The functional safety market size is predicted to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027, at a CAGR of 6.8%.
To adopt functional safety standards, system manufacturers need to perform safety analysis not just at the system level but also at the device level. The growing emphasis on improved functional safety and security in the Industrial Revolution 4.0 will likely create new opportunities for functional safety market.
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The safety sensors market for functional safety is projected to grow at a higher CAGR during the forecast period
The safety sensors market for functional safety is projected to grow at a higher CAGR during forecast period. The stereoscopic vision technology has been gaining traction in the market for the past few years as it gathers accurate information from high-volume traffic data. Sensors deployed in a safety system are developed and designed to ensure a safe output based on the logic in case of a measurement or signal transmission does not occur. These safety sensors include the elements of redundancy wherein if any one element fails, then another takes control over the operation, and thus avoids productivity losses resulting from shutdown. These safety sensors are also being used in functional safety systems such as emergency shutdown systems (ESDs), high integrity pressure protection systems (HIPPS), fire and gas monitoring systems (FGS), and burner management systems (BMS), and turbomachinery control systems (TMCs). Safety sensor-based products are incorporated into functional safety systems for different applications such as to sense movement and position of machinery, tracking tooling data, and helping integrate automated systems.
Automotive is expected to grow at the highest CAGR from 2022 to 2027
Automotive is expected to grow at the highest CAGR from 2022 to 2027, owing to key growth trends in the automotive industry such as electrification, autonomous driving, and vehicle connectivity features, which are driving the demand for vehicles across the world. Functional safety systems play a vital role in the automotive industry. Machine safety systems used in the automotive industry detect unsafe conditions and trigger actions to reduce unsafe conditions. Safety devices such as safety sensors, safety PLCs, and emergency stop devices are widely used to mitigate the impact of the risks associated with dangerous processes.
The market in Asia Pacific projected to grow at the highest CAGR from 2022 to 2027
The market in Asia Pacific is projected to grow at the highest CAGR during forecast period. The economic growth of heavily regulated industries such as oil & gas and power has increased the demand for functional safety in developing economies, particularly in China and India. Japan is a smaller country in terms of land size but is responsible for huge production output and energy consumption. The safety standards practiced in Japan are strict and focused on the safety of workers in various industries. Asia Pacific is one of the major industrial markets in the world. China, Japan, India, South Korea, and the Rest of Asia Pacific (including primarily Australia, Thailand, Indonesia, Singapore, and Malaysia) are considered for market analysis in Asia Pacific.
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Key Market Players
Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US) are among a few top players in the functional safety market.
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