IMARC Group’s latest research report, titled “Functional Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
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.
Functional safety is a type of safety system that depends on automatic protection. It safeguards equipment and plants by using several types of safety-related systems, such as Basic Process Control Systems (BPCS), Safety Instrumented Systems (SIS), Burner Management System (BMS), etc. Functional safety helps to detect physical or systemic redundancy and ensures a transition to a safe state that prevents the prevailing risk caused by faults in the electronic systems. Consequently, it finds widespread applications across various sectors, including oil and gas, pharmaceutical, automotive, food and beverage (F&B), etc.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by device type, safety system, end use industry and region.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Functional Safety Market
- Strategies of major players and product offerings
The growing demand for safety systems for personnel and asset protection, owing to the implementation of stringent regulations by government bodies, is primarily driving the functional safety market. Besides this, inflating usage of the industrial internet of things (IIoT), alternatively known as Industry 4.0, for enhanced efficiency and reliability in operations is acting as another significant growth-inducing factor. In line with this, the elevating need for cyber-physical systems (CPS), which are a key concept of Industry 4.0, is also augmenting the market growth. Additionally, the rising utilization of sensor switches in industrial devices and applications to prevent accidental contact with live electrical connection and the expanding number of power projects for meeting the increasing energy requirements across countries are anticipated to catalyze the functional safety market over the forecasted period.
Key Players Included in Global Research Report:
- 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
- Yokogawa Electric Corporation.
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COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Breakup by Device Type:
- Safety Sensors
- Safety Controllers/Modules/Relays
- Safety Switches
- 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
- Power Generation
- Food and Beverage
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
TOC for the Functional Safety Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Functional Safety Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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