Functional Safety Market Research Report - Global Forecast till 2030

Functional Safety Market Research Report: by Devices (Actuators, Safety Sensors, Final Control Elements, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Safety Switches, Valves, Others), by System (Safety Instrumented Systems, Turbo Machinery Control (TMC), Supervisory Control System, Burner Management Systems (BMS), Emergency Shutdown Systems (ESD), Fire & Gas Monitoring Control, Industrial Control Systems, High-Integrity Pressure Protection Systems (HIPPS), Distributed Control Systems (DCS), Others)

ID: MRFR/SEM/2329-CR | November 2020 | Region: Global | 131 Pages         

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Functional Safety Market

Functional Safety Market to reach USD 22 billion by 2030 with a CAGR of 6.2% during the forecast period 2022–2030

Segmentation
Based on Devices Actuators Safety Sensors Final Control Elements Safety Controllers Modules Relays Programmable Safety Systems
Based on System Safety Instrumented Systems Turbo Machinery Control (TMC) Supervisory Control System Burner Management Systems (BMS) Emergency Shutdown Systems (ESD)
Based on End User Oil & Gas Metal and Mining Pharmaceuticals and Biotech Retail and Wholesale Others
Key Players
Companies Profiled   Siemens AG   ABB Ltd.   Honeywell   General Electric Co.   Schneider Electric SE   Rockwell Automation Inc.   Emerson Electric Co.   Honeywell International Inc.   HIMA Paul Hildebrandt GmbH   Endress+Hauser Management AG   TUV Rheinland   Omron Corporation   Yokogawa Electric Corporation   DEKRA Group
Drivers
Market Driving Forces   Upgradation in robotics   Increased use of automated devices   The increasing use of IIoT and industrial automation.
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Functional Safety Market Size and Overview


Globally, the size of functional safety market is expected to reach USD 22 billion, at a CAGR of 6.2% by 2030 driven by the increasing adaptation of IIoT in the industries.


Functional safety applies to all industries today, and it is increasing the demand of the manufacturers, and the end-users look to mitigate the risk further. With the growing use of automated equipment for manufacturing, testing, and process control, the need to avoid equipment damage, injuries, and environmental damage is more critical than ever. The growing demands and the expectations from the governments and all the workers have led the manufacturers and the suppliers to use predictable ways to achieve and design all the equipment to meet the specific safety requirements.


The efficiency of the safety system is not based on the regulatory and technical aspects but also on an in-depth functional analysis of the organization, production process, and the human factor. In the past, machinery safety was primarily considered the cost. However, presently safety technologies might be seen as an investment in business productivity. The products like safety switches and relays have become more common. With the adoption of integrated technologies and the approaches to safety, PLCs and safety mechanisms have also witnessed widespread use while having a limited impact on system engineering and planning.


COVID 19 Analysis:


The COVID 19 pandemic has imparted severe movement restrictions across the globe, which has reduced the overall production rates in several industrial verticals. The manufacturers and several industrial sectors have reduced the employees owing to the declining economic condition. Moreover, the stringent regulations have affected the supply chain and the overall manufacturing ecosystem, including the logistics. The raw materials or the manufactured components were not received in the proper hands. On the other hand, the commercial activities were halted throughout the pandemic, which has negatively impacted the overall growth of the Functional safety market.


Functional Safety Market Dynamics:


Market Drivers:


The increasing adaptation of IIoT in the industries is creating new opportunities in the industrial sector. The data generated by the smart sensors are easily manipulated with the aid of IIoT technology. The IIoT technology facilitates the monitoring, analysis, and control effectively, such factors have increased the productivity rate and the demand for functional safety equipment.


Increasing deployment of automated devices and safety standards imposed on the industrial sectors are increasing the functional safety market demand. On the other hand, the rising awareness for the overall safety of the workers and technologies and the potential benefits of the functional safety equipment is considered as the major drivers of the functional safety market.


Market Opportunities:


A recent study reported that there were about 1.3 million workers suffered due to work-related illnesses; over 72,702 employee cases were registered every year for non-fatal injuries, and over 144 workers were died due to the incidences. Such reports have increased the functional safety market demand in recent years. 


The increasing number of aged workers in the industries has also increased the overall growth of the functional safety industry. On the other hand, the established market players are increasing their investments in functional safety systems complying with the laws and regulations imposed on them.


Market Restraints:


The requirement of huge investment for functional safety systems installation and maintenance is considered as the primary restraining factor of the functional safety market. On the other hand, the fluctuation in the costs of the equipment, repair costs, and overall costs of the ownership is hindering the overall growth of the functional safety industry.


The requirement to meet the stringent regulations and laws imposed by the government is also hindering the overall growth of Functional safety equipment across the industrial verticals. Moreover, the poor efficacy of the functional safety systems in the case of emergencies is considered as the primary restraint of the Functional safety market.


Market Challenges:


Proper designing of the functional safety system based on the nature of the organization considering the factors like several workers, production rate in the manufacturing plant is critical. The designers, manufacturers, and suppliers of the safety equipment have to meet the safety requirements to get introduced in the functional safety market.


