Functional Safety Market Forecast 2021 - 2031, Global and Regional Share, Trends, and Growth Opportunity Analysis Coverage: by Offering, System, End-user Industry, and Geography

List of Tables

The Functional Safety Market size was valued at US$ 7.63 billion in 2024 and is anticipated to reach US$ 12.73 billion by 2031; it is estimated to record a CAGR of 7.9% from 2025 to 2031.

The Functional Safety Market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific is expected to grow with highest CAGR in forecasted period. The chemical industry in the region is expanding significantly. For instance, China accounted for 55% of the global capacity for acetic acid, 50% of carbon black capacity, and 45% of titanium dioxide capacity in 2023. As per the India Brand Equity Foundation (IBEF), India ranks sixth and third among the largest producers of chemicals in the world and Asia, respectively. The Indian chemical industry is valued at US$ 220 billion and is predicted to grow to US$ 300 billion by 2030 and US$ 1 trillion by 2040.

As per the IEA, in 2022, the domestic natural gas production in Asia Pacific was 23,802,667 TJ. Out of this, China accounted for 33.2%, Australia 22.9%, Malaysia 11.3%, Indonesia 8.7%, and India 5%. Furthermore, the growing investment in the oil & gas industry is propelling oil and gas production. As per the Shell LNG Outlook 2021, the global LNG demand is expected to reach 700 million tons by 2040, while the demand for natural gas continues to grow strongly in Asia Pacific, generating the demand for gas production. Thus, the growing oil and gas production is expected to fuel the functional safety market growth in Asia Pacific in the coming years.

Japan has experienced a rapid rise in commercial vehicle production in its automobile industry. The industry excels in terms of quality and innovation. Japan is home to some of the top automotive brands, including Toyota and Mitsubishi. In January 2024, Honda Motor Co., Ltd. commenced the sales of a new commercial-use mini-EV in Japan. Also, in November 2023, Mitsubishi Motors Corporation announced the launch of the new Minicab EV, a kei-car1 class electric commercial vehicle with a monobox design. Thus, the production scale-up of commercial vehicles is expected to fuel the growth of the functional safety market in Japan.

The Global Functional Safety Market, by End-user Industry, is segmented into Power Generation, Oil and Gas, Chemicals, Pharmaceutical, Food and Beverages, and Others. The Power Generation segment held the largest Functional Safety Market share. Functional safety systems play a crucial role in the power generation industry owing to the high importance of reliable and safe operations in energy production facilities. Functional safety solutions are critical for addressing the risks associated with power generation processes, including those in renewable energy generation. The main objective of the system is to ensure operational safety while increasing efficiency and lowering emissions. Furthermore, regulatory compliance and the need to reduce risk are encouraging investments in advanced safety systems. The integration of IoT and real-time monitoring capabilities further improves the effectiveness of safety systems, allowing for faster response to possible threats.

Omron Corp, Schneider Electric SE, Rockwell Automation Inc, Siemens AG, Yokogawa Electric Corp, ABB Ltd, Emerson Electric CO, Honeywell International Inc., GE Vernova Inc., Hima Paul Hildebrandt GmbH are among the key players profiled during this market study. Several other essential market players were also studied and analyzed to get a holistic view of the global Functional Safety Market and its ecosystem.

The overall Functional Safety Market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Functional Safety Market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Functional Safety Market.

Product Code: TIPRE00007633

1. Introduction

1.1 Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Analyst Market Outlook
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
3.3 Assumptions and Limitations

4. Functional Safety Market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in Value Chain

5. Functional Safety Market - Key Market Dynamics

5.1 Functional Safety Market - Key Market Dynamics
5.2 Market Drivers
- 5.2.1 Stringent Safety Regulations and Compliance Requirements
- 5.2.2 Surge in Demand for Electric Vehicles
- 5.2.3 Increase in Use in Oil and Gas Industry
5.3 Market Restraints
- 5.3.1 Technical Complexities and Integration Challenges
5.4 Market Opportunities
- 5.4.1 Integration with Industry 4.0 and IoT Technologies
5.5 Future Trends
- 5.5.1 Advancements in EV Connector Manufacturing
5.6 Impact of Drivers and Restraints:

6. Functional Safety Market - Global Market Analysis

6.1 Functional Safety Market Revenue (US$ Million), 2021-2031
6.2 Functional Safety Market Forecast Analysis

7. Functional Safety Market Analysis - by Offering

7.1 Component
- 7.1.1 Overview
- 7.1.2 Component: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Services
- 7.2.1 Overview
- 7.2.2 Services: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)

