the development and adoption of safety standards and protocols. Furthermore, collaborative initiatives enable the pooling of resources for research and development, promoting the exploration of novel approaches to address evolving safety challenges across industries. By boosting a culture of collaboration and knowledge-sharing, cross-industry partnerships pave the way for the co-creation of comprehensive safety solutions that enhance operational efficiency, mitigate risks, and ensure compliance with regulatory requirements. As organizations recognize the value of collaboration, they unlock new opportunities to drive sustainable growth and innovation in the functional safety market.

The functional safety market is segmented into device type, safety system, industry vertical, and region. By device type, the functional safety market is divided into safety controllers/modules/relays, programmable safety systems (PSS), safety sensors, emergency stop devices, final control elements (valves, actuators), and others. By safety system, the market is classified into emergency shutdown systems (ESD), burner management systems (BMS), high-integrity pressure protection systems (HIPPS), turbomachinery control (TMC) systems, fire and gas monitoring control systems, and supervisory control and data acquisition (SCADA) systems. By industry vertical, the market is fragmented into oil and gas, power generation, food and beverage, pharmaceutical, automotive, and others. By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Chile, Argentina, rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, rest of MEA).

The major companies profiled in the report include Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Mitsubishi Electric Corporation, and Omron Corporation.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the functional safety market analysis from 2022 to 2032 to identify the prevailing functional safety market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the functional safety market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global functional safety market trends, key players, market segments, application areas, and market growth strategies.

Additional benefits you will get with this purchase are:

Quarterly Update and* (only available with a corporate license, on listed price)
5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
Free Upcoming Version on the Purchase of Five and Enterprise User License.
16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
Free data Pack on the Five and Enterprise User License. (Excel version of the report)
Free Updated report if the report is 6-12 months old or older.
24-hour priority response*
Free Industry updates and white papers.

Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)

Product Benchmarking / Product specification and applications
Product Life Cycle
Supply Chain Analysis & Vendor Margins
Upcoming/New Entrant by Regions
Market share analysis of players by products/segments
New Product Development/ Product Matrix of Key Players
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Expanded list for Company Profiles
Historic market data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
Market share analysis of players at global/region/country level

Key Market Segments

By Device Type

Safety Controllers/Modules/Relays
Programmable Safety Systems
Safety Sensors
Emergency Stop Devices
Final Control Elements (Valves, Actuators)
Others

By Safety System

Emergency Shutdown Systems (ESD)
Burner Management Systems (BMS)
High-Integrity Pressure Protection Systems (HIPPS)
Turbomachinery Control (TMC) Systems
Fire and Gas Monitoring Control Systems
Supervisory Control and Data Acquisition (SCADA) Systems

By Industry Verticals

Oil and Gas
Power Generation
Food and Beverage
Pharmaceutical
Automotive
Others

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Argentina
- Chile
- Rest of Latin America
Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East And Africa

Key Market Players:

Rockwell Automation Inc.
Emerson Electric Company
Honeywell International Inc.
Yokogawa Electric Corporation
ABB Ltd.
Siemens AG
Schneider Electric SE
General Electric Company
Mitsubishi Electric Corporation
Omron Corporation.

Product Code: A12963

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities

CHAPTER 4: FUNCTIONAL SAFETY MARKET, BY DEVICE TYPE

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Safety Controllers/Modules/Relays
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Programmable Safety Systems
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Safety Sensors
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
4.5. Emergency Stop Devices
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
4.6. Final Control Elements (Valves, Actuators)
- 4.6.1. Key market trends, growth factors and opportunities
- 4.6.2. Market size and forecast, by region
- 4.6.3. Market share analysis by country
4.7. Others
- 4.7.1. Key market trends, growth factors and opportunities
- 4.7.2. Market size and forecast, by region
- 4.7.3. Market share analysis by country

