Functional Safety Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Functional Safety Market Trends and Forecast

The future of the global functional safety market looks promising with opportunities in the chemical, food and drink, water and sewage, pharmaceutical, biotechnology, and metal & mining applications. The global functional safety market is expected to reach an estimated $9.0 billion by 2028 with a CAGR of 8.1% from 2023 to 2028. The major drivers for this market are increasing adoption of industry 4.0, widespread use of these technologies to comply with industry safety standards, and enormous demand for this technology in oil and gas plants as a safety measures and to reduce chances of disasters.

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Functional Safety Market by Segment

The study includes a forecast for the global functional safety market by product type, application, and region, as follows:

Functional Safety Market by Product Type [Shipment by Value Analysis from 2017 to 2028]:

• Safety Sensors
• Safety PLCs
• Safety Relays
• Valves
• Actuators

Functional Safety Market by Application [Shipment Analysis by Value from 2017 to 2028]:

• Chemical
• Food and Drink
• Water and Sewage
• Pharmaceuticals
• Biotechnology
• Metals & Mining
• Others

Functional Safety Market by Region [Shipment Analysis by Value from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Functional Safety Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies functional safety companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the functional safety companies profiled in this report include:

• ABB
• Emerson Electric
• Rockwell Automation
• Schneider Electric
• Siemens
• General Electric

Functional Safety Market Insights

Lucintel forecasts that safety sensor will remain the largest segment over the forecast period due to the enormous need for these sensors to provide timely alerts in potentially hazardous situations.

Food and drink is expected to remain the largest segment due to the significant use of this technology to ensure that all necessary safety precautions are performed without affecting the output of machines and increasing usage of these devices to keep track of things like speed, radius, and power load.

North America will remain the largest region due to the continuous expansion of oil and gas projects, rising adoption for fire and gas monitoring systems, and supporting government spending to boost the capacity for energy production in the region.

Features of the Functional Safety Market

• Market Size Estimates: Functional safety market size estimation in terms of value.
• Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Functional safety market size by various segments, such as by product type, application, and region
• Regional Analysis: Functional safety market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different by product type, application, and regions for the functional safety market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the functional safety market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the functional safety market size?

Answer: The global functional safety market is expected to reach an estimated $9.0 billion by 2028.

Q2. What is the growth forecast for functional safety market?

Answer: The global functional safety market is expected to grow with a CAGR of 8.1% from 2023 to 2028.

Q3. What are the major drivers influencing the growth of the functional safety market?

Answer: The major drivers for this market are increasing adoption of industry 4.0, widespread use of these technologies to comply with industry safety standards, and enormous demand for this technology in oil and gas plants as a safety measures and to reduce chances of disasters.

Q4. What are the major segments for functional safety market?

Answer: The future of the functional safety market looks promising with opportunities in the chemical, food and drink, water and sewage, pharmaceutical, biotechnology, and metal & mining applications.

Q5. Who are the key functional safety companies?

Answer: Some of the key functional safety companies are as follows:

• ABB
• Emerson Electric
• Rockwell Automation
• Schneider Electric
• Siemens
• General Electric

Q6. Which functional safety segment will be the largest in future?

Answer:Lucintel forecasts that safety sensor will remain the largest segment over the forecast period due to the enormous need for these sensors to provide timely alerts in potentially hazardous situations.

Q7. In functional safety market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region due to the continuous expansion of oil and gas projects, rising adoption for fire and gas monitoring systems, and supporting government spending to boost the capacity for energy production in the region.

Q8. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the functional safety market by product type (safety sensors, safety PLCs, safety relays, valves, and actuators), application (chemical, food and drink, water and sewage, pharmaceuticals, biotechnology, metals & mining, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?