According to the new market research report "Functional Safety Market, by Offering [Component (Safety Sensor, Programmable Safety System, Final Control Element), Services], System (ESD, TMC, F&G, HIPPS, BMS), Industry (Oil & Gas, Chemicals, Power Generation), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Functional Safety Market was worth USD 4.4 billion in 2020 and is projected to reach USD 5.3 billion by 2025, at a CAGR of 3.8%.
The major factors fueling the growth include strict mandates for safety regulations, surging demand for safety systems in the oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection, rise in industrial revolution 4.0 and Fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis.
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Safety sensors to lead functional safety market by 2025
The rising demand for functional safety-certified sensors in process industries and the increasing implementation of regulatory measures pertaining to functional safety by several governments are the key factors driving the growth of the market. Moreover, sensors used in a safety system are developed and designed to ensure safe, logic-based outputs in case a measurement or signal transmission does not occur. Safety sensors are used in automatic safety barriers, edges, electronic safety sensors, emergency stops (e-stops), palm buttons, safety controls, laser scanners, light curtains, mats, optoelectronic devices (single and multi-beam), and two-hand safety controls. Further, safety sensor is leading functional safety market as they perform important functions such as continuous process sensing and finding inconsistencies within processes.
Emergency shutdown systems to hold largest share of functional safety market during forecast period
The rising demand for functional safety-certified ESD systems in several industries and the increasing implementation of functional safety measures by several governments are the key factors driving the growth of the market for ESD systems. Oil & gas plants are prone to incidents that can adversely affect people and the environment. Functional safety systems such as emergency shutdown systems can considerably reduce the risk of accidents in oil & gas plants by initiating plant shutdown in emergencies. Therefore, functional safety systems are widely used in the oil & gas industry. ESD systems are widely used in petrochemicals, pharmaceuticals, manufacturing, power, and healthcare industries.
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Europe to be largest market for functional safety systems during forecast period
The increasing adoption of functional safety solutions to comply with these standards and workplace safety regulations is driving the growth of the market in this region. Further, Currently, Russia, the UK, and Norway are the key oil and gas-producing countries based in Europe and are the major contributors to the European functional safety market growth. However, Europe region is one of the most affected regions by COVID-19, economically. The outbreak of COVID-19 has caused a major setback to the export-oriented economy of Europe owing to the shutting down of manufacturing plants in the country. The automotive industry of Europe is severely affected as most of the automobile trade of the country takes place with China and Italy.
Major players in the functional safety market include Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), and Others.