FUNCTIONAL SAFETY MARKET ANALYSIS

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), and Other Device Types), 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, and Distributed Control System (DCS)), By End User Industry (Oil and Gas, Power Generation, Food and Beverage, Pharmaceutical, Automotive, and Other End User Industries), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023
Code : CMI5505
Pages :158
Formats :
Excel and PDF
Industry : Information and Communication Technology

Functional Safety MarketSize and Trends

The global functional safety market size was valued at US$ 4,639.2 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 11.5% from 2022 to 2030. The functional safety market is expected to experience significant growth in the coming years. The market is driven by the demand for reliable and secure safety systems. Major drivers of growth include increasing adoption of automation technology across various industries, strict government regulations regarding product safety standards, and the growth of the oil and gas industry. Moreover, the rising emphasis on industrialization in developing nations is also expected to drive the market.

Market Trends:

Growing adoption of industrial internet of things (IIoT) is a major trend

The adoption IIoT has created new avenues for integrated safety and compliances services. IIoT can acquire data from sensors measuring level, pressure, temperature, flow, and vibration and then transfer this information to monitoring systems. The use of IIoT allows companies to integrate their processes with safety systems and monitor the system in real time. IIoT makes monitoring, analyzing, and controlling quick, which offers virtual management of physical systems. This ultimately improves the performance. Thus, the rise in adoption of IIoT is expected to continue in the market over the forecast period.

Increasing growth of food and beverage industry is recent trend

The food and beverage industry focuses on achieving high quality and consistent production at lower price. To achieve this, the food and beverage plants should be made more safe, flexible and profitable, by going for an integrated approach of automated safety control systems. Along with this, the manufacturing plants in the industry use various dangerous machines that should be following safety regulations for avoiding penalties. And lately, manufacturers in this industry are relying more on automated controls for production. Thus, this in turn is expected to create significant demand for functional safety solutions, which in turn is expected to boost the market growth.