New York, United States, April 17, 2023 (GLOBE NEWSWIRE) -- The Global Functional Safety Market Size is to grow from USD 4.7 billion in 2021 to USD 12.97 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11.94% during the forecast period. The increasing adoption of functional safety systems in several verticals such as the process industry, power generation, chemicals, food & beverages, water & wastewater treatment, pharmaceuticals, metals & mining, discrete industry, automotive, railways, medical, and others will boost the demand for the functional safety market during the forecast period.
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Functional safety has been adopted by a variety of industries, including pharmaceuticals, the process industry, mining, power generation, and oil and gas. The overarching goal of functional safety is to eliminate the unconscionable possibility of physical harm or damage to individuals and communities, whether individually or collectively, as a result of environmental or property damage. As the number of workplace hazards increases and the importance of operational safety in workplace operations grows, so does the demand for functional safety. A number of government projects would also help companies that create functional safety devices and solutions to grow. The market for functional safety is increasing globally as a result of all these factors.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Functional Safety Market Size, Share, and COVID-19 Impact Analysis, By Devices (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, Emergency Stop Devices, Others), By Safety System (ESD, HIPPS, BMS, TMC, F&G, DCS, SCADA, Others), By Verticals (Process Industry, Power Generation, Chemicals, Food & beverages, Water & Wastewater Treatment, Pharmaceuticals, Metals & Mining, Discrete Industry, Automotive, Railways, Medical, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 " Get Detailed Report Description Here:
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The safety sensors segment is dominating the market with the largest revenue share over the forecast period.
On the basis of devices, the global functional safety market is segmented into safety sensors, safety controllers, programmable safety systems, safety switches, emergency stop devices, and others. Among these, the safety sensors segment is dominating the market with the largest revenue share of 36.3% over the forecast period. The functional safety market and devices rely heavily on safety sensors. These safety sensors have backup components, so if one fails, another takes over, preventing productivity losses from closure.
The ESD segment accounted the largest market share over the forecast period.
On the basis of the safety system, the global functional safety market is segmented into ESD, HIPPS, BMS, TMC, F&G, DCS, SCADA, and Others. Among these, the ESD segment is dominating the market and is going to continue its dominance over the forecast period. The Emergency Shutdown System (ESD) can be used to protect people, the workplace, and other important assets. Emergency shutdown systems are widely used in industries with a high risk of explosion, such as nuclear power, oil and gas, and similar industries.
The power generation segment accounted the largest revenue share of more than 45% over the forecast period.
On the basis of verticals, the global functional safety market is segmented into the process industry, power generation, chemicals, food & beverages, water & wastewater treatment, pharmaceuticals, metals & mining, discrete industry, automotive, railways, medical, and others. Among these, power generation is dominating the market with the largest revenue share of 45% over the forecast period. Water and wastewater treatment, electricity transmission, and generation using conventional and renewable energy sources are all services provided by the power generation industry.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 43.7% market share over the forecast period. The United States is a major market for functional safety systems in the region. Rising investments in power-generation projects are expected to drive demand for the region's functional safety systems market over the forecast period. On the contrary, Asia Pacific is expected to grow the fastest during the forecast period. Rising demand from emerging markets such as China, Japan, India, and South Korea is propelling the region's functional safety market forward.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Functional Safety Market include Emerson Electric Co., Schneider Electric, Johnson Controls, General Electric Company, Proserv Ingenious Simplicity, Honeywell International Inc., Rockwell Automation Inc., Omron Corporation, TUV Rheinland, Banner Engineering Corporation, Yokogawa Electric Corporation, and many others. Key players are implementing a variety of methods, including mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and introduction of more effective functional safety systems.
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Key Market Developments
In October 2022, Emerson created the industry's most comprehensive digital transformation portfolio by integrating the AspenTech portfolio of asset-optimizing software powered by industrial artificial intelligence into its PlantWeb digital ecosystem.
In March 2021, SimcenterTM SCADASTM RS hardware from Siemens Digital Industries Software is a brand-new data acquisition system for fast and accurate testing in harsh environments. Test engineers and managers can use Simcenter SCADAS RS to optimize their test data acquisition and measurement performance in harsh environments such as those found in the heavy equipment and transportation industries.
In June 2021, ABB Ltd. announced the 800xA distributed control system, which improves collaboration with new features such as simplified, faster commissioning of Greenfield projects and brownfield expansions with a new and improved Ethernet I/O Field Kit.
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