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Functional Safety Market Analysis: Covid-19 Impact, Growth, Share, Industry Size, Top Key Players – ABB Ltd., Emerson Electric Co.

According to the latest report by IMARC Group, “Global Functional Safety Market Growth, Share, Size, Industry Trends, Opportunity and Forecast 2022-2027“, the global functional safety market reached a value of US$ 4.67 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.29 Billion by 2027, exhibiting a CAGR of 11.60% during 2022-2027.

Functional safety represents the general safety of a plant and equipment using various safety-related systems, such as alarm systems, safety instrumented systems (SIS), basic process control systems (BPCS), etc. It generally covers physical or systemic redundancy, fault detection, and transitioning to a safe state to minimize the overall risk caused by faults in the electronic systems. Consequently, functional safety finds wide-ranging applications across several industries, such as automotive, oil and gas, food and beverage (F&B), pharmaceutical, etc.

Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027

Functional Safety Market Trends and Drivers:

The increasing number of power projects to meet the inflating demand for energy is primarily driving the functional safety market. Additionally, the rising adoption of sensor switches in machines and other industrial applications to inhibit accidental contact with live electrical connections is further catalyzing the market growth.

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Besides this, the growing utilization of safety systems for personnel and asset protection, on account of the implementation of numerous stringent regulations by government bodies across countries, is acting as another significant growth-inducing factor. Moreover, the advent of the industrial internet of things (IIoT) and Industry 4.0 is enabling enterprises to have enhanced reliability and efficiency in their operations, which is also positively influencing the global market.

In line with this, IIoT consists of storage systems, smart machines, and production facilities capable of autonomously triggering actions, exchanging information, and controlling each other independently. This, in turn, is projected to fuel the functional safety market in the coming years.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Functional Safety Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

ABB Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., Intel Corporation, Johnson Controls, OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and Yokogawa Electric Corporation.

The report has segmented the market on the basis of region, device type, safety system and end use industry.

Breakup by Device Type:

  • Safety Sensors
  • Safety Controllers/Modules/Relays
  • Safety Switches
  • Programmable Safety Systems
  • Emergency Stop Devices
  • Final Control Elements
  • Others

Breakup by Safety System:

  • Burner Management System (BMS)
  • Turbomachinery Control System (TMC)
  • High-Integrity Pressure Protection System (HIPPS)
  • Fire and Gas Monitoring Control System
  • Emergency Shutdown System (ESD)
  • Supervisory Control and Data Acquisition System (SCADA)
  • Distributed Control System (DCS)

Breakup by End Use Industry:

  • Oil and Gas
  • Power Generation
  • Food and Beverage
  • Pharmaceutical
  • Automotive
  • Others

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

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If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Table of Content

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Functional Safety Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Device Type
    6.1    Safety Sensors
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Safety Controllers/Modules/Relays
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Safety Switches
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Programmable Safety Systems
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Emergency Stop Devices
        6.5.1 Market Trends
        6.5.2 Market Forecast
    6.6    Final Control Elements
        6.6.1 Market Trends
        6.6.2 Market Forecast
    6.7    Others
        6.7.1 Market Trends
        6.7.2 Market Forecast
7    Market Breakup by Safety System
    7.1    Burner Management System (BMS)
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Turbomachinery Control System (TMC)
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    High-Integrity Pressure Protection System (HIPPS)
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Fire and Gas Monitoring Control System
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Emergency Shutdown System (ESD)
        7.5.1 Market Trends
        7.5.2 Market Forecast
    7.6    Supervisory Control and Data Acquisition System (SCADA)
        7.6.1 Market Trends
        7.6.2 Market Forecast
    7.7    Distributed Control System (DCS)
        7.7.1 Market Trends
        7.7.2 Market Forecast
8    Market Breakup by End Use Industry
    8.1    Oil and Gas
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Power Generation
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Food and Beverage
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Pharmaceutical
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Automotive
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Others
        8.6.1 Market Trends
        8.6.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis
    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    ABB Ltd.
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Emerson Electric Co.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    General Electric Company
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    Honeywell International Inc.
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Intel Corporation
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    Johnson Controls
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    OMRON Corporation
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Panasonic Corporation
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Pepperl+Fuchs SE
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Rockwell Automation Inc.
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    Schneider Electric SE
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    Siemens AG 
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Yokogawa Electric Corporation
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
           14.3.13.4 SWOT Analysis

