PUBLISHER: KBV Research | PRODUCT CODE: 1493721
PUBLISHER: KBV Research | PRODUCT CODE: 1493721
LAMEA Functional Safety Market Size, Share & Trends Analysis Report By Device Type, By Industry Verticals, By Safety System, By Country and Growth Forecast, 2024 - 2031
The Latin America, Middle East and Africa Functional Safety Market would witness market growth of 11.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $231.2 million by 2031. The Argentina market is showcasing a CAGR of 12.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 11.5% during (2024 - 2031).
AI and ML technologies are being integrated into functional safety systems to analyse large volumes of data, detect patterns, and identify potential safety risks. AI-driven algorithms enable predictive maintenance, anomaly detection, and risk assessment, helping to prevent safety incidents before they occur. With the rise of electric and autonomous vehicles, there's an increased focus on automotive functional safety to ensure the safety and reliability of vehicle systems. The automotive industry is adopting the ISO 26262 standard for functional safety to address the safety requirements of electrical and electronic systems in vehicles.
Furthermore, with the increasing connectivity of industrial systems, there's a growing focus on cybersecurity to protect safety systems from hacking, malware, and data breaches. Safety solutions are integrated with cybersecurity measures to ensure the integrity, confidentiality, and availability of safety-critical systems and data. Industries with high-risk operations such as oil & gas, chemical, and nuclear are increasingly adopting SIL 3 and SIL 4-rated safety systems to mitigate the risk of catastrophic accidents. There's a growing demand for safety solutions that provide the highest safety and reliability in high-risk environments.
Oil and gas facilities contain safety-critical systems that require safety solutions to ensure the safety of workers, protect the environment, and prevent accidents in UAE. The United Arab Emirates is projected to be one of the top 10 oil producers in the world in 2022 by the International Trade Administration (ITA). Abu Dhabi, ranked sixth globally, is home to almost 96% of the country's estimated 100 billion barrels of proven oil reserves. The United Arab Emirates produces 3.2 million barrels of liquid and petroleum products per day on average. Similarly, automotive manufacturers in Saudi Arabia are required to adhere to stringent safety standards to ensure the safety and reliability of vehicles. Safety solutions are integrated into electric vehicles to ensure the safety and reliability of vehicle systems, including battery management systems (BMS) and charging systems in Saudi Arabia. Around 52% of all cars sold in the Gulf Cooperation Council (GCC) and 35% in the Middle East and North Africa (MENA) in 2020 were sold in Saudi Arabia, according to the International Trade Administration. 2019 had 556,000 cars sold in Saudi Arabia, compared to 436,000 in 2020. By 2025, sales are expected to reach 543,000 units, of which only 32,000 will be electric cars. Thus, the expanding market in LAMEA is driven by the growth in oil and gas facilities and the significant automotive manufacturing in the region.
Based on Device Type, the market is segmented into Safety Sensors, Safety Controllers, Modules & Relays, Programmable Safety Systems, Final Control Elements (Valves, Actuators), Emergency Stop Devices, and Others. Based on Industry Verticals, the market is segmented into Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others. Based on Safety System, the market is segmented into Emergency Shutdown Systems (ESD), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC) Systems, Supervisory Control and Data Acquisition (SCADA) Systems, and Fire & Gas Monitoring Control Systems. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- ABB Ltd.
- General Electric Company
- Siemens AG
- Rockwell Automation, Inc.
- Schneider Electric SE
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Honeywell International, Inc.
