July 23, 2024

Growing Industrialization To Fuel Growth In The Global Functional Safety Market

Market Overview:

The Functional Safety Market comprises of systems that are designed to ensure safe and secure operation of instruments, machines and processes. This involves implementing various safety instrumented systems (SIS) and safety life cycle management in industries. Functional safety includes electronic, electrical, programmable electronic and other technologies which are used in various industrial safety instrumented systems. Such safety systems are crucial for oil and gas, manufacturing, mining, and chemical plants where risks of explosions and chemical leaks can be high. Functional safety products help in protecting workers, assets and environment by acting as a safeguard against potential hazards and dangerous failures. They provide protection and monitoring functions to ensure maximum uptime and productivity while maintaining safety of personnel and equipment. With growing industrialization and stringent norms, the demand for functional safety solutions is rising across various sectors.

Market key trends:

One of the major trends in the functional safety market is the growing adoption of wireless connectivity solutions. WirelessHART, ISA100.11a and Bluetooth-based systems are enabling greater operational visibility and remote access to plant equipment. This is allowing predictive maintenance and remote troubleshooting by connecting disparate safety systems. Another key trend is the rise of Industry 4.0 initiatives which involves automation, data exchange and integration of cyber-physical systems. This is propelling the need for safety controllers, safety relays and emergency stop controls that can interface with smart factory systems. Furthermore, increasing demand for safety instrumented functions on a single programmable platform is also a significant trend. Convergence of controllers and safety systems on one network is driving growth opportunities in the functional safety market.

Porter’s Analysis
Threat of new entrants: The functional safety market requires high capital investments and strict compliance with regulatory standards which poses high entry barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power in the functional safety market due to the availability of a variety of solution providers and compliance requirements.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and differentiated nature of components and solutions.
Threat of new substitutes: Threat of substitution is moderate as functional safety is crucial for industries and non-compliance can cause severe losses.
Competitive rivalry: The functional safety market is highly competitive due to the presence of top players providing a wide range of solutions.

Key Takeaways

The Global Functional Safety Market Demand is expected to witness high growth, exhibiting CAGR of 11. over the forecast period, due to increasing industrial automation and stringent government regulations for industrial safety. The North America functional safety market is projected to dominate the global market during the forecast period due to stringent government regulations and high adoption of automation.

 Key players operating in the functional safety market incorporate Banner Engineering Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE, Emerson Electric Company, Panasonic Industry Europe GmbH (Panasonic Corporation), Honeywell International Inc., Sick AG, Yokogawa Electric Corporation, Omron Corporation, ABB Ltd., General Electric Company, Schneider Electric SE, and Siemens AG. Regional analysis related content

comprises Regional analysis related content: The North American region is expected to hold the major share in the functional safety market owing to stringent government regulations in countries like the US for industrial and workplace safety. Asia Pacific is projected to exhibit the fastest growth over the forecast period due to increasing industrialization, adoption of automation, and growing safety standards in industries.

Key players related content comprises:

Key players like Banner Engineering Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE provides a wide range of functional safety solutions and services for industries. Emerson Electric Company offers safety instrumentation systems and safety controllers catering to sectors like oil & gas, power generation among others. Panasonic Industry Europe GmbH (Panasonic Corporation) provides safety sensors, switches, and other safety devices.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it