July 19, 2024
Functional Safety Market
Ict

Artificial Intelligence Anticipated To Open Up The New Avenue For Functional Safety Market

The Functional Safety Market is estimated to be valued at US$ 5767.57 Mn or Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The functional safety market deals with safety systems for industrial equipment and processes. It involves the use of safety instrumented systems and safety-certified programmable systems to ensure safety in machinery, plants, utilities, and other applications. Functional safety systems are designed to take safety-critical systems to a safe state in case of failures. They monitor process conditions and initiate protective functions such as emergency shutdown if hazardous operational deviations are detected. Key end-use industries include oil & gas, chemicals, food & beverages, pharmaceuticals, metals & mining, and power generation among others.

Market Dynamics:
The growing industrial automation is a key driver boosting the adoption of functional safety systems. Automation reduces human errors and enhances efficiency and productivity in industrial operations. With increasing complexity and hazards involved in automated facilities, functional safety has become a critical requirement. Stringent safety regulations across major industries has further increased investments in safety instrumented systems. The IEC 61508 and IEC 61511 functional safety standards ensure compliance in different industry sectors. Rising awareness about managing safety risks and minimizing accidents is also propelling the market growth. Moreover, increasing penetration of Industry 4.0 technologies such as IoT, AI, and cloud computing is expected to open up new opportunities by enabling remote condition monitoring and predictive maintenance through functional safety networks. However, high costs associated with installation and retrofitting of safety systems pose a challenge to market expansion.

Segment Analysis

The functional safety market is dominated by the discrete component sub-segment. Discrete safety components such as programmable safety systems, safety switches and emergency stop controls have widespread industrial applications in manufacturing, automotive, food & beverages and other heavy machinery sectors to prevent hazards. Discrete components are increasingly being used in machineries across industries as they offer better monitoring and control over safety processes in comparison to other substitutes.

PEST Analysis

Political: Governments across regions are introducing stringent regulations and standards such as IEC 61508 and ISO 13849 to ensure functional safety of machinery used in industries. This is positively impacting the market growth.
Economic: The growth of process and discrete manufacturing industries globally is driving investments in industrial automation and machinery. This will boost spending on functional safety systems over the forecast period.
Social: With increasing awareness about workplace safety, industries are more focused on employee safety by deploying functional safety systems in machineries to prevent industrial disasters.
Technological: Integration of robotics, IoT, AI and cloud computing in manufacturing processes is driving the need for advanced safety systems to effectively monitor processes in real-time.

Key Takeaways

The Global Functional Safety Market Size is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing penetration of industrial automation across industries. The market size for 2023 is estimated to be US$ 5767.57 Mn.

Regional analysis: North America is expected to dominate the functional safety market during the forecast period due to stringent regulations and early adoption of industrial automation. Countries like US and Canada are major contributors to the regional market growth. Asia Pacific is the fastest growing market led by China, India and other Southeast Asian countries owing to rising industrialization and expanding manufacturing sector.

Key players operating in the functional safety market are 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. The players are focusing on developing innovative and integrated safety solutions leveraging technologies such as IoT and analytics to gain a competitive edge in the market.

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