Allied Market Research, titled, “Functional Safety Market by Device Type, Safety System, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2023-2032", The functional safety market was valued at $5.5 billion in 2022, and is estimated to reach $14.7 billion by 2032, growing at a CAGR of 10.52% from 2023 to 2032.
Functional safety includes automatic protection mechanisms
within a system, designed to respond to input errors, hardware and software
failures, and operational stresses such as extreme environmental conditions.
Its objective is to minimize risks to individuals, assets, and the environment
by ensuring system safety under adverse circumstances. This involves
implementing multilayered safeguards, incorporating inherent safety mechanisms,
fail-safe design, and thorough testing across critical industries such as
automotive, aviation, medical devices, and industrial automation. Through the
implementation of functional safety principles, engineers can create reliable
systems capable of operating safely even in challenging situations.
The growing awareness among consumers, industries, and
regulatory bodies about the importance of safety serves as a significant driver
in the functional safety market. As incidents related to safety violations draw
more attention and undergo intense investigation, there is a growing awareness
of the necessity for strong safety measures. This awareness prompts industries
to invest in functional safety solutions to mitigate risks, prevent accidents,
and ensure compliance with stringent safety standards. With safety becoming a
top priority for both businesses and regulatory bodies, the demand for
functional safety solutions continues to rise, driving market growth and
innovation in safety technologies and practices.
However, the difficulties or obstacles associated with
combining different components, systems, or technologies in the functional
safety market pose a significant restraint in the functional safety market. The
process of integrating functional safety solutions with existing systems can be
complex and time-consuming, presenting hurdles for businesses seeking to
enhance safety measures. Integration challenges and the need for thorough
testing often extend integration timelines and increase implementation costs.
In addition, the diverse nature of existing systems across different industries
further increases integration challenges, requiring customized solutions and
advanced expertise. As businesses tackle these complexities, they may encounter
delays in achieving full functional safety compliance and realizing the desired
safety benefits, hindering functional safety market growth projections and
adoption of functional safety solutions.
Despite these challenges, the rapid increase of IoT devices
and connectivity presents a significant opportunity in the functional safety
market. As IoT technology becomes more widespread, it offers innovative ways to
enhance functional safety through real-time monitoring, predictive maintenance,
and remote diagnostics. By utilizing IoT-enabled sensors and connected devices,
industries can gather real-time data on equipment performance, environmental
conditions, and potential safety hazards. This real-time insight allows for the
proactive identification of safety risks, enabling timely interventions and
preventive measures to mitigate accidents and disruptions. In addition,
IoT-based predictive maintenance solutions enable organizations to anticipate
equipment failures before they occur, minimizing downtime and optimizing safety
and productivity. The ability to remotely diagnose and troubleshoot safety
issues further enhances operational efficiency and ensures continuous
compliance with safety standards. As industries adopt IoT and connectivity
solutions, they unlock new opportunities to enhance functional safety and drive
sustainable growth in the market.
The ISO 26262 standard plays a vital role in ensuring the
safety of automotive systems. It provides a structured framework for
implementing functional safety ISO 26262 measures throughout the development
process. Adhering to this standard enables manufacturers to identify and
mitigate potential hazards in electronic and electrical systems, increasing
overall vehicle safety. By integrating ISO 26262 standard principles into their
practices, companies can instill confidence in the reliability and safety of their
products, thus boosting trust among consumers and stakeholders. In essence,
functional safety ISO 26262 serves as a cornerstone for creating vehicles that
prioritize safety without compromise.
The functional safety market is segmented into device type,
safety system, industry vertical, and region. By device type, the functional
safety market is divided into safety controllers/modules/relays, programmable
safety systems (PSS), safety sensors, emergency stop devices, final control
elements (valves, actuators), and others. By safety system, the market is
classified into emergency shutdown systems (ESD), burner management systems
(BMS), high-integrity pressure protection systems (HIPPS), turbomachinery
control (TMC) systems, fire and gas monitoring control systems, and supervisory
control and data acquisition (SCADA) systems. By industry vertical, the market
is fragmented into oil and gas, power generation, food and beverage,
pharmaceutical, automotive, and others.
By region, the global functional safety market segmentation
is analyzed across North America (the U.S., Canada, and Mexico), Europe (the
UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India,
South Korea, and rest of Asia-Pacific), Latin America (Brazil, Chile,
Argentina, rest of Latin America ), and Middle East & Africa (UAE, Saudi
Arabia, South Africa, rest of MEA).
The functional safety industry key players profiled in
the report include Rockwell Automation Inc., Emerson Electric Company,
Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd., Siemens
AG, Schneider Electric SE, General Electric Company, Mitsubishi Electric
Corporation, and Omron Corporation. The market players have adopted product
launches, acquisitions, and agreements strategies to expand their foothold in
the functional safety industry. This strategic activity is a critical
component of functional safety market statistics and provides valuable
functional safety market insights, highlighting the competitive dynamics and
growth strategies shaping the market.
Key findings of the study
- In
terms of device type, safety sensor is the leading segment in
functional safety market share in 2022 and are projected to experience the
highest CAGR in the coming years.
- By
safety systems, Emergency Shutdown Systems (ESD) led in revenue generation
in 2022, while Turbomachinery Control (TMC) Systems are expected to see
the most rapid CAGR in the forecast period.
- By
industry verticals, the oil and gas segment accounted for the dominant
functional safety market size in 2022, but the automotive sector is
forecasted to grow at the quickest CAGR in the future.
- Region
wise, North America holds the largest portion of the market share in
2022. However, the Asia-Pacific region is predicted to have the highest
CAGR during the forecast period.
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