Functional Safety Devices Market Size, Share, and Industry Analysis, By Type (Safety Sensors Safety PLCs, Safety Relays, Safety Valves, Safety Actuators, Safety Switches, Others), By Application (Automotive, Rail Transit, Chemical, Oil and Gas, Medical, Power Generation, Elevator and Escalator, Others) Regional Forecast To 2033

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FUNCTIONAL SAFETY DEVICES MARKET REPORT OVERVIEW

The functional safety devices market, valued at USD 8.11 billion in 2024, is forecasted to increase to USD 8.8 billion in 2025 and surpass USD 17.03 billion by 2033, expanding at a CAGR of 8.5% from 2025 to 2033.

The global COVID-19 pandemic has been unprecedented and staggering, with functional safety devices lower-than-anticipated demand across all regions compared to pre-pandemic levels.

Functional safety devicesrefer to a system or piece of machinery that uses automatic protection. The inputs to the fully automated protection system must be accurately processed. It should also respond predictably to failure. Human error, hardware equipment failures, and operational/environmental stress all fall into this category. Today, functional safety devicesare used in many industry sectors, such as pharmaceuticals, mining and extraction, and oil and gas extraction. With the growing use of automation systems in manufacturing, experimenting, and process control, it is more essential than ever before to prevent damage to equipment, accidents, and environmental impact.

Organizations utilize functional safety devicesto reduce threatening conditionin system applications or components and to protect people, property, and the environment. Furthermore, the advancement of technology has increased the needand for the (IoT) internet of things in industrial environments in order to meet the economic needs or expectationsof protection and responsibility. The expanding use of the (IIoT)industrial internet of thingspresents tremendouschances andopportunities again for functional safety devicesmarket. The IIoT (industrial internet of things)opens new doors to incorporated safety and compliance facilities. Sensors that detect pressure, level, flow, heat, and vibration are frequently utilized by the (IoT)internet of things to collect data and communicate it to monitoring systems.

FUNCTIONAL SAFETY DEVICES MARKET KEY FINDINGS

• Market Size and Growth: Valued at 8.11 billion in 2024, projected to 17.03 billion by 2033 at an 8.5 % CAGR

• Key Market Driver: 18 % uptick in IEC 61511 installations over three years

• Major Market Restraint: 15 % shortage of certified safety-engineers as of 2023

• Emerging Trends: 36.3 % share captured by safety sensors in 2023

• Regional Leadership: North America leads with approximately 33 % market share (largest region)

• Competitive Landscape: 65 % of top-10 players hold local manufacturing facilities to cut costs

• Market Segmentation: 5 device categories dominate over other segments

• Recent Development: 47 new safety requirements added for automotive ALC in 2023

COVID-19 IMPACT

"Supply and Lockdown Limitations to Decline Market Advancement"

Coronavirus has had a negative impact on the growth of many businesses, including the industries of power and energy. Regional governments around the world levied shutdown, causing business owners to see a decline in the demand for the functional safety devices in the second and third quarters of 2020.

With the decrease in demand, manufacturers or industrialists reached the machinery and equipment sector and government concessions in order to increase their product sales in the third and fourth quarters of 2020. The reopening of initiatives and many automotive sectors, rail transit utilizations have cleared the way for the functional safety devices manufacturers in the market, and growing demand for the functional safety devices market is anticipated to reach at greater levels during the estimated timeframe.

LATEST TRENDS

"Rise in Adoption Rate of IIoT (Industrial Internet of Things) to Stimulate Market Development "

The increasing adoption rate of IIoT inside the industrial area is creating new opportunities. The evidence given by smart sensors can be easily controlled with the help of IIoT technology. The IIoT technology effectively helps to keep track, assessment, and regulate; as a consequence, the productivity rate has enhanced, as has the popularity for the devices. According to a study, approximately 1.3 million labourers were impacted by labour illnesses; over 72,702 worker occurrences for non-fatal injury issues were recognized every year, more than 144 workers were killed as a result of the occurrences. In recent times, such research findings have increased consumption for functional safety devices market.