CHAPTER 5: FUNCTIONAL SAFETY MARKET, BY SAFETY SYSTEM

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Emergency Shutdown Systems (ESD)
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Burner Management Systems (BMS)
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. High-Integrity Pressure Protection Systems (HIPPS)
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
5.5. Turbomachinery Control (TMC) Systems
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
5.6. Fire and Gas Monitoring Control Systems
- 5.6.1. Key market trends, growth factors and opportunities
- 5.6.2. Market size and forecast, by region
- 5.6.3. Market share analysis by country
5.7. Supervisory Control and Data Acquisition (SCADA) Systems
- 5.7.1. Key market trends, growth factors and opportunities
- 5.7.2. Market size and forecast, by region
- 5.7.3. Market share analysis by country

CHAPTER 6: FUNCTIONAL SAFETY MARKET, BY INDUSTRY VERTICALS

6.1. Overview
- 6.1.1. Market size and forecast
6.2. Oil and Gas
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
6.3. Power Generation
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
6.4. Food and Beverage
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
6.5. Pharmaceutical
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
6.6. Automotive
- 6.6.1. Key market trends, growth factors and opportunities
- 6.6.2. Market size and forecast, by region
- 6.6.3. Market share analysis by country
6.7. Others
- 6.7.1. Key market trends, growth factors and opportunities
- 6.7.2. Market size and forecast, by region
- 6.7.3. Market share analysis by country

