Functional Safety Global Market Report 2024

Description

“Functional Safety Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on functional safety market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for functional safety? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The functional safety market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Offering: Component; Service
2) By System: Emergency Shutdown System (ESD); Fire and Gas Monitoring System; High Integrity Pressure Protection System (HIPPS); Burner Management System (BMS); Turbomachinery Control (TMC)
3) By Industry: Oil and gas; Power Generation; Chemicals; Food and Beverages; Water and Wastewater; Pharmaceuticals; Metal and Mining; Other Industries
Companies Mentioned: Siemens AG; ABB Ltd.; Honeywell International Inc.; General Electric Co.; Schneider Electric SE
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Functional safety is a component of a system's or equipment's overall safety, and it focuses on electronics and their accompanying software, which must respond to their inputs correctly and should also have predictable failure answers. It is used to automatically prevent and control dangerous failures when they occur. Functional safety provides manufacturers the ability to operate closer to their margins with confidence in a well-defined functional safety environment.

The main types of offerings in functional safety are component and services. Service may assist in minimizing risk and optimizing systems in a variety of ways, including product design, safety chain management, performance and safety assessments, and more. The different systems include emergency shutdown systems (ESD), fire and gas monitoring systems, high integrity pressure protection systems (HIPPS), burner management systems (BMS), and turbomachinery control (TMC), and are used in several industries such as oil and gas, power generation, chemicals, food and beverages, water and wastewater, pharmaceuticals, metal and mining, and others.

The functional safety market research report is one of a series of new reports from The Business Research Company that provides functional safety market statistics, including functional safety industry global market size, regional shares, competitors with a functional safety market share, detailed functional safety market segments, market trends and opportunities, and any further data you may need to thrive in the functional safety industry. This functional safety market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The functional safety market size has grown strongly in recent years. It will grow from $5. 28 billion in 2023 to $5. 6 billion in 2024 at a compound annual growth rate (CAGR) of 6. 1%. The growth in the historic period can be attributed to industrial automation growth, regulatory compliance requirements, increased complexity of systems, standardization initiatives, growing demand for automotive safety, .

The functional safety market size is expected to see strong growth in the next few years. It will grow to $7. 32 billion in 2028 at a compound annual growth rate (CAGR) of 6. 9%. The growth in the forecast period can be attributed to adoption of functional safety in healthcare, advanced process control in industries, sustainable development goals (sdgs) impact, continuous improvement in safety culture. . Major trends in the forecast period include growing adoption across industries, compliance with international standards, integration of functional safety in iot devices, focus on automotive functional safety, cybersecurity and functional safety integration, digital twins for functional safety analysis. .

Rising demand for safety systems in the oil and gas industry is expected to propel the growth of the functional safety market going forward. The number of accidents in the oil and gas industry is increasing due to explosions and fires, slips and falls, operating heavy machinery, temperature extremes, and exposure to toxic chemicals. Major players in the oil and gas industry are adopting safety systems. For instance, according to the International Association of Oil and Gas Producers (IOGP) report, accidents in the oil and gas industry reveal that the number of accidents has decreased from 25% in 2019 to 14% in 2020. This is mainly due to increased awareness of safety standards and the use of functional safety equipment at the sites. Thus, the increasing demand for safety systems in the oil and gas industry is contributing to the functional safety market growth.

The increased demand for hydropower is expected to drive the growth of functional safety market. Hydropower, also known as hydroelectric power, is a renewable energy source that harnesses the energy of flowing or falling water to generate electricity. Hydrocarbon energy source uses functional safety for enhanced process safety, better alarm management, enhanced safety compliance, and safety lifecycle management. For instance, in October 2022, the United States Department of Energy (DOE) has unveiled three funding opportunities, totalling over USD 28 million, aimed at advancing research and development efforts to bolster hydropower as a vital clean energy source. This funding will be utilized to expand low-impact hydropower, develop new pumped storage hydropower facilities, and engage with key stakeholders on issues related to hydropower fleet modernization, sustainability, and environmental impact. Therefore, the increased demand for hydropower is expected to propel the growth of functional safety market going forward

New solutions have emerged as a key trend gaining popularity in the functional safety market. Major companies operating in the functional safety sector are adopting new solutions to sustain their position. For instance, in March 2022, Renesas Electronics Corporation, a Japanese semiconductor manufacturer, introduced new functional safety solutions that adhere to the IEC61508 standard. Using general-purpose 32-bit microcontrollers (MCUs) and microprocessors (MPUs) along with a variety of software solution components, Renesas provides a one-stop shop for functional safety solutions. Its dual-MCU design allows for easy safety verification and incredibly effective diagnostic software on any Renesas MCU based on the RXv2 core.

Major companies operating in the functional safety market are developing innovative products to meet the growing demand for functional safety and simplify the functional safety compliance. For instance, in December 2022, Jama Software, a Netherlands-based requirements management and product development platform, introduced a tool called Jama Connect for Robotics to assist companies in innovating and creating robotics applications. A robotics dataset, a functional safety procedural guide based on IEC 61508, frameworks, sample projects, and procedural, export, and configuration documentation are all included in the fully functioning package that comes with the solution. The goal of Jama Connect for Robotics is to simplify functional safety compliance and spur innovation.