• Safety Sensors Dominate Device Mix: In 2023, the Safety Sensors segment accounted for 36.3 % of the global functional safety devices market

• Automotive Functional Safety Requirements Expand : Under ISO 26262 guidelines for automated lane-centering systems, regulators now mandate 5 vehicle-level safety goals and 47 distinct functional safety requirements

FUNCTIONAL SAFETY DEVICES MARKET SEGMENTATION

By Type

Based on type; the market is divided into safety sensors, safety PLCs, safety relays, safety valves, safety actuators, safety switches, others

Safety sensors type is the leading part of the type segment.

By Application

Based on the application; the market is divided into automotive, rail transit, chemical, oil and gas, medical, power generation, elevator and escalator, others

Automotive is the leading part of the application segment.

DRIVING FACTORS

"Increasing Usage by Industry Sector to Aid Market Expansion "

The machine or equipment are quite popular and frequently utilized in the industry sectors because of the large number of plants and rapidly increasing activities. Furthermore, the growing demand for safety mechanisms in the oil and gas sector to prevent industrial accidents is expected to drive thefunctional safety devicesmarket growth forward over the forecast period. In addition, the implementation of innumerable regulatory frameworks to safeguard operators and equipment is propelling the industry forward.

"Requirement by Wide Range of Industries to Foster Industry Progress "

Functional safety devicesare a form of secondary safety that guarantees the safe and orderly shutdown of process units in the event of an incident in a plant. The devices arebecoming a critical issue throughout a wide range of industries, including petroleum and natural gas, chemicals, electricity production, food and beverages,prescription drugs, metals and extraction, water and waste item treatment, and numerous others. Because the system utilizes certified subsystems and highlighted processes to achieve specific safety performance, the devices or machineryis becoming a market requirement.

• Surge in IEC 61511 Compliance: Compliance with the IEC 61511 safety standard drove an 18 % increase in certified safety instrumented system installations between 2020 and 2023

• OSHA Programmed Inspections Up: In FY 2023, OSHA conducted 15,844 programmed inspections—a 12.5 % rise over FY 2022—underscoring tighter enforcement in process-industry safety

RESTRAINING FACTORS

"Investment Required for Installation of the Equipment to Hinder Market Advancement "

However, the high price or investment required for the installation of the devicesmay limit the functional safety devices market share. Furthermore, the increasing complexity of the devicesmay suppress market growth.

• Audit Non-conformities Rise: Mid-sized manufacturers saw a 27 % jump in functional safety audit non-conformities between 2021 and 2023, highlighting complexity in meeting stringent standards

• Certified Engineer Shortage : The industry faces a 15 % shortage of IEC-certified functional safety engineers from 2020 to 2023, leading to project delays

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FUNCTIONAL SAFETY DEVICES MARKET REGIONAL INSIGHTS

"Growing Numbers of Industries to Foster Market growth in Europe "

During the forecast period, Europe is expected to grow at the fastest CAGR. The increment in industrial growth in developing countries is expected to drive growth. Furthermore, enhanced approval of global functional safety standards, increased industrial emphasis, and the impact of multinational corporations in adopting safety systems are expected to drive market growth in this region.

KEY INDUSTRY PLAYERS

"Notable Players in the Industry to Promote Market Expansion "

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment.

• SICK :The Safety Sensors segment—where SICK is a leading supplier—held 36.3 % market share in 2023

• Pilz :According to ISA, over 5,000 Pilz PNOZ safety relays were certified under IEC 61508 by end-2022

List of Top Functional Safety Devices Companies

• Siemens (Germany)
• ABB (Switzerland)
• Schneider (France)
• Honeywell (U.S.)
• Rockwell Automation (U.S.)
• Mitsubishi Electric (Japan)
• Emerson (U.S.)
• Yokogawa Electric (Japan)
• GE (U.S.)
• Omron (Japan)
• TE Connectivity (Switzerland)
• SICK (Germany)
• PILZ (Germany)
• HIMA Paul Hildebrandt (U.S.)
• Endress+Hauser (Switzerland)
• Eaton (Ireland)

REPORT COVERAGE

The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.