8. Functional Safety Market Analysis - by System

8.1 Emergency Shutdown System (ESD)
- 8.1.1 Overview
- 8.1.2 Emergency Shutdown System (ESD): Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
8.2 High Integrity Pressure Protection System (HIPPS)
- 8.2.1 Overview
- 8.2.2 High Integrity Pressure Protection System (HIPPS): Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Burner Management System (BMS)
- 8.3.1 Overview
- 8.3.2 Burner Management System (BMS): Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
8.4 Fire and Gas Monitoring
- 8.4.1 Overview
- 8.4.2 Fire and Gas Monitoring: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
8.5 Turbo Machinery Control (TMC)
- 8.5.1 Overview
- 8.5.2 Turbo Machinery Control (TMC): Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
8.6 Others
- 8.6.1 Overview
- 8.6.2 Others: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)

9. Functional Safety Market Analysis - by End-user Industry

9.1 Power Generation
- 9.1.1 Overview
- 9.1.2 Power Generation: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Oil and Gas
- 9.2.1 Overview
- 9.2.2 Oil and Gas: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Chemicals
- 9.3.1 Overview
- 9.3.2 Chemicals: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
9.4 Pharmaceutical
- 9.4.1 Overview
- 9.4.2 Pharmaceutical: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
9.5 Food and Beverages
- 9.5.1 Overview
- 9.5.2 Food and Beverages: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)
9.6 Others
- 9.6.1 Overview
- 9.6.2 Others: Functional Safety Market - Revenue and Forecast to 2031 (US$ Million)

