Functional safety is a critical part of safe operation in many industrial automation equipment. It provides manufacturers with fewer downtimes and increased efficiencies. This allows them to operate closer to the margins of their product.

The design process for functional safety requires developers to understand the standards that they are following and how they can use them to improve the safety of their product. Functional safety standards provide guidance on how to prevent design bugs, how to detect and analyze a failure in a safety device, and how to reduce the risk of equipment damage. Moreover, there are several components and processes that must be considered during the design process.

Market Dynamics:

The increasing demand for robust safety systems in a variety of industries is expected to propel growth of the global functional safety market over the forecast period. Various factors are driving the demand, including the fourth industrial revolution and the increasing use of electrical and automated safeguards.

One of the major challenges in the functional safety industry is the high cost of installation. This has impeded the market from reaching its full potential. Moreover, lack of awareness regarding functional safety systems is also hampering growth of the global functional safety market.

Key features of the study:

• This report provides in-depth analysis of the global functional safety market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global functional safety market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include 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
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global functional safety market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global functional safety market

Detailed Segmentation:

• Global Functional Safety Market, By Device Type:
• • Safety Sensors
  • Safety Controllers/Modules/Relays
  • Safety Switches
  • Programmable Safety Systems
  • Emergency Stop Devices
  • Final Control Elements (Valves, Actuators)
  • Other Device Types
• Global Functional Safety Market, By Safety Systems:
  • Burner Management System (BMS)
  • Turbomachinery Control (TMC) System
  • High-Integrity Pressure Protection Systems (HIPPS)
  • Fire and Gas Monitoring Control System
  • Emergency Shutdown Systems (ESD)
  • Supervisory Control and Data Acquisition (SCADA) Systems
  • Distributed Control System (DCS)
• Global Functional Safety Market, By End User Industry:
  • Oil and Gas
  • Power Generation
  • Food and Beverage
  • Pharmaceutical
  • Automotive
  • Other End user Industries
• By Geography
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Rockwell Automation Inc.
  • Emerson Electric Company
  • Honeywell International Inc.
  • Yokogawa Electric Corporation
  • ABB Ltd
  • Schneider Electric SE
  • Siemens AG
  • General Electric Company
  • Omron Corporation
  • Sick AG
  • Panasonic Industry Europe GmbH (Panasonic Corporation)
  • Pepperl+Fuchs SE