Functional Safety Market Size, Outlook, Deployment Type and Business Opportunities | Impact of COVID-19

[Snehal Kale]

Market Highlights

The global functional safety market is growing at a rapid pace. Factors such as the high adoption of functional safety systems and advances in industrial technologies act as key driving forces defining the growing market landscape of the market. Besides, the availability of a range of safety devices and components offering futuristic features at competitive prices fosters market growth.

A leading research firm Market Research Future (MRFR), asserts that the global functional safety market is expected to garner a value of approximately USD 5,691.0 MN by 2026, registering about a 5.33% CAGR during the forecast period (2020-2026). Simultaneously, stringent government policies & regulations towards functional safety encourage the market revenues. 

The key players of the global Functional Safety Market are Honeywell International Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc., and Yokogawa Electric Corporation among others.  

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The geographic analysis of the functional safety market has been done for North America, Europe, Asia-Pacific, the rest of the world. North America has dominated the functional safety market in 2019 and is expected to reach USD 2,057.2 million in 2026, with the CAGR of 5.78%. The regions of Asia-Pacific and Europe are also expected to witness significant growth over the forecast period. 

In North America, the US accounted for the largest market share in 2019. The US is the leading country in North America, accounting for the largest market share. In the US, product innovation and product development are expected to play a significant role in market growth. According to the National Association of Manufacturers (NAM), the US is the largest manufacturing hub in North America and employs more than 12 million men and women. Europe is expected to register steady growth in the functional safety market during the forecast period owing to high awareness among industrialists and government officials regarding machine functionality, safety robustness, and system availability; this significantly increases their adoption in end-use industries. The region, by country, has been segmented into the UK, Germany, France, and the rest of Europe. Asia-Pacific has the highest CAGR of 6.27% for the Functional Safety Market Size based on the region due to hub for industrial manufacturing and, in recent years, has become a global focal point for significant investments and business expansions. Rapid industrialization across the chemicals, food, and electronics industries and the rise in the number of power projects for electricity are expected to be the major factors fueling the demand for functional safety solutions in the regional market. The rest of the world held the fourth position in terms of market share in 2019. The market growth in this region is currently stagnant due to the presence of emerging economies and relatively low infrastructure support. The region has been segmented into the Middle East & Africa and South America. 

Global Functional Safety Market: Segmentation

The global functional safety market has been segmented based on devices, system, end-user, and region. Based on devices, the global market has been segmented into actuators, safety sensors, final control elements, safety controllers/modules/relays, programmable safety systems, emergency stop devices, safety switches, valves, others. By system, the market has been 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), distributed control systems (DCS), others. Based on end user, the market has been divided into oil & gas, metal and mining, pharmaceuticals and biotech, retail and wholesale, manufacturing, power generation, others. 

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