10. Functional Safety Market - Geographical Analysis

10.1 Overview
10.2 North America
- 10.2.1 North America Functional Safety Market Overview
- 10.2.2 North America: Functional Safety Market - Revenue, 2021-2031 (US$ Million)
- 10.2.3 North America: Functional Safety Market Breakdown, by Offering
  - 10.2.3.1 North America: Functional Safety Market - Revenue and Forecast Analysis - by Offering
- 10.2.4 North America: Functional Safety Market Breakdown, by System
  - 10.2.4.1 North America: Functional Safety Market - Revenue and Forecast Analysis - by System
- 10.2.5 North America: Functional Safety Market Breakdown, by End-user Industry
  - 10.2.5.1 North America: Functional Safety Market - Revenue and Forecast Analysis - by End-user Industry
- 10.2.6 North America: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.2.6.1 North America: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.2.6.2 United States: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.2.6.2.1 United States: Functional Safety Market Breakdown, by Offering
    - 10.2.6.2.2 United States: Functional Safety Market Breakdown, by System
    - 10.2.6.2.3 United States: Functional Safety Market Breakdown, by End-user Industry
  - 10.2.6.3 Canada: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.2.6.3.1 anada: Functional Safety Market Breakdown, by Offering
    - 10.2.6.3.2 Canada: Functional Safety Market Breakdown, by System
    - 10.2.6.3.3 Canada: Functional Safety Market Breakdown, by End-user Industry
  - 10.2.6.4 Mexico: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.2.6.4.1 Mexico: Functional Safety Market Breakdown, by Offering
    - 10.2.6.4.2 Mexico: Functional Safety Market Breakdown, by System
    - 10.2.6.4.3 Mexico: Functional Safety Market Breakdown, by End-user Industry
10.3 Europe
- 10.3.1 Europe Functional Safety Market Overview
- 10.3.2 Europe: Functional Safety Market - Revenue, 2021-2031 (US$ Million)
- 10.3.3 Europe: Functional Safety Market Breakdown, by Offering
  - 10.3.3.1 Europe: Functional Safety Market - Revenue and Forecast Analysis - by Offering
- 10.3.4 Europe: Functional Safety Market Breakdown, by System
  - 10.3.4.1 Europe: Functional Safety Market - Revenue and Forecast Analysis - by System
- 10.3.5 Europe: Functional Safety Market Breakdown, by End-user Industry
  - 10.3.5.1 Europe: Functional Safety Market - Revenue and Forecast Analysis - by End-user Industry
- 10.3.6 Europe: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.3.6.1 Europe: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.3.6.2 Germany: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.3.6.2.1 Germany: Functional Safety Market Breakdown, by Offering
    - 10.3.6.2.2 Germany: Functional Safety Market Breakdown, by System
    - 10.3.6.2.3 Germany: Functional Safety Market Breakdown, by End-user Industry
  - 10.3.6.3 France: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.3.6.3.1 France: Functional Safety Market Breakdown, by Offering
    - 10.3.6.3.2 France: Functional Safety Market Breakdown, by System
    - 10.3.6.3.3 France: Functional Safety Market Breakdown, by End-user Industry
  - 10.3.6.4 United Kingdom: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.3.6.4.1 United Kingdom: Functional Safety Market Breakdown, by Offering
    - 10.3.6.4.2 United Kingdom: Functional Safety Market Breakdown, by System
    - 10.3.6.4.3 United Kingdom: Functional Safety Market Breakdown, by End-user Industry
  - 10.3.6.5 Italy: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.3.6.5.1 Italy: Functional Safety Market Breakdown, by Offering
    - 10.3.6.5.2 Italy: Functional Safety Market Breakdown, by System
    - 10.3.6.5.3 Italy: Functional Safety Market Breakdown, by End-user Industry
  - 10.3.6.6 Russia: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.3.6.6.1 Russia: Functional Safety Market Breakdown, by Offering
    - 10.3.6.6.2 Russia: Functional Safety Market Breakdown, by System
    - 10.3.6.6.3 Russia: Functional Safety Market Breakdown, by End-user Industry
  - 10.3.6.7 Rest of Europe: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.3.6.7.1 Rest of Europe: Functional Safety Market Breakdown, by Offering
    - 10.3.6.7.2 Rest of Europe: Functional Safety Market Breakdown, by System
    - 10.3.6.7.3 Rest of Europe: Functional Safety Market Breakdown, by End-user Industry
10.4 Asia Pacific
- 10.4.1 Asia Pacific Functional Safety Market Overview
- 10.4.2 Asia Pacific: Functional Safety Market - Revenue, 2021-2031 (US$ Million)
- 10.4.3 Asia Pacific: Functional Safety Market Breakdown, by Offering
  - 10.4.3.1 Asia Pacific: Functional Safety Market - Revenue and Forecast Analysis - by Offering
- 10.4.4 Asia Pacific: Functional Safety Market Breakdown, by System
  - 10.4.4.1 Asia Pacific: Functional Safety Market - Revenue and Forecast Analysis - by System
- 10.4.5 Asia Pacific: Functional Safety Market Breakdown, by End-user Industry
  - 10.4.5.1 Asia Pacific: Functional Safety Market - Revenue and Forecast Analysis - by End-user Industry
- 10.4.6 Asia Pacific: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.4.6.1 Asia Pacific: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.4.6.2 China: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.4.6.2.1 China: Functional Safety Market Breakdown, by Offering
    - 10.4.6.2.2 China: Functional Safety Market Breakdown, by System
    - 10.4.6.2.3 China: Functional Safety Market Breakdown, by End-user Industry
  - 10.4.6.3 Japan: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.4.6.3.1 Japan: Functional Safety Market Breakdown, by Offering
    - 10.4.6.3.2 Japan: Functional Safety Market Breakdown, by System
    - 10.4.6.3.3 Japan: Functional Safety Market Breakdown, by End-user Industry
  - 10.4.6.4 South Korea: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.4.6.4.1 South Korea: Functional Safety Market Breakdown, by Offering
    - 10.4.6.4.2 South Korea: Functional Safety Market Breakdown, by System
    - 10.4.6.4.3 South Korea: Functional Safety Market Breakdown, by End-user Industry
  - 10.4.6.5 India: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.4.6.5.1 India: Functional Safety Market Breakdown, by Offering
