New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Functional Safety Market Research Report: By Devices, System, End-User- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 22 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.2% during the assessment timeframe.
Today, functional safety applies to all industries, and it is becoming more and more in demand from manufacturers and end users who want to further reduce risk. It is more important than ever to prevent equipment damage, accidents, and environmental harm due to the increased usage of automated equipment for production, testing, and process control. The manufacturers and suppliers have been forced to utilise predictable methods to reach their goals and design all of the equipment to meet the strict safety regulations as a result of the rising demands and expectations from the governments and all of the workers.
An extensive functional examination of the organisation, the production process, and the human component, in addition to the regulatory and technological aspects, is what determines how effective the safety system is. In the past, the expense of machinery safety was the main factor. The current state of safety technology, however, may be considered an investment in business efficiency. Safety switches and relays are now more widely used goods. PLCs and safety mechanisms have seen extensive use along with the adoption of integrated technologies and safety approaches, but their influence on system engineering and planning has been minimal.
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Functional Safety Market Key Players:
- 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
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 22 Billion |
| Growth Rate | CAGR of 6.2% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The increasing number of aged workers in the industries has increased the overall growth |
| Key Market Drivers | Upgradation in robotics. Increased use of automated devices. The increasing use of IIoT and industrial automation. |
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Globally severe movement limitations brought about by the COVID 19 epidemic have decreased overall production rates across a number of industrial sectors.
Due to the weakening economy, manufacturers and several industrial sectors have cut their workforces. Furthermore, the supply chain and the entire production ecosystem, including logistics, have been impacted by the strict restrictions. The manufactured components or raw materials were not delivered to the correct people. Contrarily, business operations were suspended throughout the pandemic, which had a detrimental effect on the market's overall expansion for functional safety.
New opportunities are emerging in the industrial sector as IIoT use in industry grows. IIoT technology makes it simple to manipulate the data produced by smart sensors. Effective monitoring, analysis, and control are made possible by IIoT technology; as a result, production rates and the requirement for functional
The overall growth of the functional safety sector has also been boosted by the rising proportion of older workers in many industries. The established Functional Safety Market players, on the other hand, are boosting their investments in functional safety systems to ensure that they are abiding by the laws and regulations that have been placed on them.
The biggest constraint limiting the functional safety market is the high investment needed for functional safety system installation and maintenance. On the other hand, the variability in equipment, repair, and overall ownership costs is impeding the expansion of the functional safety sector as a whole.
The general growth of functional safety equipment across the industrial sector is also being hampered by the need to comply with the onerous laws and regulations enforced by the government.
Furthermore, it is thought that the main barrier to the Functional Safety Market is the ineffectiveness of these devices non emergency situations.
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Functional safety systems must be properly designed based on the nature of the business, taking into account variables like the number of employees and the production rate in the manufacturing facility. To enter the Functional Safety Market, safety equipment designers, producers, and suppliers must adhere to certain safety standards.
The manufacture of the final products is being disrupted by a lack of raw materials utilised in end-user industries' manufacturing processes, a labour shortage, pricing fluctuations, and transportation problems, which also impede and delay overall production in the manufacturing industries.
The need for safety sensors, which are mostly used for machine guarding, people monitoring, body part protection, and other threats, has increased in recent years. The sensors have the ability to identify moving people and launch the safety procedures in advance of any incident. On the other hand, the main growth-stimulating element for the functional safety industry is thought to be the strict restrictions implemented by governments around the world. The restrictions set by European nations lay a special emphasis on lowering the number of workplace accidents while improving working conditions for increased productivity.
In manufacturing plants, where automated systems were common, the actuators, sensors, final control components, relays, and safety switches were progressively used.
Functional Safety Market Segment Overview:
The Functional Safety Market is segmented on the basis of devices, systems, end user, and region.
Based on Devices, the market is segmented into Actuators, Safety Sensors, Final Control Elements, Safety Controllers, Modules, Relays, Programmable Safety Systems, Emergency Stop Devices, Safety Switches, Valves, and Others.
Based on System, the Functional Safety Market is segmented into 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), and Distributed Control Systems (DCS).
Based on End User, the Functional Safety Market is segmented into Oil & Gas, Metal and Mining, Pharmaceuticals and Biotech, Retail and Wholesale, Manufacturing, Power Generation, and Others.
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In comparison to other major nations, North America currently has the highest market share for functional safety, with 35.22% as of 2019. North America's market was worth USD 1406.7 million in 2019, and the Functional Safety Market is anticipated to expand at a steady CAGR of 6.2% over the projected period. However, the Asia-Pacific region, particularly China and India, are likely to develop during the projection period due to their rising acceptance of global functional safety standards.
With a market value of 1,406.7 million, North America held the greatest Functional Safety Market share of 35.22% in 2019. The functional safety market is anticipated to experience the highest CAGR of 5.8% over the forecast period. With USD 1,233.1 million, Europe was the second-largest market in 2019. The market is expected to grow at a CAGR of 4.6%.
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