Global Functional Safety Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast 2024 to 2032

Description

List of Tables

The global demand for Functional Safety Market is presumed to reach the market size of nearly USD 12.21 Billion by 2032 from USD 6.01 Billion in 2023 with a CAGR of 8.19% under the study period 2024 - 2032.

Functional safety refers to ensuring that systems, equipment, and processes operate safely and reliably to protect against hazards, accidents, and malfunctions that could harm people, property, or environmental damage. It involves identifying and mitigating risks by implementing safety measures, such as safety-critical components, redundancy, fail-safe mechanisms, and safety protocols.

MARKET DYNAMICS

Functional safety is driven by stringent safety regulations across industries, such as automotive, aerospace, and process manufacturing, mandating the implementation of safety measures to mitigate risks & ensure the safe operation of systems & equipment. With the rising complexity of industrial processes and the growing reliance on automation and electronic systems, there is a heightened focus on functional safety to prevent accidents, protect personnel, and safeguard assets. Technological advancements, including integrating safety features into programmable electronic systems and adopting safety standards such as ISO 26262 and IEC 61508, drive the demand for functional safety solutions and services. Furthermore, regulatory bodies and industry associations emphasize risk reduction, operational reliability, and compliance with safety standards, accelerating market growth. Moreover, the rising awareness among end-users about the importance of this standard in ensuring the integrity and reliability of critical systems further stimulates market growth. However, the complexity and cost associated with implementing measures across industries will likely hamper the market growth in the coming years.

The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of functional safety. The growth and trends of functional safety industry provide a holistic approach to this study.

MARKET SEGMENTATION

This section of the functional safety market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.

By Device Type

Safety Sensors
Safety Controllers/Modules/Relays
Safety Switches
Programmable Safety Systems (PSS)
Emergency Stop Devices
Actuators
Others

By Safety Systems

Safety Instrumented Systems (SIS)
Turbo Machinery Control (TMC) Systems
Fire & Gas Monitoring Control Systems (FGMCS)
Emergency Shutdown Systems (ESD)
SCADA
Others

By Vertical Industry

Underground
Oil & Gas
Power Generation
Food & Beverage
Pharmaceutical
Automotive
Chemicals & Petrochemical
Others
Underwater

REGIONAL ANALYSIS

This section covers the regional outlook, which accentuates current and future demand for the Functional Safety market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.

The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Functional Safety market include ABB, Agnisys, Inc., Arm Limited, Emerson Electric Co., Honeywell International Inc., NXP Semiconductors, Rockwell Automation Inc., Rohm Co., Ltd., Schneider Electric, Siemens, Yokogawa Electric Corporation. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.

In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.

Product Code: VMR112114356

1. PREFACE

1.1. Report Description
- 1.1.1 Objective
- 1.1.2 Target Audience
- 1.1.3 Unique Selling Proposition (USP) & offerings
1.2. Research Scope
1.3. Research Methodology
- 1.3.1 Market Research Process
- 1.3.2 Market Research Methodology

2. EXECUTIVE SUMMARY

2.1. Highlights of Market
2.2. Global Market Snapshot

3. FUNCTIONAL SAFETY - INDUSTRY ANALYSIS

3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.4. Opportunities
3.5. Industry Trends
3.6. Porter's Five Force Analysis
3.7. Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Device Type
- 3.7.2 Market Attractiveness Analysis By Safety Systems
- 3.7.3 Market Attractiveness Analysis By Vertical Industry
- 3.7.4 Market Attractiveness Analysis By Region

4. VALUE CHAIN ANALYSIS

4.1. Value Chain Analysis
4.2. Raw Material Analysis
- 4.2.1 List of Raw Materials
- 4.2.2 Raw Material Manufactures List
- 4.2.3 Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
- 4.4.1 Direct Marketing
- 4.4.2 Indirect Marketing
- 4.4.3 Marketing Channel Development Trend

5. GLOBAL FUNCTIONAL SAFETY MARKET ANALYSIS BY DEVICE TYPE

5.1. Overview By Device Type
5.2. Historical and Forecast Data
5.3. Analysis By Device Type
5.4. Safety Sensors Historic and Forecast Sales By Regions
5.5. Safety Controllers/Modules/Relays Historic and Forecast Sales By Regions
5.6. Safety Switches Historic and Forecast Sales By Regions
5.7. Programmable Safety Systems (PSS) Historic and Forecast Sales By Regions
5.8. Emergency Stop Devices Historic and Forecast Sales By Regions
5.9. Actuators Historic and Forecast Sales By Regions
5.10. Others Historic and Forecast Sales By Regions

6. GLOBAL FUNCTIONAL SAFETY MARKET ANALYSIS BY SAFETY SYSTEMS

6.1. Overview By Safety Systems
6.2. Historical and Forecast Data
6.3. Analysis By Safety Systems
6.4. Safety Instrumented Systems (SIS) Historic and Forecast Sales By Regions
6.5. Turbo Machinery Control (TMC) Systems Historic and Forecast Sales By Regions
6.6. Fire & Gas Monitoring Control Systems (FGMCS) Historic and Forecast Sales By Regions
6.7. Emergency Shutdown Systems (ESD) Historic and Forecast Sales By Regions
6.8. SCADA Historic and Forecast Sales By Regions
6.9. Others Historic and Forecast Sales By Regions

