The global Functional Safety Market is estimated to account for US$ 4,639.2 Mn in terms of value by the end of 2021. As the functional safety systems continue to grow in importance, there are a number of regulatory measures that have been put into place. These regulations can help manufacturers to increase their product's competitiveness and help them to reduce maintenance costs. Typical Functional Safety functions include an input subsystem, a logic subsystem, and an output subsystem. All of these subsystems need to be able to function in a safe manner to maintain the safety of the system. Using a Safety Function Level (SFF) and a PFH, the developer can determine what the safe operation level is for a particular function.
Global Functional Safety Market: Drivers
Growing trend of industry 4.0 in various industries is expected to augment growth of the global functional safety market over the forecast period. Industry 4.0 involves novel digital industrial technologies in which, machines, sensors, and IT systems are connected along the value chain. This concept is widely adopted in manufacturing sector all over the world. The adoption of this concepts needs the integration of functional safety and cybersecurity for reducing risks related to hazardous events that are caused by the malfunctioning of programmable electronic devices. This concept of Industry 4.0 offers a new digital transformation vision for manufacturing plants and factories as it enables the plants to function continuously while preventing unnecessary shutdowns.
Global Functional Safety Market: Opportunities
Growing adoption of advanced technologies such as machine learning and artificial intelligence in functional safety systems, is anticipated to create growth opportunities in the global functional safety market over the forecast period. These advanced technologies have shown their full potential in different areas of science and technology. The functional safety sector amongst others is also witnessing such advancements. The capabilities of Ai may produce highly required benefits that could outweigh the benefits from manual operation and offer significant opportunities driving the deployment of solutions with these technologies.
Global Functional Safety Market: Restraints
Lack of skilled and certified workforce is expected hinder growth of the global functional safety market over the forecast period. Manufacturing functional safety systems needs workforce having relevant certifications for enabling the appropriate handling of functional safety systems. The skillsets and technologies utilized in functional safety systems need trained workforce for handling the systems. Along with this, various industries are focused on adoption of novel safety technologies, which needs skilled manpower. Thus, this factor is expected to limit growth of the market in the near future.
Global Functional Safety Market - Impact of Coronavirus (Covid-19) Pandemic:
The Covid-19 pandemic adversely impacted growth of the functional safety market among various others. The pandemic resulted into several countries imposing lockdown regulations due to which several industrial operations were disrupted. Supply chains among most of the industries were disrupted due to closed down transportation. This created unavailability of raw materials utilized in the manufacturing process. Thus, due to these reasons, production and demand declined in many industries including the one in discussion. This is why, the functional safety market was negatively impacted by the Covid-19 pandemic. However, the market is regaining its growth, as the pandemic situation has returned to normal in most of the regions.
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The global functional safety market was valued at US$ 4,639.2 Mn in 2021 and is forecast to reach a value of US$ 11,882.5 Mn by 2030 at a CAGR of 11.5% between 2022 and 2030.
Safety Controllers/Modules/Relays segment held dominant position in the global functional safety market in 2021, accounting for 21.8% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Functional Safety Market Trends:
Growing number of companies investing in development of new functional safety solutions is a growing trend in the global functional safety market. For instance, in March 2022, Phison Electronics Corp, who provides integration services of NAND Controlled and storage solutions, announced the received the automotive functional safety development process certification, ISO 26262, which allows the company to continue boost its presence in the automotive industry. Thus, such involvement by market players in functional safety solutions is likely to propel the market growth.
Automotive industry is gaining traction in the global functional safety market. Among other prominent sectors, the automotive industry also holds a strong share in the automated manufacturing facilities across the globe. Several automakers have automated facilities to maintain their efficiency. Thus, the growing trend of replacing traditional vehicles with electric vehicles is likely to create demand for functional safety systems in the automotive industry, which in turn is expected to boost growth of the market.
Global Functional Safety Market: Competitive Landscape
Banner Engineering Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE, Emerson Electric Company, Panasonic Industry Europe GmbH (Panasonic Corporation), Honeywell International Inc., Sick AG, Yokogawa Electric Corporation, Omron Corporation, ABB Ltd., General Electric Company, Schneider Electric SE, and Siemens AG
Global Functional Safety Market: Recent Developments
In October 2021, Schneider Electric launched new cutting-edge linked PrismaSeT Active switchboards, PowerLogic TM HeatTag sensors, and ComPacTTM molded-case circuit breakers, for its EcoStruxureTM Power architecture.