- Omron Corporation
- Yokogawa Electric Corporation
LAMEA Functional Safety Market Report Segmentation
By Device Type
- Safety Sensors
- Safety Controllers, Modules & Relays
- Programmable Safety Systems
- Final Control Elements (Valves, Actuators)
- Emergency Stop Devices
- Others
By Industry Verticals
- Oil & Gas
- Power Generation
- Automotive
- Pharmaceutical
- Food & Beverage
- Others
By Safety System
- Emergency Shutdown Systems (ESD)
- Burner Management Systems (BMS)
- High-Integrity Pressure Protection Systems (HIPPS)
- Turbomachinery Control (TMC) Systems
- Supervisory Control and Data Acquisition (SCADA) Systems
- Fire & Gas Monitoring Control Systems
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 LAMEA Functional Safety Market, by Device Type
- 1.4.2 LAMEA Functional Safety Market, by Industry Verticals
- 1.4.3 LAMEA Functional Safety Market, by Safety System
- 1.4.4 LAMEA Functional Safety Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Top Winning Strategies
- 4.3.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2020, Nov - 2024, Mar) Leading Players
- 4.4 Porter's Five Forces Analysis
Chapter 5. LAMEA Functional Safety Market by Device Type
- 5.1 LAMEA Safety Sensors Market by Country
- 5.2 LAMEA Safety Controllers, Modules & Relays Market by Country
- 5.3 LAMEA Programmable Safety Systems Market by Country
- 5.4 LAMEA Final Control Elements (Valves, Actuators) Market by Country
- 5.5 LAMEA Emergency Stop Devices Market by Country
- 5.6 LAMEA Others Market by Country
Chapter 6. LAMEA Functional Safety Market by Industry Verticals
- 6.1 LAMEA Oil & Gas Market by Country
- 6.2 LAMEA Power Generation Market by Country
- 6.3 LAMEA Automotive Market by Country
- 6.4 LAMEA Pharmaceutical Market by Country
- 6.5 LAMEA Food & Beverage Market by Country
- 6.6 LAMEA Others Market by Country
Chapter 7. LAMEA Functional Safety Market by Safety System
- 7.1 LAMEA Emergency Shutdown Systems (ESD) Market by Country
- 7.2 LAMEA Burner Management Systems (BMS) Market by Country
- 7.3 LAMEA High-Integrity Pressure Protection Systems (HIPPS) Market by Country
- 7.4 LAMEA Turbomachinery Control (TMC) Systems Market by Country
- 7.5 LAMEA Supervisory Control and Data Acquisition (SCADA) Systems Market by Country
- 7.6 LAMEA Fire & Gas Monitoring Control Systems Market by Country
Chapter 8. LAMEA Functional Safety Market by Country
- 8.1 Brazil Functional Safety Market
- 8.1.1 Brazil Functional Safety Market by Device Type
- 8.1.2 Brazil Functional Safety Market by Industry Verticals
- 8.1.3 Brazil Functional Safety Market by Safety System
- 8.2 Argentina Functional Safety Market
- 8.2.1 Argentina Functional Safety Market by Device Type
- 8.2.2 Argentina Functional Safety Market by Industry Verticals
- 8.2.3 Argentina Functional Safety Market by Safety System
- 8.3 UAE Functional Safety Market
- 8.3.1 UAE Functional Safety Market by Device Type
- 8.3.2 UAE Functional Safety Market by Industry Verticals
- 8.3.3 UAE Functional Safety Market by Safety System
- 8.4 Saudi Arabia Functional Safety Market
- 8.4.1 Saudi Arabia Functional Safety Market by Device Type
- 8.4.2 Saudi Arabia Functional Safety Market by Industry Verticals
- 8.4.3 Saudi Arabia Functional Safety Market by Safety System
- 8.5 South Africa Functional Safety Market
- 8.5.1 South Africa Functional Safety Market by Device Type
- 8.5.2 South Africa Functional Safety Market by Industry Verticals
- 8.5.3 South Africa Functional Safety Market by Safety System
- 8.6 Nigeria Functional Safety Market
- 8.6.1 Nigeria Functional Safety Market by Device Type
- 8.6.2 Nigeria Functional Safety Market by Industry Verticals
- 8.6.3 Nigeria Functional Safety Market by Safety System
- 8.7 Rest of LAMEA Functional Safety Market
- 8.7.1 Rest of LAMEA Functional Safety Market by Device Type
- 8.7.2 Rest of LAMEA Functional Safety Market by Industry Verticals
- 8.7.3 Rest of LAMEA Functional Safety Market by Safety System
Chapter 9. Company Profiles
- 9.1 ABB Ltd.
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.4 Research & Development Expense
- 9.1.5 Recent strategies and developments:
- 9.1.5.1 Product Launches and Product Expansions:
- 9.1.6 SWOT Analysis
- 9.2 General Electric Company
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Segmental and Regional Analysis
- 9.2.4 Research & Development Expense
- 9.2.5 SWOT Analysis
- 9.3 Siemens AG
- 9.3.1 Company Overview
- 9.3.2 Financial Analysis
- 9.3.3 Segmental and Regional Analysis
- 9.3.4 Research & Development Expense
- 9.3.5 Recent strategies and developments:
- 9.3.5.1 Product Launches and Product Expansions:
- 9.3.6 SWOT Analysis
- 9.4 Rockwell Automation, Inc.
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.4.3 Segmental and Regional Analysis
- 9.4.4 Research & Development Expenses
- 9.4.5 Recent strategies and developments:
- 9.4.5.1 Acquisition and Mergers:
- 9.4.6 SWOT Analysis
- 9.5 Schneider Electric SE
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Segmental and Regional Analysis
- 9.5.4 Research & Development Expense
- 9.5.5 SWOT Analysis
- 9.6 Mitsubishi Electric Corporation
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental and Regional Analysis
- 9.6.4 Research & Development Expense
- 9.6.5 Recent strategies and developments:
- 9.6.5.1 Partnerships, Collaborations, and Agreements:
- 9.6.5.2 Product Launches and Product Expansions:
- 9.6.6 SWOT Analysis
- 9.7 Emerson Electric Co.
