February 28, 2024

Functional Safety Market Is Expected To Be Flourished By Growing Industrial Automation

The functional safety market involves products and services associated with safety instrumented systems and safety integrity levels in various industries. Functional safety components such as emergency stop devices, safety sensors, and programmable safety systems are widely used across the automotive, oil and gas, chemical, pharmaceutical, food and beverage, and manufacturing industries to ensure safety of machinery, equipment, and processes. The growing demand for automation across all industrial sectors has increased the deployment of functional safety components to prevent equipment failure and potential hazards. The global functional safety market industry is driven by stringent government regulations regarding workplace safety and industry standards such as IEC 61508 and ISO 26262 for functional safety assessment.

The global Functional Safety Market is estimated to be valued at Us$ 6644.25 Mn in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The growing industrial automation driven by Industry 4.0 is a major driver of the functional safety market. Automation requires safety instrumented systems and functional safety components to prevent accidents from machinery failure or errors. The implementation of functional safety solutions allows industries to comply with safety protocols, reducing costs associated with accidents and downtime. Additionally, stricter regulations around workplace safety and functional safety certification are prompting industries to adopt advanced safety products. Both these drivers are expected to contribute significantly to the growth of the functional safety market during the forecast period.

 

Segment Analysis

 

The global Functional Safety market is segmented by System, Device, and End-Use industry. The safety instrumented system (SIS) segment is dominating the market and held more than 35% share in 2020. SIS is designed to take a process to a safe state when specified conditions are detected. They are primarily used in critical applications where failure can have very severe consequences such as loss of human life, damage to the environment, or equipment.

PEST Analysis

Political: Governments across countries are implementing stringent safety regulations and standards to minimize the risks of industrial hazards. This is positively impacting the demand for functional safety systems.

Economic: With rapid industrialization and growing complexities of processes, demand for error-proof safety mechanisms from end-use industries is increasing. This is fueling market revenue growth.

Social: Accidents in workplaces involving fires, explosions, and other process plant failures are causing concerns about employee safety. Society is demanding higher safety assurance in industrial operations.

Technological: Development of integrated safety solutions, adoption of Industry 4.0 concepts, and introduction of new functional safety standards are broadening the application scope of functional safety technologies.

Key Takeaways

The Global Functional Safety Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global functional safety Market is estimated to be valued at US$ 6644.25 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.

Regional analysis:

 

Asia Pacific region is expected to be the fastest growing as well as dominating regional market during the forecast period. Countries like China, India are witnessing rapid industrialization which is driving the demand for functional safety systems to comply with safety standards and prevent accidents.

Key players:

 

Key players operating in the functional safety market are DowDuPont, Inc., Lanxess AG, United Initiators, Ansin Chemical Co Ltd., Shangyu Jie Hua Chemical Co., Ltd. Merck KGaA, and Lonza. DowDuPont Inc. and Lanxess AG are the largest players with dominating market presence.

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