ID: MRFR/SEM/2329-CR | November 2020 | Region: Global | 131 pages
Global Functional Safety Market valued at USD 3,993.9 Million in 2019 and is expected to reach USD 5,691.0 Million by 2026 with a CAGR of 5.33% during the forecast period, 2020–2026.
Functional safety can be termed as an overall safety system for automation protection. Functional safety is applicable for checking on inputs and failure responses to predict the error in a fail-safe manner. The major systems included in functional safety are industrial control systems, supervisory control systems, distributed control systems, and safety instrumented systems, among others. Some of the advanced functional safety systems also include fire and gas monitoring solutions, burner management solutions, and emergency shutdown solutions. The key factor boosting global market growth is the increasing use of IIoT and industrial automation. Applications of functional safety systems pre and post COVID-19 pandemic has been seen across the oil & gas, military & aerospace, automotive, and manufacturing industries, as well as the retail and wholesale sector. Functional safety systems are gaining momentum in the global market as these solutions are used for reducing risks via automated safety systems. Several companies are offering functional safety systems, which are widely used in various industries, such as medical, transportation, utilities, and chemical, to mitigate operational risks. These systems offer safety for the products, personnel, and equipment, among others.
North America accounted for the largest market share of 35.22% in 2019, with a market value of USD 1,406.7 million; the market is expected to register the highest CAGR of 5.8% during the forecast period. Europe was the second-largest market in 2019, valued at USD 1,233.1 million; the market is projected to exhibit a CAGR of 4.6%.
Global Functional Safety Market, By Devices (2019 Vs 2026)
Source: MRFR Analysis
Based on devices, the global functional safety market has been segmented into actuators, safety sensors, final control elements, safety controllers/relays, programmable safety system, safety switches, valves, and others. The safety switches segment accounted for the largest market share of 18.1% in 2019, with a market value of USD 723.7 million; it is expected to register a CAGR of 5.0% during the forecast period. The actuator segment was the second-largest market in 2019, valued at USD 679.1 million; it is projected to register the highest CAGR of 6.3%. Actuators are equipment that convert energy into motion. They are used to apply force on an entity to perform various mechanical operations. These sensors are designed for the presence detection in equipment. Generally used in manufacturing industries, safety sensors are used to monitor movable safety guards such as doors, covers, and shafts. A final control element is a mechanical device that is designed to physically change a process in response to a change in the control system setpoint. Safety controllers, modules, and relays are devices that activate the electronic circuit. When the control circuit is powered, the relay shuts and allows current to flow between two connected points. Programmable safety systems are computing systems that are used for detecting an error in automated machinery and thereby send early alerts. Emergency stop devices are safety devices that are used in case of emergencies that require complete machinery shutdown. Safety switches are electric switches that are designed to function as a way to disconnect a service entrance and enable fault protection for heavy machinery. A safety valve is a fail-safe safety device that is designed to open and relieve excess pressure from a vessel or equipment.
Global Functional Safety Market, by region, has been segmented into North America, Europe, Asia-Pacific, the rest of the world. North America accounted for the largest market share of 35.22% in 2019, with a market value of USD 1,406.7 million; the market is expected to register a CAGR of 5.8% during the forecast period. Europe was the second-largest market in 2019, valued at USD 1,233.1 million; the market is projected to exhibit a CAGR of 4.6%.
The Key Players of the Global Functional Safety Market are Honeywell International Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc., and Yokogawa Electric Corporation among others.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
Global market of functional safety is expected to thrive at 8.64% CAGR and attain valuation of USD 8.7 billion by 2023 due to high number of functional safety applications.
Siemens AG (Germany), ABB Ltd. (Switzerland), Rockwell Automation Inc. (US), Emerson Electric Co. (US), and Schneider Electric SE (France) are some major players of the functional safety market.
Emergency Shutdown Systems (ESD), Turbo machinery Control (TMC), Fire & Gas Monitoring Control, Burner Management Systems (BMS), Industrial Control Systems, High-Integrity Pressure Protection Systems (HIPPS), Distributed Control Systems (DCS), and Supervisory Control & Data Acquisition (SCADA) Systems.
Upgradation in robotics and increased use of automated devices are expected to boost the functional safety market growth.
The growing adoption of MBaaS to update various application and security solutions to smartphones is observed as a cause that is expected to cause the Europe functional safety market to generate the highest valuation.