- 9.7.1 Company Overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Research & Development Expense
- 9.7.5 Recent strategies and developments:
- 9.7.5.1 Acquisition and Mergers:
- 9.7.6 SWOT Analysis
- 9.8 Honeywell International, Inc.
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Segmental and Regional Analysis
- 9.8.4 Research & Development Expenses
- 9.8.5 Recent strategies and developments:
- 9.8.5.1 Partnerships, Collaborations, and Agreements:
- 9.8.5.2 Product Launches and Product Expansions:
- 9.8.5.3 Acquisition and Mergers:
- 9.8.6 SWOT Analysis
- 9.9 Omron Corporation
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Segmental and Regional Analysis
- 9.9.4 Research & Development Expenses
- 9.9.5 Recent strategies and developments:
- 9.9.5.1 Partnerships, Collaborations, and Agreements:
- 9.9.5.2 Product Launches and Product Expansions:
- 9.9.6 SWOT Analysis
- 9.10. Yokogawa Electric Corporation
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Segmental and Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.10.5 Recent strategies and developments:
- 9.10.5.1 Product Launches and Product Expansions:
- 9.10.6 SWOT Analysis
LIST OF TABLES
- TABLE 1 LAMEA Functional Safety Market, 2020 - 2023, USD Million
- TABLE 2 LAMEA Functional Safety Market, 2024 - 2031, USD Million
- TABLE 3 Partnerships, Collaborations and Agreements- Functional Safety Market
- TABLE 4 Product Launches And Product Expansions- Functional Safety Market
- TABLE 5 Acquisition and Mergers- Functional Safety Market
- TABLE 6 LAMEA Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 7 LAMEA Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 8 LAMEA Safety Sensors Market by Country, 2020 - 2023, USD Million
- TABLE 9 LAMEA Safety Sensors Market by Country, 2024 - 2031, USD Million
- TABLE 10 LAMEA Safety Controllers, Modules & Relays Market by Country, 2020 - 2023, USD Million
- TABLE 11 LAMEA Safety Controllers, Modules & Relays Market by Country, 2024 - 2031, USD Million
- TABLE 12 LAMEA Programmable Safety Systems Market by Country, 2020 - 2023, USD Million
- TABLE 13 LAMEA Programmable Safety Systems Market by Country, 2024 - 2031, USD Million
- TABLE 14 LAMEA Final Control Elements (Valves, Actuators) Market by Country, 2020 - 2023, USD Million
- TABLE 15 LAMEA Final Control Elements (Valves, Actuators) Market by Country, 2024 - 2031, USD Million
- TABLE 16 LAMEA Emergency Stop Devices Market by Country, 2020 - 2023, USD Million
- TABLE 17 LAMEA Emergency Stop Devices Market by Country, 2024 - 2031, USD Million
- TABLE 18 LAMEA Others Market by Country, 2020 - 2023, USD Million
- TABLE 19 LAMEA Others Market by Country, 2024 - 2031, USD Million
- TABLE 20 LAMEA Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 21 LAMEA Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 22 LAMEA Oil & Gas Market by Country, 2020 - 2023, USD Million
- TABLE 23 LAMEA Oil & Gas Market by Country, 2024 - 2031, USD Million
- TABLE 24 LAMEA Power Generation Market by Country, 2020 - 2023, USD Million
- TABLE 25 LAMEA Power Generation Market by Country, 2024 - 2031, USD Million
- TABLE 26 LAMEA Automotive Market by Country, 2020 - 2023, USD Million
- TABLE 27 LAMEA Automotive Market by Country, 2024 - 2031, USD Million
- TABLE 28 LAMEA Pharmaceutical Market by Country, 2020 - 2023, USD Million
- TABLE 29 LAMEA Pharmaceutical Market by Country, 2024 - 2031, USD Million
- TABLE 30 LAMEA Food & Beverage Market by Country, 2020 - 2023, USD Million
- TABLE 31 LAMEA Food & Beverage Market by Country, 2024 - 2031, USD Million
- TABLE 32 LAMEA Others Market by Country, 2020 - 2023, USD Million
- TABLE 33 LAMEA Others Market by Country, 2024 - 2031, USD Million
- TABLE 34 LAMEA Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 35 LAMEA Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 36 LAMEA Emergency Shutdown Systems (ESD) Market by Country, 2020 - 2023, USD Million
- TABLE 37 LAMEA Emergency Shutdown Systems (ESD) Market by Country, 2024 - 2031, USD Million
- TABLE 38 LAMEA Burner Management Systems (BMS) Market by Country, 2020 - 2023, USD Million
- TABLE 39 LAMEA Burner Management Systems (BMS) Market by Country, 2024 - 2031, USD Million
- TABLE 40 LAMEA High-Integrity Pressure Protection Systems (HIPPS) Market by Country, 2020 - 2023, USD Million
- TABLE 41 LAMEA High-Integrity Pressure Protection Systems (HIPPS) Market by Country, 2024 - 2031, USD Million
- TABLE 42 LAMEA Turbomachinery Control (TMC) Systems Market by Country, 2020 - 2023, USD Million
- TABLE 43 LAMEA Turbomachinery Control (TMC) Systems Market by Country, 2024 - 2031, USD Million
- TABLE 44 LAMEA Supervisory Control and Data Acquisition (SCADA) Systems Market by Country, 2020 - 2023, USD Million
- TABLE 45 LAMEA Supervisory Control and Data Acquisition (SCADA) Systems Market by Country, 2024 - 2031, USD Million