List of Figures

Figure 1: Global: Functional Safety Market: Major Drivers and Challenges
Figure 2: Global: Functional Safety Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Functional Safety Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Functional Safety Market: Breakup by Device Type (in %), 2021
Figure 5: Global: Functional Safety Market: Breakup by Safety System (in %), 2021
Figure 6: Global: Functional Safety Market: Breakup by End Use Industry (in %), 2021
Figure 7: Global: Functional Safety Market: Breakup by Region (in %), 2021
Figure 8: Global: Functional Safety (Safety Sensors) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Functional Safety (Safety Sensors) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Functional Safety (Safety Controllers/Modules/Relays) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Functional Safety (Safety Controllers/Modules/Relays) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Functional Safety (Safety Switches) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Functional Safety (Safety Switches) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Functional Safety (Programmable Safety Systems) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Functional Safety (Programmable Safety Systems) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Functional Safety (Emergency Stop Devices) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Functional Safety (Emergency Stop Devices) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Functional Safety (Final Control Elements) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Functional Safety (Final Control Elements) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Functional Safety (Other Device Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Functional Safety (Other Device Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Functional Safety (Burner Management System-BMS) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Functional Safety (Burner Management System-BMS) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Functional Safety (Turbomachinery Control System-TMC) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Functional Safety (Turbomachinery Control System-TMC) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Functional Safety (High-Integrity Pressure Protection System-HIPPS) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Functional Safety (High-Integrity Pressure Protection System-HIPPS) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Functional Safety (Fire and Gas Monitoring Control System) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Functional Safety (Fire and Gas Monitoring Control System) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Functional Safety (Emergency Shutdown System-ESD) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Functional Safety (Emergency Shutdown System-ESD) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Functional Safety (Supervisory Control and Data Acquisition System-SCADA) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Functional Safety (Supervisory Control and Data Acquisition System-SCADA) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Functional Safety (Distributed Control System-DCS) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Functional Safety (Distributed Control System-DCS) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Functional Safety (Oil and Gas) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Functional Safety (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Functional Safety (Power Generation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Functional Safety (Power Generation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Global: Functional Safety (Food and Beverage) Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Global: Functional Safety (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Global: Functional Safety (Pharmaceutical) Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Global: Functional Safety (Pharmaceutical) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Global: Functional Safety (Automotive) Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Global: Functional Safety (Automotive) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Global: Functional Safety (Other End Use Industries) Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Global: Functional Safety (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: North America: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: North America: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: United States: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: United States: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Canada: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Canada: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Asia-Pacific: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Asia-Pacific: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: China: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: China: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Japan: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Japan: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: India: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: India: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: South Korea: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: South Korea: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Australia: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Australia: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Indonesia: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Indonesia: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Others: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Others: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Europe: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Europe: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Germany: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Germany: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: France: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: France: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: United Kingdom: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: United Kingdom: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Italy: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Italy: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Spain: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Spain: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Russia: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Russia: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Others: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Others: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Latin America: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Latin America: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 88: Brazil: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 89: Brazil: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 90: Mexico: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 91: Mexico: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 92: Others: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 93: Others: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 94: Middle East and Africa: Functional Safety Market: Sales Value (in Million US$), 2016 & 2021
Figure 95: Middle East and Africa: Functional Safety Market: Breakup by Country (in %), 2021
Figure 96: Middle East and Africa: Functional Safety Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 97: Global: Functional Safety Industry: SWOT Analysis
Figure 98: Global: Functional Safety Industry: Value Chain Analysis
Figure 99: Global: Functional Safety Industry: Porter’s Five Forces Analysis

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