Functional Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global functional safety market reached a value of US$ 4.67 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.29 Billion by 2027, exhibiting a CAGR of 11.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Functional safety refers to the general safety of a plant and equipment using safety-related systems, such as alarm systems, safety instrumented systems (SIS), and basic process control systems (BPCS). It covers fault detection, physical or systemic redundancy, and transitioning to a safe state that reduces the overall risk caused by faults in the electronic system. As a result, it finds extensive applications in the pharmaceutical, automotive, oil and gas, and food and beverage (F&B) industries worldwide. Functional Safety Market Trends:
The increasing requirement of safety systems for personnel and asset protection on account of stringent government regulations represents one of the key factors impelling the growth of the market. Besides this, the introduction of the industrial internet of things (IIoT), also known as Industry 4.0, is offering new opportunities for integrated safety and compliance services. It enables industries and enterprises to have better efficiency and reliability in their operations. Moreover, a key concept in Industry 4.0 is cyber-physical systems (CPS), which consists of storage systems, smart machines, and production facilities capable of autonomously exchanging information, triggering actions, and controlling each other independently. This, coupled with the increasing focus of market players on product innovations to offer better services, is driving the overall sales and profitability. Furthermore, there is an increase in the utilization of safety sensor switches in machines and other industrial applications to inhibit accidental contact with live electrical connections. Factors like the rising automation in different industry verticals and the rising number of power projects to meet the escalating demand for energy across the globe are anticipated to offer lucrative growth opportunities to industry investors and strengthen the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global functional safety market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on device type, safety system and end use industry.
Breakup by Device Type:
Programmable Safety Systems
Emergency Stop Devices
Final Control Elements
Breakup by Safety System: Burner Management System (BMS)
Turbomachinery Control System (TMC)
High-Integrity Pressure Protection System (HIPPS)
Fire and Gas Monitoring Control System
Emergency Shutdown System (ESD)
Supervisory Control and Data Acquisition System (SCADA)
Distributed Control System (DCS)
Breakup by End Use Industry:
Oil and Gas
Food and Beverage
Breakup by Region: North America
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., Intel Corporation, Johnson Controls, OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation. Key Questions Answered in This Report:
How has the global functional safety market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global functional safety market?
What are the key regional markets?
What is the breakup of the market based on the device type?
What is the breakup of the market based on the safety system?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global functional safety market and who are the key players?
What is the degree of competition in the industry?
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