Automotive Segment is Expected to Dominate the Global Functional Safety Market
Rising Demand for Electric Vehicles and Fast
Charging are the factors propelling the market growth.
According
to TechSci Research report, “Global Functional Safety Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”.
Global Functional Safety is anticipated to project robust growth in the
forecast period with a CAGR of 9.84% through 2028. The increasing adoption of
functional safety systems in a wide range of industries and the growing
industrial safety standards are the factors driving the market growth.
Oil and gas facilities are prone to accidents that can negatively impact
society and the environment. Functional safety measures, including emergency
shutdown systems, can significantly minimize the risk of disasters in oil and
gas facilities.
The
increasing use of connected devices and the rapid installation of software
solutions using over-the-air (OTA) are also expected to drive the demand for
functional safety systems. Industrial Revolution 4.0 has increased the need for
reliable security systems to protect individuals and property. These are the
factors anticipated to contribute to the market's revenue growth during the
forecast period.
The
adoption of functional safety systems and a data centric approach provides
enterprises in a wide range of industries with the required functionality that
enables automatic prevention of dangerous failures and control in instances of
such occurrences. They also offer facilities that humans cannot mimic.
Although
functional safety systems are driving the demand for the market across the
world, the increasing complexity of these systems, coupled with high
maintenance costs and the high initial cost of setting up these systems, is
dissuading enterprises from investing in functional safety systems technology,
thus leading to slow market penetration.
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Global Functional Safety Market.”
Based
on End-user Industry, Automotive is expected to hold the largest share of
Functional Safety market for during the forecast period, The automotive
industry has undergone various changes over the past few years, integrating
technological advancements into multiple types of vehicles. Previously, cars
were mechanical, mostly with basic electrical systems that offered power for
headlights and spark plugs. As technology progressed, vehicles were now
equipped with advanced safety purposes, such as airbag deployment systems.
The
increase in these sensor-dependent features has driven engineers to develop
more accurate sensors with automotive applications in mind. The industry's
adoption of functional safety is predicted to increase due to these trends. It
will enable automakers to react faster to market requirements, reduce
manufacturing downtimes, enhance supply chains' efficiency, and expand
productivity.
The
widespread use of modern vehicles powered by automotive electronic control
units (ECU) has necessitated sophisticated safety measures. The process of
functional safety has grown to be crucial to the process of developing ECU
software. To reduce risks and damage in software or hardware failures,
functional safety schemes for automobiles help diagnose malfunctions (electric
and electronic) and specify the actions and procedures to be used.
Electrification
and automation are the two significant trends in the automotive sector. The
emergence of electric vehicles in the industry has dramatically impacted the
demand for sensors in the long term. More electric cars mean increased demand
for sensors and a rise in sensors for applications, such as battery monitoring,
various positioning, and detection of moving parts of automobiles.
Based
on Region, North America will dominate the market, The United States is one of
the largest markets for functional safety systems globally. The country is
renowned for its innovation capabilities and is at the forefront of significant
developments surrounding the emerging technologies of the 4th Industrial
Revolution. Newfound shale resources in the United States and an increasing
number of oil and gas projects are additional indicators of market potential.
Prominent vendors such as Honeywell International, Rockwell Automation, Banner
Engineering Corp, and General Electric are headquartered in the country.
The
government is also focusing on increasing its energy generation capacity and is
investing in such projects. For instance, in October 2022, the US Department of
Energy (DOE) announced that the Idaho National Laboratory (INL) would receive
USD 150 million in financing from the President's Inflation Reduction Act to
modernize its infrastructure and advance nuclear energy research and
development. The funding will help almost a dozen projects at INL's Advanced
Test Reactor (ATR) and Materials Fuels Complex (MFC), both of which have been
in operation for more than 50 years and play a critical role in developing
nuclear technologies for governmental organizations, business, and global
collaborations. With nuclear energy accounting for approximately 5% of domestic
electricity production and 50% of all domestic clean energy production, it is
essential to achieving President Biden's target of 100% clean electricity by
2035.
Furthermore,
in October 2022, the United States Department of Energy (DOE) announced more
than USD 28 million across three funding opportunities to support research and
development initiatives that promote and sustain hydropower as a crucial source
of clean energy. The expansion of low-impact hydropower and pumped storage
hydropower, the construction of new pumped storage hydropower facilities, and
engagement with influential voices on issues like hydropower fleet
modernization, sustainability, and environmental impacts will all be supported
by funding provided by Bipartisan Infrastructure Law. Such initiatives of
power-generating project investments certainly increase the demand for
functional safety devices in the country.
Key market players in the Global Functional Safety Market
are following: -
- Rockwell Automation Inc.
- Emerson Electric Company
- Honeywell International Inc.
- Yokogawa Electric Corporation
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- General Electric Company
- Omron Corporation
- SICK AG
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“The
global functional safety market is driven by several key factors. Increasing
safety regulations across industries, the growing emphasis on risk reduction,
and the need to prevent accidents and system failures are significant drivers.
Technological advancements, such as the integration of IoT and automation, have
expanded the application of functional safety. Additionally, the rise of
autonomous vehicles and the demand for safer, interconnected systems further
boost the market. Product liability concerns, environmental considerations, and
the pursuit of cost savings also propel the adoption of functional safety
measures, ensuring the market's continued growth and relevance.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Functional
Safety Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented by Device Type (Safety Sensors, Safety Controllers/Modules/Relays,
Safety Switches, Programmable Safety Systems, Emergency Stop Devices, Final
Control Elements), by Safety Systems (Burner Management Systems, Turbomachinery
Control Systems, High-integrity Pressure Protection Systems, Fire and Gas
Monitoring Control Systems, Emergency Shutdown Systems, Supervisory Control
Data Acquisition Systems, Distributed Control Systems), by End-User Industry
(Oil & Gas, Power Generation, Food & Beverage, Pharmaceutical,
Automotive), By Region, By Competition 2018-2028 has evaluated the future growth
potential of Global Functional Safety Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Functional Safety Market.
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