Lack of raw materials used in the manufacturing process of the end-user industries, labor shortages, fluctuation in the prices are disturbing the production processes of the final products, additionally, the shipping issues accompany and interrupt the overall production in the manufacturing industries. 


Cumulative Growth Analysis:


The developed countries such as the US were increasing the manufacturing and production processes and increasingly investing in the varied industrial verticals. Moreover, the economic condition of the developed countries has propelled them to adopt automated machines in the warehouses, manufacturing, and test and process control sectors. Therefore the equipment damage, environmental damage, and personnel damages tend to occur due to such factors.


The manufacturers and designers of the functional safety systems were influenced by the regulatory, in-depth analysis of the organizational demand, the production rate of the organization, and the human factor, therefore the manufacturers of the functional safety systems were adopting strategies to produce the safety systems based on these criteria. The market value of the functional safety industry USD 3,993.9 Million in 2019 and is expected to reach USD 22 billion by 2030 with a CAGR of 6.2% during the forecast period, 2022–2030.


Value Chain Analysis:


The demand for safety sensors were gaining momentum in recent years, which are primarily deployed for machine guarding, personnel monitoring, body part protection, and other hazards. The sensors are capable of detecting the moving humans and thereby initiate the safety protocols before any incident. On the other hand, the stringent regulations imposed by governments across the globe are considered as the major growth-stimulating factor for the Functional Safety market. Especially, the regulations imposed by European countries emphasize reducing the number of accidents in the workplace while enhancing the working conditions for improved productivity. 


The actuators, sensors, final control elements, relay, safety switches were increasingly deployed in the manufacturing plants, where the automated systems were prevalent.


Functional Safety Market Segment Overview:


Based on Devices:



  • Actuators

  • Safety Sensors

  • Final Control Elements

  • Safety Controllers

  • Modules

  • Relays

  • Programmable Safety Systems

  • Emergency Stop Devices

  • Safety Switches

  • Valves

  • Others 


Based on System:



  • Safety Instrumented Systems

  • Turbo Machinery Control (TMC)

  • Supervisory Control System

  • Burner Management Systems (BMS)

  • Emergency Shutdown Systems (ESD)

  • Fire & Gas Monitoring Control

  • Industrial Control Systems

  • High-Integrity Pressure Protection Systems (HIPPS)

  • Distributed Control Systems (DCS). 


Based on End User: 



  • Oil & Gas

  • Metal and Mining

  • Pharmaceuticals and Biotech

  • Retail and Wholesale

  • Manufacturing

  • Power Generation

  • Others 


Functional Safety Market Regional Analysis:


Currently, North America is holding the largest functional safety market share among other major countries, with a market share of 35.22% since the year 2019. The market value of North America in the year 2019 was USD 1406.7 million and the functional safety market is expected to grow with a steady CAGR of 6.2% during the forecast period. On the other hand, the countries in the Asia-pacific region such as China and India are increasingly accepting the international functional safety standards and therefore expected to showcase growth during the forecast period. 


North America accounted for the largest functional safety market share of 35.22% in 2019, with a market value of 1,406.7 million; the functional safety 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%.


Competitive Landscape:



  • Siemens AG

  • ABB Ltd.

  • Honeywell

  • General Electric Co.

  • Schneider Electric SE

  • Rockwell Automation Inc.

  • Emerson Electric Co.

  • Honeywell International Inc.

  • HIMA Paul Hildebrandt GmbH

  • Endress+Hauser Management AG

  • TUV Rheinland

  • Omron Corporation

  • Yokogawa Electric Corporation

  • DEKRA Group 


Recent Developments:


July 2020


In July 2020, Rockwell Automation announced a new family of safety controllers with significant features to increase performance. The new SIL 3 controllers are an addition to Rockwell Automation GuardLogix 5380 series.


February 2021


Rockwell Automation introduced the Allen-Bradley SafeZone 3 laser scanner with the CIP Safety over the EtherNet/IP plug-in and Allen-Bradley GuardShield 450L light curtain with the CIP Safety over the EtherNet/IP plug-in, which provides the users with the access to the essential data required for a complete picture of machine or production line status.


June 2021


ABB announced distributing the control system 800*A, improving the collaboration with several new features, including the simplified, faster commissioning of the greenfield projects and the brownfield expansions with a new and improved Ethernet I/O Field Kit.


Report Overview:


This report has covered:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 22 Billion
  CAGR   6.2%
  Base Year   2019
  Forecast Period   2022-2030
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Devices, System, End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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
  Key Market Opportunities

  • Existing infrastructure and major players’ presence.
  • 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.
  •   Key Market Drivers

  • Upgradation in robotics.
  • Increased use of automated devices.
  • The increasing use of IIoT and industrial automation.


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    Frequently Asked Questions (FAQ) :

    Global market of functional safety is expected to thrive at 6.2% CAGR and attain a valuation of USD 22 billion by 2030 due to a high number of functional safety applications.

    Siemens AG, ABB Ltd., Rockwell Automation Inc., Emerson Electric Co., and Schneider Electric SE are some major players in 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.