Functional Safety Market Size, Growth Drivers, Trends, And Competitive Outlook 2024-2032

Author: Joey Moore

The latest report by IMARC Group, titled "Functional Safety Market Report by Device Type (Safety Sensors, Safety Controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, and Others), 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)), End Use Industry (Oil and Gas, Power Generation, Food and Beverage, Pharmaceutical, Automotive, and Others), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the market. The global functional safety market size reached US$ 5.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2032, exhibiting a growth rate (CAGR) of 9.9% during 2024-2032.

Industry Trends and Drivers:

  • Increasing adoption of automation in industrial sectors:

The rise in automation across various industries is a major factor driving the global functional safety market. Industrial automation enables efficient operation, reduces human intervention, and enhances productivity, it also introduces complex systems that require robust safety measures to prevent accidents and malfunctions. Functional safety systems, such as emergency stop devices, safety controllers, and sensors, ensure that these automated systems operate within safe parameters. In sectors such as manufacturing, oil and gas, automotive, and power generation, automation systems are becoming increasingly advanced, leading to greater integration of safety features. Regulatory standards, such as IEC 61508 and ISO 13849 are pushing industries to adopt comprehensive functional safety solutions to mitigate risks. As industries worldwide strive for greater operational efficiency, demand for automation solutions will continue to rise, thereby fueling growth in the functional safety market.

  • Stringent safety regulations and standards:

Stringent regulatory standards are another key driver behind the growth of the functional safety market. Governments and international organizations have established regulations to ensure that industries maintain safe operational practices, especially in high-risk environments. Standards such as the International Electrotechnical Commission’s IEC 61508 (Functional Safety of Electrical/Electronic/Programmable Electronic Safety-related Systems) and ISO 26262 (Road Vehicles – Functional Safety) for the automotive industry have become critical benchmarks. These standards demand compliance with rigorous safety protocols, compelling companies to implement robust safety systems. Non-compliance can lead to heavy penalties, legal liabilities, and severe reputational damage, further motivating industries to invest in functional safety solutions. Additionally, the increasing focus on environmental protection and worker safety has led to a greater emphasis on safety systems.

  • Rising demand in the automotive industry for advanced safety features:

The automotive industry is experiencing a rise in demand for functional safety systems, particularly due to the rising integration of advanced driver-assistance systems (ADAS) and autonomous driving technologies. As vehicles become more connected and automated, ensuring functional safety is critical to preventing accidents and ensuring safe operations. Systems such as electronic stability control (ESC), adaptive cruise control (ACC), and collision avoidance systems rely on functional safety to operate effectively. The ISO 26262 standard, which focuses on the safety of electrical and electronic systems in road vehicles, has been widely adopted by automotive manufacturers to ensure that safety-critical functions perform reliably under all conditions. The growing trend of electric vehicles (EVs) and autonomous vehicles (AVs) is also driving the need for more advanced functional safety solutions. EVs and AVs require high levels of safety to protect both passengers and pedestrians, making functional safety a top priority in automotive development.

For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/functional-safety-market/requestsample

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

  • 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

Functional Safety Market Report Segmentation:

Breakup By Device Type:

  • Safety Sensors
  • Safety Controllers/Modules/Relays
  • Safety Switches
  • Programmable Safety Systems
  • Emergency Stop Devices
  • Final Control Elements
  • Others

Safety controllers/modules/relays dominate the market due to their critical role in ensuring seamless, automated safety responses and system shutdowns in hazardous scenarios across various industries.

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)

Emergency shutdown system (ESD) represents the largest segment as they are essential for immediately halting operations in hazardous situations, ensuring the safety of both personnel and equipment across high-risk industries such as oil and gas, chemicals, and power generation.

Breakup By End Use Industry:

  • Oil and Gas
  • Power Generation
  • Food and Beverage
  • Pharmaceutical
  • Automotive
  • Others

Oil and gas hold the maximum number of shares due to its reliance on functional safety systems to manage hazardous operations, ensuring compliance with strict safety standards and minimizing risks in high-pressure environments.

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

North America holds the leading position owing to a large market for functional safety driven by its early adoption of advanced technologies, stringent regulatory frameworks, and significant presence of industries with high safety demands, such as oil and gas, automotive, and manufacturing.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.

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