CHAPTER 7: FUNCTIONAL SAFETY MARKET, BY REGION

7.1. Overview
- 7.1.1. Market size and forecast By Region
7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Device Type
- 7.2.3. Market size and forecast, by Safety System
- 7.2.4. Market size and forecast, by Industry Verticals
- 7.2.5. Market size and forecast, by country
  - 7.2.5.1. U.S.
  - 7.2.5.1.1. Market size and forecast, by Device Type
  - 7.2.5.1.2. Market size and forecast, by Safety System
  - 7.2.5.1.3. Market size and forecast, by Industry Verticals
  - 7.2.5.2. Canada
  - 7.2.5.2.1. Market size and forecast, by Device Type
  - 7.2.5.2.2. Market size and forecast, by Safety System
  - 7.2.5.2.3. Market size and forecast, by Industry Verticals
  - 7.2.5.3. Mexico
  - 7.2.5.3.1. Market size and forecast, by Device Type
  - 7.2.5.3.2. Market size and forecast, by Safety System
  - 7.2.5.3.3. Market size and forecast, by Industry Verticals
7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Device Type
- 7.3.3. Market size and forecast, by Safety System
- 7.3.4. Market size and forecast, by Industry Verticals
- 7.3.5. Market size and forecast, by country
  - 7.3.5.1. UK
  - 7.3.5.1.1. Market size and forecast, by Device Type
  - 7.3.5.1.2. Market size and forecast, by Safety System
  - 7.3.5.1.3. Market size and forecast, by Industry Verticals
  - 7.3.5.2. Germany
  - 7.3.5.2.1. Market size and forecast, by Device Type
  - 7.3.5.2.2. Market size and forecast, by Safety System
  - 7.3.5.2.3. Market size and forecast, by Industry Verticals
  - 7.3.5.3. France
  - 7.3.5.3.1. Market size and forecast, by Device Type
  - 7.3.5.3.2. Market size and forecast, by Safety System
  - 7.3.5.3.3. Market size and forecast, by Industry Verticals
  - 7.3.5.4. Rest of Europe
  - 7.3.5.4.1. Market size and forecast, by Device Type
  - 7.3.5.4.2. Market size and forecast, by Safety System
  - 7.3.5.4.3. Market size and forecast, by Industry Verticals
7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Device Type
- 7.4.3. Market size and forecast, by Safety System
- 7.4.4. Market size and forecast, by Industry Verticals
- 7.4.5. Market size and forecast, by country
  - 7.4.5.1. China
  - 7.4.5.1.1. Market size and forecast, by Device Type
  - 7.4.5.1.2. Market size and forecast, by Safety System
  - 7.4.5.1.3. Market size and forecast, by Industry Verticals
  - 7.4.5.2. Japan
  - 7.4.5.2.1. Market size and forecast, by Device Type
  - 7.4.5.2.2. Market size and forecast, by Safety System
  - 7.4.5.2.3. Market size and forecast, by Industry Verticals
  - 7.4.5.3. India
  - 7.4.5.3.1. Market size and forecast, by Device Type
  - 7.4.5.3.2. Market size and forecast, by Safety System
  - 7.4.5.3.3. Market size and forecast, by Industry Verticals
  - 7.4.5.4. South Korea
  - 7.4.5.4.1. Market size and forecast, by Device Type
  - 7.4.5.4.2. Market size and forecast, by Safety System
  - 7.4.5.4.3. Market size and forecast, by Industry Verticals
  - 7.4.5.5. Rest of Asia-Pacific
  - 7.4.5.5.1. Market size and forecast, by Device Type
  - 7.4.5.5.2. Market size and forecast, by Safety System
  - 7.4.5.5.3. Market size and forecast, by Industry Verticals
7.5. Latin America
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Device Type
- 7.5.3. Market size and forecast, by Safety System
- 7.5.4. Market size and forecast, by Industry Verticals
- 7.5.5. Market size and forecast, by country
  - 7.5.5.1. Brazil
  - 7.5.5.1.1. Market size and forecast, by Device Type
  - 7.5.5.1.2. Market size and forecast, by Safety System
  - 7.5.5.1.3. Market size and forecast, by Industry Verticals
  - 7.5.5.2. Argentina
  - 7.5.5.2.1. Market size and forecast, by Device Type
  - 7.5.5.2.2. Market size and forecast, by Safety System
  - 7.5.5.2.3. Market size and forecast, by Industry Verticals
  - 7.5.5.3. Chile
  - 7.5.5.3.1. Market size and forecast, by Device Type
  - 7.5.5.3.2. Market size and forecast, by Safety System
  - 7.5.5.3.3. Market size and forecast, by Industry Verticals
  - 7.5.5.4. Rest of Latin America
  - 7.5.5.4.1. Market size and forecast, by Device Type
  - 7.5.5.4.2. Market size and forecast, by Safety System
  - 7.5.5.4.3. Market size and forecast, by Industry Verticals
7.6. Middle East and Africa
- 7.6.1. Key market trends, growth factors and opportunities
- 7.6.2. Market size and forecast, by Device Type
- 7.6.3. Market size and forecast, by Safety System
- 7.6.4. Market size and forecast, by Industry Verticals
- 7.6.5. Market size and forecast, by country
  - 7.6.5.1. UAE
  - 7.6.5.1.1. Market size and forecast, by Device Type
  - 7.6.5.1.2. Market size and forecast, by Safety System
  - 7.6.5.1.3. Market size and forecast, by Industry Verticals
  - 7.6.5.2. Saudi Arabia
  - 7.6.5.2.1. Market size and forecast, by Device Type
  - 7.6.5.2.2. Market size and forecast, by Safety System
  - 7.6.5.2.3. Market size and forecast, by Industry Verticals
  - 7.6.5.3. South Africa
  - 7.6.5.3.1. Market size and forecast, by Device Type
  - 7.6.5.3.2. Market size and forecast, by Safety System
  - 7.6.5.3.3. Market size and forecast, by Industry Verticals
  - 7.6.5.4. Rest of Middle East And Africa
  - 7.6.5.4.1. Market size and forecast, by Device Type
  - 7.6.5.4.2. Market size and forecast, by Safety System
  - 7.6.5.4.3. Market size and forecast, by Industry Verticals

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022

CHAPTER 9: COMPANY PROFILES

9.1. Rockwell Automation Inc.
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
9.2. Emerson Electric Company
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
9.3. Honeywell International Inc.
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
9.4. Yokogawa Electric Corporation
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
9.5. ABB Ltd.
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
9.6. Siemens AG
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
9.7. Schneider Electric SE
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
9.8. General Electric Company
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
9.9. Mitsubishi Electric Corporation
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
9.10. Omron Corporation.
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments