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Functional Safety Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Functional Safety Market is Segmented By Device Type (Safety Sensors, Safety Controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, and Final Control Elements), Safety Systems (Burner Management System, Turbomachinery Control System, High-integrity Pressure Protection System, Fire and Gas Monitoring Control System, Emergency Shutdown Systems, Supervisory Control, Data Acquisition System, Distributed Control System), End User Industry (Oil and Gas, Power Generation, Food and Beverage, Pharmaceutical, Automotive), and Geography.

Market Snapshot

CAGR
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 8.3 %

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Market Overview

The Global Functional Safety Market is expected to register a CAGR of 8.3% during the period of 2021-2026. The COVID-19 outbreak and lockdown restrictions across the world have affected industrial activities across the world. Some of the effects of lockdown include supply chain disruptions, lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices that could cause the production of the final product to inflate and go beyond budget, shipping problems, etc. 

From the demand perspective, industries, such as oil and gas, are being challenged by the effects of the COVID-19 outbreak. Owing to this, producers have rapidly slashed capital spending and drilling programs. The pandemic has impacted the progress of several projects, resulting in pipelines getting stalled or delayed.

  • Functional safety is applicable to all industries today, and it is increasing in demand, as manufacturers and end users look to mitigate risk further. With the growing use of automated equipment for manufacturing, test, and process control, the need to avoid equipment damage, injuries, and environmental damage is more critical than ever. Growing demands and expectations from governments and workers have led manufacturers and suppliers to use predictable ways to achieve and design equipment to meet certain safety requirements.
  • The efficacy of the safety system is not based solely on regulatory and technical aspects but also an in-depth functional analysis of the organization, production processes, and the human factor. In the past, machinery safety was largely considered the cost.
  • However, presently, safety technologies might be seen as an investment in business productivity. Products like safety switches and relays have become common. With the adoption of integrated technologies and approaches to safety, PLCs, and safety mechanisms, too, have witnessed widespread use while having a limited impact on system engineering and planning.
  • Safety relays and safety controllers monitor the primary safety devices which protect personnel from accident and injury, ensuring safe stop and start functions on equipment with hazardous motion. Companies such as Omron, Rockwell, Sick, Eaton, and Pepperl+Fuchs, among others, are prominent providers of safety sensors and switches.
  • Safety switches are a necessity in all industrial applications, as per the National Electrical Code (NEC) established by the National Fire Protection Association (NFPA). According to NEC article 430.102B, a safety switch must be in sight from all motors or manufacturing equipment. The NEC defines “in sight” as visible and not more than 50 feet from the equipment it controls.

Scope of the Report

Functional safety is part of the overall safety of the system or piece of equipment, which depends on automatic protection. Functional safety systems are composed of electrical and electronic elements that are used for the fulfillment of safety function in most of the related sectors, with application in industries, such as automotive, oil and gas, power generation, chemicals and petrochemicals, food and beverages, pharmaceuticals, and metal and mining, as there is a high risk of related injuries. The study of the market includes the safety systems offered by vendors, such as BMS, TMC, HIPPS, ESD, and SCADA, as well as devices, such as safety valves, actuators, sensors, etc., across the geographical regions.

Device Type
Safety Sensors
Safety Controllers/Modules/Relays
Safety Switches
Programmable Safety Systems
Emergency Stop Devices
Final Control Elements (Valves, Actuators)
Other Device Types
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
Distributed Control System (DCS)
End-user Industry
Oil and Gas
Power Generation
Food and Beverage
Pharmaceutical
Automotive
Other End-user Industries
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Middle East & Africa

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Key Market Trends

Safety Sensors are Expected to Hold a Significant Share

  • Safety Sensors are used for machine guarding/ personnel protection, for perimeter monitoring and body part protection, or protect hazardous areas. These sensors detect the presence of humans within a specified area and reduce the possibilities of accidents, which can be achieved through tripping function or presence detection.
  • Stringent safety regulations by the government are driving the growth of the safety sensors. For instance, the specifications and safety requirements posed by the safety associations are putting pressure on end-user industries to increase their safety investments further.
  • For instance, the European Union (EU) strategic framework (2014–2020) for workplace health and safety integrates a series of actions to prevent occupational hazards. There is an intense concern over policies to reduce workplace accidents and enhance working conditions. Emphasis is placed on risk prevention and mitigation of the consequences of occupational hazards so that each member country of the European Union develops sustainably.
  • Additionally, according to Safety Media, up to 1.3 million workers suffer from work-related illnesses. There are approximately 72,702 reported cases of employers experiencing non-fatal injuries while 144 workers suffered from fatal ones. Depending upon the age of the employee, the same incident or accident is more likely have a different impact on the employee. In the next few years, the population of workers aged over 55 and above is anticipated to increase considerably drawing attention of several organizations to automate their safety solutions.
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United States Expected to Dominate the Market

