Functional Safety
PUBLISHED: 2025 ID: SMRC28497
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Functional Safety

Functional Safety Market Forecasts to 2030 - Global Analysis By Component (Hardware and Software), Device Type (Safety Sensors, Safety Controllers, Programmable Safety Systems (PSS), Emergency Stop Devices, Actuators and Final Control Elements, Valves and Other Device Types), Safety System, End User and By Geography

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5.0 (94 reviews)
Published: 2025 ID: SMRC28497

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Functional Safety Market is accounted for $6.2 billion in 2024 and is expected to reach $12.0 billion by 2030 growing at a CAGR of 11.4% during the forecast period. Functional safety is the part of safety that ensures a system or equipment operates correctly and safely, even in the presence of faults or failures. It involves identifying hazards, assessing risks, and implementing measures such as redundancy, monitoring, and fault detection to prevent accidents or harm. It is particularly important in industries like automotive, manufacturing, and process control, where systems must maintain safe operation during normal and fault conditions. 

According to the U.S. Bureau of Labor Statistics, 5,486 workers died of industrial accidents in 2022, which was a 5.7% increase in deaths as compared to 2021. According to the World Health Organization (WHO), over 1.35 million people worldwide die in traffic accidents each year, emphasizing the critical need for enhanced vehicular safety systems.
 
Market Dynamics: 

Driver: 

Increasing adoption of automation

The increasing adoption of automation in the market enhances system reliability and reduces human error in critical applications. Automation enables real-time monitoring, fault detection, and faster response times, improving safety performance across industries like automotive, manufacturing, and process control. As safety standards evolve, automation technologies like AI and machine learning support continuous system assessment, ensuring compliance and risk mitigation, driving growth in the functional safety sector.

Restraint:

Complexity of standards

The complexity of functional safety standards can have negative effects on the market by increasing implementation costs and delays. Navigating intricate guidelines, such as ISO 26262 or IEC 61508, can be challenging for organizations, particularly small businesses with limited resources. This complexity often leads to higher compliance costs, longer development cycles, and potential for errors during implementation, hindering the efficiency and speed at which safety-critical systems are brought to market.

Opportunity:

Rising demand for safety in the automotive sector

The rising demand for safety in the automotive sector is driving growth in the market. As vehicles become more automated, ensuring the safety of advanced driver assistance systems (ADAS) and autonomous driving technologies is critical. Functional safety standards like ISO 26262 are guiding the development of reliable systems that prevent accidents and mitigate risks. Increased regulatory requirements and consumer safety expectations further fuel the demand for advanced safety solutions in automotive automation.

Threat:

High implementation costs

High implementation costs in the market can hinder adoption, especially for smaller companies. The need for specialized equipment, skilled personnel, and compliance with stringent safety standards increases overall expenses. These costs can limit innovation and slow down the deployment of safety systems in critical industries. Furthermore, ongoing maintenance and audits add to financial burdens, potentially reducing the market's accessibility and delaying advancements in safety technologies.

Covid-19 Impact: 

The COVID-19 pandemic disrupted the market by causing delays in manufacturing, project timelines, and regulatory processes. Supply chain interruptions and workforce shortages led to slower development and implementation of safety systems. Additionally, reduced budgets in certain sectors hindered investments in new safety technologies. However, the pandemic also highlighted the importance of automation and safety in industries, potentially accelerating future demand for robust functional safety solutions in the post-pandemic era.

The valves segment is expected to be the largest during the forecast period

The valves segment is expected to account for the largest market share during the forecast period. Safety valves, such as emergency shutdown valves and relief valves, are designed to automatically activate during hazardous situations to prevent accidents. They are integrated with safety systems to ensure safe operation by isolating or diverting processes when abnormal conditions are detected, maintaining system integrity and reducing risks in industries like oil & gas, chemicals, and manufacturing.

