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 From 2023 To 2030

Updated On: 20 November 2023

FUNCTIONAL SAFETY DEVICES MARKET REPORT OVERVIEW

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The global functional safety devices market size was USD 6.357 billion in 2021 and the market is projected to touch USD 11.33 billion by 2028, with a growing compound annual growth rate (CAGR) of 8.5% during the projected period. 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 devices refer 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 devices are 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 devices to reduce threatening condition in system applications or components and to protect people, property, and the environment. Furthermore, the advancement of technology has increased the need and for the (IoT) internet of things in industrial environments in order to meet the economic needs or expectations of protection and responsibility. The expanding use of the (IIoT) industrial internet of things presents tremendous chances and opportunities again for functional safety devices market. 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.

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.

FUNCTIONAL SAFETY DEVICES MARKET SEGMENTATION 

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• 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 the functional safety devices market 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 devices are 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 are becoming 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 machinery is becoming a market requirement.

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 devices may limit the functional safety devices market share. Furthermore, the increasing complexity of the devices may suppress market growth.

FUNCTIONAL SAFETY DEVICES MARKET REGIONAL INSIGHTS

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"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. O

List of Market Players Profiled 

• 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.