- TABLE 46 LAMEA Fire & Gas Monitoring Control Systems Market by Country, 2020 - 2023, USD Million
- TABLE 47 LAMEA Fire & Gas Monitoring Control Systems Market by Country, 2024 - 2031, USD Million
- TABLE 48 LAMEA Functional Safety Market by Country, 2020 - 2023, USD Million
- TABLE 49 LAMEA Functional Safety Market by Country, 2024 - 2031, USD Million
- TABLE 50 Brazil Functional Safety Market, 2020 - 2023, USD Million
- TABLE 51 Brazil Functional Safety Market, 2024 - 2031, USD Million
- TABLE 52 Brazil Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 53 Brazil Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 54 Brazil Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 55 Brazil Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 56 Brazil Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 57 Brazil Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 58 Argentina Functional Safety Market, 2020 - 2023, USD Million
- TABLE 59 Argentina Functional Safety Market, 2024 - 2031, USD Million
- TABLE 60 Argentina Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 61 Argentina Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 62 Argentina Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 63 Argentina Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 64 Argentina Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 65 Argentina Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 66 UAE Functional Safety Market, 2020 - 2023, USD Million
- TABLE 67 UAE Functional Safety Market, 2024 - 2031, USD Million
- TABLE 68 UAE Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 69 UAE Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 70 UAE Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 71 UAE Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 72 UAE Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 73 UAE Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 74 Saudi Arabia Functional Safety Market, 2020 - 2023, USD Million
- TABLE 75 Saudi Arabia Functional Safety Market, 2024 - 2031, USD Million
- TABLE 76 Saudi Arabia Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 77 Saudi Arabia Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 78 Saudi Arabia Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 79 Saudi Arabia Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 80 Saudi Arabia Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 81 Saudi Arabia Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 82 South Africa Functional Safety Market, 2020 - 2023, USD Million
- TABLE 83 South Africa Functional Safety Market, 2024 - 2031, USD Million
- TABLE 84 South Africa Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 85 South Africa Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 86 South Africa Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 87 South Africa Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 88 South Africa Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 89 South Africa Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 90 Nigeria Functional Safety Market, 2020 - 2023, USD Million
- TABLE 91 Nigeria Functional Safety Market, 2024 - 2031, USD Million
- TABLE 92 Nigeria Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 93 Nigeria Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 94 Nigeria Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 95 Nigeria Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 96 Nigeria Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 97 Nigeria Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 98 Rest of LAMEA Functional Safety Market, 2020 - 2023, USD Million
- TABLE 99 Rest of LAMEA Functional Safety Market, 2024 - 2031, USD Million
- TABLE 100 Rest of LAMEA Functional Safety Market by Device Type, 2020 - 2023, USD Million
- TABLE 101 Rest of LAMEA Functional Safety Market by Device Type, 2024 - 2031, USD Million
- TABLE 102 Rest of LAMEA Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
- TABLE 103 Rest of LAMEA Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
- TABLE 104 Rest of LAMEA Functional Safety Market by Safety System, 2020 - 2023, USD Million
- TABLE 105 Rest of LAMEA Functional Safety Market by Safety System, 2024 - 2031, USD Million
- TABLE 106 Key Information - ABB Ltd.
- TABLE 107 Key Information - General Electric Company
- TABLE 108 Key Information - Siemens AG
- TABLE 109 Key Information - Rockwell Automation, Inc.
- TABLE 110 Key Information - Schneider Electric SE
- TABLE 111 Key Information - Mitsubishi Electric Corporation
- TABLE 112 Key Information - Emerson Electric Co.
- TABLE 113 Key Information - Honeywell International, Inc.
- TABLE 114 Key Information - Omron Corporation
- TABLE 115 Key Information - Yokogawa Electric Corporation
