Functional Safety Market Size, Trends, Analysis, Growth 2022-2027

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%.

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 industry in developing economies, particularly in China and India.

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OPPORTUNITIES: Rising acceptance of IIoT technology in industries

The Industrial Internet of Things (IIoT) is creating new opportunities for integrated safety and compliance services. IIoT can acquire data from sensors that measure pressure, level, and the flow of liquids, temperature, and vibration, and send this collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible solutions in case of any emergency. Using IIoT, companies can integrate their processes with safety systems and can monitor the same in real-time. The Industrial Internet of Things (IIoT) provides the benefits of low-cost, low-power microprocessors to improve safety, usability, and energy efficiency while meeting industrial expectations of security and reliability. Various manufacturing companies are still far away from using IIoT to support safety instrumented functions (SIFs) directly in plants, factories, or industrial areas, handling hazardous products. Further, IIoT facilitates quick monitoring, analysis, and control, offering virtual management of physical systems, which ultimately results in performance improvement. With the increasing adoption of IIoT, the demand for functional safety is expected to grow during the forecast period.

CHALLENGES: Shortage of skilled functional safety certified workforce

Functional safety system manufacturers require a workforce with relevant certifications to enable the proper handling of functional safety systems. The technologies and skillsets used in functional safety systems require trained workers to handle the systems. Moreover, industries are increasingly focusing on adopting new safety technologies, and for that, they required a skilled workforce; but they are facing a shortage of skilled functional safety certified workforce. Due to this, developing countries continue to struggle with the efficient implementation of functional safety solutions in industrial automation. Hence, the lack of a skilled workforce poses challenges to the overall growth of the functional safety system market.