by Market Overview:
Functional safety involves the use of safety instrumented systems and safety-related control systems to ensure that the failure of equipment does not directly or indirectly cause unacceptable risks to people, property or the environment. Functional Safety solutions help prevent unintended or unexpected behaviour of machinery and control systems in industrial processes.
Market key trends:
One of the key trends in the functional safety market is the increasing adoption of integrated functional safety solutions. Integrated functional safety solutions combine multiple functional safety components such as sensors, controllers and actuators into a single package. This offers advantages such as reduced installation costs, simplified design and certification processes. The growing automation and connectivity in industries has also increased the need for functional safety compliance. With Industry 4.0 and IIoT gaining traction, implementing functional safety standards is becoming more crucial for manufacturers to ensure reliability of connected systems and networks. Furthermore, rising demand from the automotive industry driven by autonomous vehicle development is another major factor fueling the functional safety market growth.
Market Key Trends:
The functional safety market is witnessing growing adoption of industry 4.0 and industrial internet of things (IIoT). With increasing connectivity between machines and systems, functional safety has become imperative to ensure secure data communication and prevent failures. Manufacturers are focusing on implementing functional safety solutions to address hazards and risks associated with machinery and industrial automation. Growing needs for safety instrumentation systems across industries such as oil & gas, pharmaceuticals, and automotive is another key trend contributing to the growth of the functional safety market.
SWOT Analysis:
Strengths: Growing adoption of IIoT and industry 4.0 presents an opportunity for growth. Wide compatibility with different industrial protocols makes functional safety systems versatile.
Weaknesses: High initial costs associated with installation and setup of functional safety systems. Lack of skilled workforce for managing functional safety infrastructure.
Opportunities: Rising investments in process and discrete industries drives the need for safety compliance. Expanding regional markets such as Asia Pacific offer lucrative opportunities.
Threats: Switch to alternate safety systems owing to technological disruptions. Changing industry standards and regulations pose challenges to upgrade existing safety systems.
Key Takeaways:
The Global Functional Safety Market Demand was valued at US$ 5767.57 Mn in 2023. Growing at a CAGR of 11%, the market is expected to reach a value of US$ 10,567.57 Mn by 2030.
The increasing deployment of industrial automation across process and discrete industries is a key factor driving the growth.
Regionally, Asia Pacific dominates the global functional safety market and is expected to grow at the fastest CAGR during the forecast period. This can be attributed to rapid industrialization and increased safety expenditure in emerging countries of the region.
Some of the prominent players operating in the functional safety market are Banner Engineering Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE, Emerson Electric Company, Panasonic Industry Europe GmbH, Honeywell International Inc., Sick AG, Yokogawa Electric Corporation, Omron Corporation, ABB Ltd., General Electric Company, Schneider Electric SE, and Siemens AG. These players are focusing on new product launches and strategic partnerships to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
