Functional Safety Industry worth .2 billion by 2027

Posted by Tom C on January 12th, 2023

According to the new market research report "Functional Safety Market by System (ESD, F&G, TMC, BMS, HIPPS, SCADA, DCS), Device (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, Emergency Stop Devices), Sales Channel, Industry & Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Functional Safety Market size is projected to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027 at CAGR of 6.8% during the forecast period. Every functional safety system is designed in a way that when combined, it can achieve the overall SIL of the complete loop. Owing to these factors, the adoption of functional safety systems is surging in the oil & gas industry, consequently driving the growth of the market.

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The market for programmable safety systems is expected to grow at the highest CAGR from 2022 to 2027

The market for programmable safety systems is expected to grow at the highest CAGR from 2022 to 2027. Programmable safety systems or safety PLCs are considered the backbone of a functional safety system. The market for programmable safety systems is expected to significantly grow in the coming years as user requirements for programmable safety systems have emerged not only from a safety point of view but also from the ease of use in close conjunction with other systems. Programmable safety systems are highly reliable logic solvers, which provide both fail-safe and fault-tolerant operations. The market for programmable safety systems is anticipated to grow at a fast rate in the coming years as manufacturers are replacing the existing systems to comply with strict functional safety regulatory standards. Programmable safety systems are an integral part of safety instrumented systems. These systems must be designed or selected in accordance with the IEC 61508 standard and are required to achieve the SIL 3 and SIL 4 performance.

The functional safety market for emergency shutdown systems was expected to grow at a significant CAGR from 2022 to 2027

The functional safety market for emergency shutdown systems was expected to grow at a significant CAGR from 2022 to 2027. Rising demand for functional safety certified ESD systems in process industries and increasing implementation of regulatory measures pertaining to functional safety by several governments are the key factors driving the growth of the market for ESD systems. Moreover, oil & gas plants are prone to potential incidents that can adversely affect people, assets, and the environment in and outside the plants. During an emergency, an ESD system shuts down the process in a safe and orderly manner. Various parameters are considered while implementing an ESD system, such as cost-effectiveness of the system, compliance with current government rules and regulations, and litigation costs that may occur in case of the absence of an ESD system. Internationally recognized standards, such as ANSI/ISA S84.01 and IEC 61508, serve as guidelines to ensure functional safety to mitigate or avoid hazardous situations. ESD systems are widely used in industries such as petrochemicals, pharmaceuticals, manufacturing, power, and healthcare.

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The market in Asia Pacific is projected to grow at the highest CAGR from 2022 to 2027

The market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027. The market in this region is expected to witness significant growth during the forecast period due to increasing industrialization in emerging economies such as China and India. China and India have already adopted functional safety in various process industries such as oil & gas and power generation. The adoption of safety automation solutions in manufacturing industries in this region is significantly increasing with rapid industrialization, thereby contributing to market growth. The increased acceptance of international functional safety standards is driving the growth of the functional safety market in this region. Rapid industrialization, rising industrial emphasis, and organizational functional safety, as well as the influence of multinational companies in adopting safety systems, are also driving the growth of the functional safety market in Asia Pacific.

The Major Player includes Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US).