Functional Safety Market To Generate Revenue worth $8,990.6 Million in 2030

The global functional safety market size is expected to reach $8,990.6 million by 2030, growing at a CAGR of 7.1% from 2021 to 2030. Functional safety refers to a plant or equipment's overall safety through the use of safety instrumented systems, alarm systems, and basic process control systems. It addresses fault detection, transition to a safe state, and physical or systemic redundancy, thus decreasing the risk posed by electronic system malfunctions. As a result, this concept is widely used in the pharmaceutical, oil and gas, automotive and transportation, food and beverage, and power generation industries all over the world.

Indirect Sales Channel Held Significant Share in functional Safety Market

Indirect selling of functional safety devices and related gadgets is carried out by distributors, resellers, and third parties. Manufacturers regard distributors/resellers to be partners and are intimately tied with them. A strong distributor relationship can aid in the establishment of an effective sales front in numerous locations for a newly created company with little brand recognition. Distributors purchase products from manufacturers, store inventory, provide aftersales services, and resell the products to resellers or end users directly.

North America Holds Largest Share in Market

North America is the largest region, with a market share of more than 30% in 2021, because of the strong functional safety rules in the U.S. and Canada, which are closely abided by across many process industries.

The OSHA, ANSI, and CSA have certain codes that require industries to integrate functional safety techniques at their workplaces. Furthermore, the growing emphasis on workplace safety in the oil and gas industry has boosted market investments in North America.

The U.S is one of the major contributors to the global market. The country is highly developed in terms of technology, especially those surrounding the Industrial Revolution 4.0., and known for its innovative capabilities. Furthermore, the increase in the number of power generation projects is another sign of the market's potential. The U.S. government is concentrating on expanding its energy production capacity and investing heavily in such projects. For instance, in 2021, the U.S. government formulized clean energy investment of $550 billion to modernize everything from power generation to bus networks.

To Increase Market Share, Companies Involved in Various Strategic Developments

Major players operating in the market have been involved in several strategic developments, such as product launches, to remain competitive. For instance:

In June 2021, ABB launched a distributed control system, the ABB Ability System 800xA 6.1.1, which offers increased ethernet I/O capabilities, faster commissioning of greenfield projects and brownfield expansions with a new and improved Ethernet I/O Field Kit and enhanced security.

In April 2021, Pepperl+Fuchs expanded its factory automation product portfolio with the launch of Safe USi-safety ultrasonic sensor system.

Major players in the market are Schneider Electric SE, ABB Ltd., Hima Paul Hildebrandt GmbH, TUV Rheiland AG, General Electric Co., Siemens AG, Honeywell International Inc., Rockwell Automation Inc., Emerson Electric Co., and Omron Corporation.