In January 2021, ERM, a UK-based company that provides safety services, acquired Engineering Safety Consultants (ESC) for an undisclosed amount. Through this acquisition, ECS aims to enhance its capabilities and capacity in terms of technology and process safety services. Engineering Safety Consultants is a UK-based company that provides functional safety services, helping clients with risk, reliability, and SIL studies.

Major companies operating in the in the functional safety market report are Siemens AG, ABB Ltd., Honeywell International Inc., General Electric Co., Schneider Electric SE, Rockwell Automation Inc., Emerson Electric Co., TUV Rheinland, HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG,Intertek Group plc', Omron Corporation, Yokogawa Electric Corporation, DEKRA Group, Balluff Inc.,Omron Corporation,HIMA Paul Hildebrandt GmbH,Pilz GmbH & Co. KG,Pepperl+Fuchs,B&R Industrial Automation,Johnson Controls,Mangan Software Solutions,exida,SICK AG,L&T Technology Services,DNV GL,MISTRAS Group,National Instruments,ETAS GmbH,MathWorks

North America was the largest region in the functional safety market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the functional safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the functional safety market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The functional safety market includes revenues earned by entities by providing services such as risk management services, industrial machinery maintenance services, process and control equipment funcations, system maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r10360

1. Executive Summary

2. Functional Safety Market Characteristics

3. Functional Safety Market Trends And Strategies

4. Functional Safety Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Functional Safety Market Size and Growth

5.1. Global Functional Safety Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Functional Safety Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Functional Safety Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Functional Safety Market Segmentation

6.1. Global Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Component
Services
6.2. Global Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Emergency Shutdown System (ESD)
Fire and Gas Monitoring System
High Integrity Pressure Protection System (HIPPS)
Burner Management System (BMS)
Turbomachinery Control (TMC)
6.3. Global Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Oil and gas
Power Generation
Chemicals
Food and Beverages
Water and Wastewater
Pharmaceuticals
Metal and Mining
Other Industries

7. Functional Safety Market Regional And Country Analysis

7.1. Global Functional Safety Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Functional Safety Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Functional Safety Market

8.1. Asia-Pacific Functional Safety Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. 4. Asia-Pacific Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Functional Safety Market

9.1. China Functional Safety Market Overview
9.2. China Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9. 4. China Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Functional Safety Market

10.1. India Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Functional Safety Market

11.1. Japan Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Functional Safety Market

12.1. Australia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Functional Safety Market

13.1. Indonesia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Functional Safety Market

14.1. South Korea Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Functional Safety Market

15.1. Western Europe Functional Safety Market Overview
15.2. Western Europe Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. 4. Western Europe Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Functional Safety Market

16.1. UK Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Functional Safety Market

17.1. Germany Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Functional Safety Market

18. 5. France Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 6. France Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 7. France Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Functional Safety Market

19. 9. Italy Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Functional Safety Market

20.13. Spain Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Functional Safety Market

21.1. Eastern Europe Functional Safety Market Overview
21.2. Eastern Europe Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. 4. Eastern Europe Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Functional Safety Market

22.1. Russia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Functional Safety Market

23.1. North America Functional Safety Market Overview
23.2. North America Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. 4. North America Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Functional Safety Market

24.1. USA Functional Safety Market Overview
24.2. USA Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. 4. USA Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Functional Safety Market

25.1. Canada Functional Safety Market Overview
25.2. Canada Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. 4. Canada Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Functional Safety Market

26.1. South America Functional Safety Market Overview
26.2. South America Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. 4. South America Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Functional Safety Market

27.1. Brazil Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Functional Safety Market

28.1. Middle East Functional Safety Market Overview
28.2. Middle East Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. 4. Middle East Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Functional Safety Market

29.1. Africa Functional Safety Market Overview
29.2. Africa Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. 4. Africa Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Functional Safety Market Competitive Landscape And Company Profiles

30.1. Functional Safety Market Competitive Landscape
30.2. Functional Safety Market Company Profiles
- 30.2.1. Siemens AG
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1. 4. Financial Performance
- 30.2.2. ABB Ltd.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2. 4. Financial Performance
- 30.2.3. Honeywell International Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3. 4. Financial Performance
- 30.2. 4. General Electric Co.
  - 30.2. 4.1. Overview
  - 30.2. 4.2. Products and Services
  - 30.2. 4.3. Strategy
  - 30.2. 4. 4. Financial Performance
- 30.2. 5. Schneider Electric SE
  - 30.2. 5.1. Overview
  - 30.2. 5.2. Products and Services
  - 30.2. 5.3. Strategy
  - 30.2. 5. 4. Financial Performance

31. Global Functional Safety Market Competitive Benchmarking

32. Global Functional Safety Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Functional Safety Market

34. Functional Safety Market Future Outlook and Potential Analysis

34.1 Functional Safety Market In 2028 - Countries Offering Most New Opportunities
34.2 Functional Safety Market In 2028 - Segments Offering Most New Opportunities
34. 3 Functional Safety Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35. 4. Research Inquiries
35. 5. The Business Research Company
35. 6. Copyright And Disclaimer