  • The United States is one of the largest markets for functional safety market globally. The country is renowned for its innovation capabilities and is at the forefront of prominent developments surrounding the emerging technologies of the Fourth Industrial Revolution. New-found shale resources in the United States and an increasing number of oil and gas projects are an additional indicator of the market potential.
  • Prominent vendors such as Honeywell, Rockwell, General Electric, and Banner Engineering Corp are headquartered in the country. In July 2020, Rockwell Automation announced a new family of safety controllers with key features to increase performance. The new SIL 3 controllers are an addition to Rockwell Automation’s GuardLogix 5380 series.
  • The government is also focusing on increasing its energy generation capacity, and the American government is investing in such projects. For instance, in July 2019, the US DOE (Department of Energy) announced the funding of USD 16 million for 14 tribal energy infrastructure deployment projects. And they also announced their plan to develop an environmental impact statement (EIS) to study the impacts of building a versatile nuclear test reactor in the United States.
  • With the increasing stringency in the government regulations, the organization is concentrating on monitoring and control its carbon emission per product, which is expected to drive the demand for fire and gas monitoring systems in the country. There are currently over 20 major upcoming water treatment construction projects across the United States, each worth USD 5 billion on average.
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Competitive Landscape

The Functional Safety Market is witnessing consolidation, and players are offering solutions specific to each application, such as fire safety (fire and gas monitoring and control), pressure safety (high-integrity pressure protection systems), and asset safety (emergency shutdown systems). The key players operating in the market are focusing on new product development strategies to strengthen their product portfolio and increase customer acquisition.

  • July 2020 - Rockwell Automation announced a new family of safety controllers with key features to increase performance. The new SIL 3 controllers are an addition to Rockwell Automation’s GuardLogix 5380 series.

Recent Developments

  • April 2020 - Sick announced that it is launching its newest ultra-compact safety laser scanner, nanoScan3. This new product combines smart safety functions with excellent measurement data quality for accurate and reliable localization. This space-saving sensor can be used wherever the machine requires maximum performance but minimal mounting space.
  • January 2020 - OMRON Corporation announced the opening of Automation Center Tokyo in Shinagawa, Tokyo. This technology center will bring about innovations to the production floor through co-creation with customers.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Intensity of Competitive Rivalry

      5. 4.2.5 Threat of Substitutes

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Market Drivers

      1. 4.4.1 Growing Standards of Industrial Safety

      2. 4.4.2 Increasing Adoption of Functional Safety Systems in a Wide Range of Industries

    5. 4.5 Market Restraints

      1. 4.5.1 Increasing Complexity Coupled with High Initial Costs and Maintenance Costs

    6. 4.6 Assessment of COVD-19 Impact on the Industry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Device Type

      1. 5.1.1 Safety Sensors

      2. 5.1.2 Safety Controllers/Modules/Relays

      3. 5.1.3 Safety Switches

      4. 5.1.4 Programmable Safety Systems

      5. 5.1.5 Emergency Stop Devices

      6. 5.1.6 Final Control Elements (Valves, Actuators)

      7. 5.1.7 Other Device Types

    2. 5.2 Safety Systems

      1. 5.2.1 Burner Management System (BMS)

      2. 5.2.2 Turbomachinery Control (TMC) System

      3. 5.2.3 High-Integrity Pressure Protection Systems (HIPPS)

      4. 5.2.4 Fire and Gas Monitoring Control System

      5. 5.2.5 Emergency Shutdown Systems (ESD)

      6. 5.2.6 Supervisory Control and Data Acquisition (SCADA) Systems

      7. 5.2.7 Distributed Control System (DCS)

    3. 5.3 End-user Industry

      1. 5.3.1 Oil and Gas

      2. 5.3.2 Power Generation

      3. 5.3.3 Food and Beverage

      4. 5.3.4 Pharmaceutical

      5. 5.3.5 Automotive

      6. 5.3.6 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Rest of Asia Pacific

      4. 5.4.4 Latin America

      5. 5.4.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles*

      1. 6.1.1 Rockwell Automation Inc.

      2. 6.1.2 Emerson Electric Company

      3. 6.1.3 Honeywell International Inc.

      4. 6.1.4 Yokogawa Electric Corporation

      5. 6.1.5 ABB Ltd.

      6. 6.1.6 Schneider Electric SE

      7. 6.1.7 Siemens AG

      8. 6.1.8 General Electric Company

      9. 6.1.9 Omron Corporation

      10. 6.1.10 SICK AG

      11. 6.1.11 Panasonic Industry Europe GmbH (Panasonic Corporation)

      12. 6.1.12 Pepperl+Fuchs

      13. 6.1.13 Banner Engineering Corporation

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OF THE MARKET​

**Subject to Availability

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Frequently Asked Questions

The Functional Safety Market market is studied from 2018 - 2026.

The Functional Safety Market is growing at a CAGR of 8.3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Rockwell Automation Inc., Emerson Electric Company, Schneider Electric SE, ABB Ltd., Omron Corp. are the major companies operating in Functional Safety Market.

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