7. GLOBAL FUNCTIONAL SAFETY MARKET ANALYSIS BY VERTICAL INDUSTRY

7.1. Overview By Vertical Industry
7.2. Historical and Forecast Data
7.3. Analysis By Vertical Industry
7.4. Underground Historic and Forecast Sales By Regions
7.5. Oil & Gas Historic and Forecast Sales By Regions
7.6. Power Generation Historic and Forecast Sales By Regions
7.7. Food & Beverage Historic and Forecast Sales By Regions
7.8. Pharmaceutical Historic and Forecast Sales By Regions
7.9. Automotive Historic and Forecast Sales By Regions
7.10. Chemicals & Petrochemical Historic and Forecast Sales By Regions
7.11. Others Historic and Forecast Sales By Regions
7.12. Underwater Historic and Forecast Sales By Regions

8. GLOBAL FUNCTIONAL SAFETY MARKET ANALYSIS BY GEOGRAPHY

8.1. Regional Outlook
8.2. Introduction
8.3. North America Sales Analysis
- 8.3.1 Overview, Historic and Forecast Data Sales Analysis
- 8.3.2 North America By Segment Sales Analysis
- 8.3.3 North America By Country Sales Analysis
- 8.3.4 United States Sales Analysis
- 8.3.5 Canada Sales Analysis
- 8.3.6 Mexico Sales Analysis
8.4. Europe Sales Analysis
- 8.4.1 Overview, Historic and Forecast Data Sales Analysis
- 8.4.2 Europe By Segment Sales Analysis
- 8.4.3 Europe By Country Sales Analysis
- 8.4.4 United Kingdom Sales Analysis
- 8.4.5 France Sales Analysis
- 8.4.6 Germany Sales Analysis
- 8.4.7 Italy Sales Analysis
- 8.4.8 Russia Sales Analysis
- 8.4.9 Rest Of Europe Sales Analysis
8.5. Asia Pacific Sales Analysis
- 8.5.1 Overview, Historic and Forecast Data Sales Analysis
- 8.5.2 Asia Pacific By Segment Sales Analysis
- 8.5.3 Asia Pacific By Country Sales Analysis
- 8.5.4 China Sales Analysis
- 8.5.5 India Sales Analysis
- 8.5.6 Japan Sales Analysis
- 8.5.7 South Korea Sales Analysis
- 8.5.8 Australia Sales Analysis
- 8.5.9 South East Asia Sales Analysis
- 8.5.10 Rest Of Asia Pacific Sales Analysis
8.6. Latin America Sales Analysis
- 8.6.1 Overview, Historic and Forecast Data Sales Analysis
- 8.6.2 Latin America By Segment Sales Analysis
- 8.6.3 Latin America By Country Sales Analysis
- 8.6.4 Brazil Sales Analysis
- 8.6.5 Argentina Sales Analysis
- 8.6.6 Peru Sales Analysis
- 8.6.7 Chile Sales Analysis
- 8.6.8 Rest of Latin America Sales Analysis
8.7. Middle East & Africa Sales Analysis
- 8.7.1 Overview, Historic and Forecast Data Sales Analysis
- 8.7.2 Middle East & Africa By Segment Sales Analysis
- 8.7.3 Middle East & Africa By Country Sales Analysis
- 8.7.4 Saudi Arabia Sales Analysis
- 8.7.5 UAE Sales Analysis
- 8.7.6 Israel Sales Analysis
- 8.7.7 South Africa Sales Analysis
- 8.7.8 Rest Of Middle East And Africa Sales Analysis

9. COMPETITIVE LANDSCAPE OF THE FUNCTIONAL SAFETY COMPANIES

9.1. Functional Safety Market Competition
9.2. Partnership/Collaboration/Agreement
9.3. Merger And Acquisitions
9.4. New Product Launch
9.5. Other Developments

10. COMPANY PROFILES OF FUNCTIONAL SAFETY INDUSTRY

10.1. Top Companies Market Share Analysis
10.2. Market Concentration Rate
10.3. ABB
- 10.3.1 Company Overview
- 10.3.2 Company Revenue
- 10.3.3 Products
- 10.3.4 Recent Developments
10.4. Agnisys Inc.
- 10.4.1 Company Overview
- 10.4.2 Company Revenue
- 10.4.3 Products
- 10.4.4 Recent Developments
10.5. Arm Limited
- 10.5.1 Company Overview
- 10.5.2 Company Revenue
- 10.5.3 Products
- 10.5.4 Recent Developments
10.6. Emerson Electric Co.
- 10.6.1 Company Overview
- 10.6.2 Company Revenue
- 10.6.3 Products
- 10.6.4 Recent Developments
10.7. Honeywell International Inc.
- 10.7.1 Company Overview
- 10.7.2 Company Revenue
- 10.7.3 Products
- 10.7.4 Recent Developments
10.8. NXP Semiconductors
- 10.8.1 Company Overview
- 10.8.2 Company Revenue
- 10.8.3 Products
- 10.8.4 Recent Developments
10.9. Rockwell Automation Inc.
- 10.9.1 Company Overview
- 10.9.2 Company Revenue
- 10.9.3 Products
- 10.9.4 Recent Developments
10.10. Rohm Co. Ltd.
- 10.10.1 Company Overview
- 10.10.2 Company Revenue
- 10.10.3 Products
- 10.10.4 Recent Developments
10.11. Schneider Electric
- 10.11.1 Company Overview
- 10.11.2 Company Revenue
- 10.11.3 Products
- 10.11.4 Recent Developments
10.12. Siemens
- 10.12.1 Company Overview
- 10.12.2 Company Revenue
- 10.12.3 Products
- 10.12.4 Recent Developments
10.13. Yokogawa Electric Corporation.
- 10.13.1 Company Overview
- 10.13.2 Company Revenue
- 10.13.3 Products
- 10.13.4 Recent Developments

Note - In company profiling, financial details and recent developments are subject to availability or might not be covered in the case of private companies