    - 10.4.6.5.2 India: Functional Safety Market Breakdown, by System
    - 10.4.6.5.3 India: Functional Safety Market Breakdown, by End-user Industry
  - 10.4.6.6 Australia: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.4.6.6.1 Australia: Functional Safety Market Breakdown, by Offering
    - 10.4.6.6.2 Australia: Functional Safety Market Breakdown, by System
    - 10.4.6.6.3 Australia: Functional Safety Market Breakdown, by End-user Industry
  - 10.4.6.7 Rest of APAC: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.4.6.7.1 Rest of APAC: Functional Safety Market Breakdown, by Offering
    - 10.4.6.7.2 Rest of APAC: Functional Safety Market Breakdown, by System
    - 10.4.6.7.3 Rest of APAC: Functional Safety Market Breakdown, by End-user Industry
10.5 Middle East and Africa
- 10.5.1 Middle East and Africa Functional Safety Market Overview
- 10.5.2 Middle East and Africa: Functional Safety Market - Revenue, 2021-2031 (US$ Million)
- 10.5.3 Middle East and Africa: Functional Safety Market Breakdown, by Offering
  - 10.5.3.1 Middle East and Africa: Functional Safety Market - Revenue and Forecast Analysis - by Offering
- 10.5.4 Middle East and Africa: Functional Safety Market Breakdown, by System
  - 10.5.4.1 Middle East and Africa: Functional Safety Market - Revenue and Forecast Analysis - by System
- 10.5.5 Middle East and Africa: Functional Safety Market Breakdown, by End-user Industry
  - 10.5.5.1 Middle East and Africa: Functional Safety Market - Revenue and Forecast Analysis - by End-user Industry
- 10.5.6 Middle East and Africa: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.5.6.1 Middle East and Africa: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.5.6.2 United Arab Emirates: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.5.6.2.1 United Arab Emirates: Functional Safety Market Breakdown, by Offering
    - 10.5.6.2.2 United Arab Emirates: Functional Safety Market Breakdown, by System
    - 10.5.6.2.3 United Arab Emirates: Functional Safety Market Breakdown, by End-user Industry
  - 10.5.6.3 Saudi Arabia: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.5.6.3.1 Saudi Arabia: Functional Safety Market Breakdown, by Offering
    - 10.5.6.3.2 Saudi Arabia: Functional Safety Market Breakdown, by System
    - 10.5.6.3.3 Saudi Arabia: Functional Safety Market Breakdown, by End-user Industry
  - 10.5.6.4 South Africa: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.5.6.4.1 South Africa: Functional Safety Market Breakdown, by Offering
    - 10.5.6.4.2 South Africa: Functional Safety Market Breakdown, by System
    - 10.5.6.4.3 South Africa: Functional Safety Market Breakdown, by End-user Industry
  - 10.5.6.5 Rest of Middle East and Africa: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.5.6.5.1 Rest of Middle East and Africa: Functional Safety Market Breakdown, by Offering
    - 10.5.6.5.2 Rest of Middle East and Africa: Functional Safety Market Breakdown, by System
    - 10.5.6.5.3 Rest of Middle East and Africa: Functional Safety Market Breakdown, by End-user Industry
10.6 South and Central America
- 10.6.1 South and Central America Functional Safety Market Overview
- 10.6.2 South and Central America: Functional Safety Market - Revenue, 2021-2031 (US$ Million)
- 10.6.3 South and Central America: Functional Safety Market Breakdown, by Offering
  - 10.6.3.1 South and Central America: Functional Safety Market - Revenue and Forecast Analysis - by Offering
- 10.6.4 South and Central America: Functional Safety Market Breakdown, by System
  - 10.6.4.1 South and Central America: Functional Safety Market - Revenue and Forecast Analysis - by System
- 10.6.5 South and Central America: Functional Safety Market Breakdown, by End-user Industry
  - 10.6.5.1 South and Central America: Functional Safety Market - Revenue and Forecast Analysis - by End-user Industry
- 10.6.6 South and Central America: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.6.6.1 South and Central America: Functional Safety Market - Revenue and Forecast Analysis - by Country
  - 10.6.6.2 Brazil: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.6.6.2.1 Brazil: Functional Safety Market Breakdown, by Offering
    - 10.6.6.2.2 Brazil: Functional Safety Market Breakdown, by System
    - 10.6.6.2.3 Brazil: Functional Safety Market Breakdown, by End-user Industry
  - 10.6.6.3 Argentina: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.6.6.3.1 Argentina: Functional Safety Market Breakdown, by Offering
    - 10.6.6.3.2 Argentina: Functional Safety Market Breakdown, by System
    - 10.6.6.3.3 Argentina: Functional Safety Market Breakdown, by End-user Industry
  - 10.6.6.4 Rest of South and Central America: Functional Safety Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 10.6.6.4.1 Rest of South and Central America: Functional Safety Market Breakdown, by Offering
    - 10.6.6.4.2 Rest of South and Central America: Functional Safety Market Breakdown, by System
    - 10.6.6.4.3 Rest of South and Central America: Functional Safety Market Breakdown, by End-user Industry

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players
11.2 Company Market Share Analysis, 2024

12. Industry Landscape

12.1 Overview
12.2 Market Initiative
12.3 Product Development

13. Company Profiles

13.1 OMRON Corp
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 Schneider Electric SE
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 Rockwell Automation Inc
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 Siemens AG
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 Yokogawa Electric Corp
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
13.6 ABB Ltd
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Financial Overview
- 13.6.4 SWOT Analysis
- 13.6.5 Key Developments
13.7 Emerson Electric Co
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
13.8 Honeywell International Inc
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
13.9 GE Vernova Inc.
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
13.10 HIMA Paul Hildebrandt GmbH
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments

14. Appendix

14.1 About The Insight Partners
14.2 Word Index