Functional Safety Market Analysis by Device Type, By System Type & By End-user with Regional Outlook & Forecast to 2025

Market Overview

Factories, offices, homes, vehicles and everywhere there is presence of electric and electronic devices and systems that are prone to accidents like industrial accidents such as IOC Sanganer (Jaipur) fire in 2009, Buncefield Oil Storage Terminal in 2005, Deep Water Horizon accidents, automotive accidents, medical accidents, transportation accidents, cyber security and many more such accidents can be avoided by using functional safety devices and software. Mandatory functional standards such as IEC 61508, ISO 26262, EN 50129, EN ISO 13849-1, IEC 62061 and IEC 60601 have to be accomplished by the OEM’s and integrators to avoid unacceptable risks. Various technologies such IOT, assistance systems and autonomous machines have been included in the functional safety systems.

Goldstein Research analyst forecast the global functional safety market size is set to reach USD 8.6 billion by 2024 from the USD 4.5 billion in 2016, growing at a CAGR of 8.4% over the forecast years. The complexities of the system and increasing risk of failure, the demand of intelligent devices to understand the safety flaws in these systems is growing.     

Global Functional Safety Market Segmentation

By Types of Device

• Safety PLC’s
• Safety Relays
• Safety Sensors
• Safety Valves
• Safety Actuators

By Type of Systems

• Fire and gas monitoring control system
• Emergency shut-down system
• Turbo Machinery Control (TMC)system
• Burner Management System (BMS) 
• High-Integrity Pressure Protection Systems (HIPPS)
• Distributed Control Systems (DCS)
• Industrial Control Systems, Supervisory Control & Data Acquisition (SCADA) system

By End-User

• Automotive industry
• Energy and Utility sector
• Aviation and Aerospace industry
• Metal and Mining industry
• Healthcare sector
• Process Industry
• Transportation sector
• Agriculture and Forestry
• Electronics and Electricals industry
• Software industry

Based on Geography

• North America (U.S. & Canada)  functional safety market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America)  functional safety market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Europe (The U.K., Germany, France, Italy, Hungary, Spain, Poland, Sweden & RoE)  functional safety market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia)  functional safety market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA)  functional safety market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)

Market Share by Product Type and Region

On the basis of type of products, safety PLC’s segment had the largest market share of 31.1% in 2016 owing to the increased automation and its use in industry 4.0 concept. Safety valve segment market is also growing at a CAGR of 4.2% due to growth in energy and utility sector and oil and gas industry.

Based on geography, North America had the largest market share of functional safety systems of 36.4% in 2016 because of the fastest technological advancement, region and the companies have to adhere to numerous functional safety standards as per the regulations such as IEC/EN 61508 functional safety standard for electrical, electronic and programmable electronic safety-related systems and many more. Europe has 28.3% market share in 2016 due to the presence of large number of industries present in this region and EU regulation to comply with the functional safety standards for machines and human life. The regions with large number of oil and gas refineries, the Middle East region is the fastest growing market at the rate of 4.2% due to the high risk of industrial accidents require large application of functional safety systems.   

Trends, Drivers & Challenges to Market Growth

The rising trend of using functional safety has evolved from industrial application to other applications such as in automotive. Electronic Controller Units (ECU) and electronic signals are embedded in automobiles which analyze the potential risk of any malfunction in the automotive systems.

According to the report, the technology advancement such as IoT and autonomous machines is driving the functional safety market as they will support in reducing the number of accidents with higher accuracy and real-time response. Intel subsidiary Wind River has comprehensive portfolio of software products that enable development of functional safety solutions by industrial IoT to support industrial manufacturing and production.

Further, the major challenge for the functional safety market is meeting the stringent standard and designing the safety systems for the random hardware failures as compared to the systematic hardware and software failure.

Covered In This Global Functional Safety Market Report

The report covers the present ground scenario and the future growth prospects of the functional safety market for 2016-2024 along with the import and export data of the functional safety systems. We calculated the market size and revenue share on the basis of revenue generated from major players and sales of functional safety system from major players across the globe. 

Functional safety market outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the functional safety market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global functional safety market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Key Market Players

Global functional safety market report comprises of the following companies as the key players in the functional safety market.

• Siemens AG
• Rockwell Automation Inc.
• ABB Ltd.
• Schneider Electric SE
• Emerson Electric Co.
• General Electric Co.
• Honeywell International Inc.    

Other high-flying vendors in the biofuel market are: HIMA Paul Hildebrandt GmbH , Endress+Hauser Management AG , TUV Rheinland , OMRON Corporation , Yokogawa Electric Corporation .

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this market study

• What is the total market size by 2024 and what would be the expected growth rate?
• What is the revenue of functional safety market in 2015-16 and what would be the expected demand over the forecasted period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who all are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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