The power generation segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the power generation segment is predicted to witness the highest growth rate. These systems include safety controllers, sensors, emergency shutdown systems, and safety relays that protect against failures such as equipment malfunctions or external threats. By monitoring critical parameters like pressure, temperature, and flow, functional safety components help prevent accidents, ensuring the safe and efficient operation of power plants, including renewable energy and nuclear facilities.

Region with largest share:

During the forecast period, the North America region is expected to hold the largest market share due to increasing automation across industries such as automotive, manufacturing, and energy. Stringent safety regulations drive demand for compliant safety solutions. Advancements in autonomous vehicles, robotics, and industrial automation further fuel market expansion. The region’s well-established infrastructure and technological innovation provide a strong foundation for the continued adoption of functional safety systems and standards.

Region with highest CAGR:

Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR. The shift towards automation and smart factories is driving demand for functional safety solutions. As industries like automotive manufacturing and process industries adopt advanced robotics and IoT (Internet of Things) technologies, there is a greater need to ensure safety in automated systems. Additionally, the rapid economic growth in APAC, is leading to increased industrial output and infrastructure development, which is fueling demand for safety solutions.

Key players in the market

Some of the key players in Functional Safety market include ABB Ltd., Siemens AG, Schneider Electric, Honeywell International Inc., Emerson Electric Co., Rockwell Automation, Inc., Yokogawa Electric Corporation, Mitsubishi Electric Corporation, General Electric Company, Rexroth Bosch Group, TÜV Rheinland Group, Endress+Hauser, Belden Inc., OMRON Corporation, Panasonic Corporation, HIMA Paul Hildebrandt GmbH, and Fortive Corporation.
 
Key Developments:

In December 2024, Siemens Smart Infrastructure has completed the acquisition of Danfoss Fire Safety, a Denmark based specialist in fire suppression technology. This strategic step will boost growth and accelerate the expansion of Siemens’ sustainable fire safety portfolio with high-pressure water mist and low-pressure CO₂.

In June 2024, ABB India announced its collaboration with Witt India to set up smoke extraction motors in tunnels to augment safety. This collaboration aims to contribute towards infrastructure development ensuring safer and more efficient journey for commuters through India's road tunnels

Components Covered:
• Hardware
• Software

Device Types Covered:
• Safety Sensors
• Safety Controllers
• Programmable Safety Systems (PSS)
• Emergency Stop Devices
• Actuators and Final Control Elements
• Valves
• Other Device Types

Safety Systems Covered:
• Emergency Shutdown Systems (ESD)
• Burner Management Systems (BMS)
• Urbomachinery Control Systems (TMC)
• High-Integrity Pressure Protection Systems (HIPPS)
• Fire and Gas Monitoring Control Systems
• Turbomachinery Control (TMC) System
• Supervisory Control and Data Acquisition (SCADA) Systems
• Distributed Control System (DCS)

End Users Covered:
• Automotive
• Power Generation
• Oil & Gas
• Food & Beverage
• Pharmaceuticals
• Chemical & Petrochemical
• Railways
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary         
           
2 Preface          
 2.1 Abstract         
 2.2 Stake Holders        
 2.3 Research Scope        
 2.4 Research Methodology       
  2.4.1 Data Mining       
  2.4.2 Data Analysis       
  2.4.3 Data Validation       
  2.4.4 Research Approach       
 2.5 Research Sources        
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions       
           
3 Market Trend Analysis        
 3.1 Introduction        
 3.2 Drivers         
 3.3 Restraints        
 3.4 Opportunities        
 3.5 Threats         
 3.6 End User Analysis        
 3.7 Emerging Markets        
 3.8 Impact of Covid-19        
           
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry        
           
5 Global Functional Safety Market, By Component      
 5.1 Introduction        
 5.2 Hardware        
 5.3 Software         
           
6 Global Functional Safety Market, By Device Type      
 6.1 Introduction        
 6.2 Safety Sensors        
  6.2.1 Proximity Sensors       
  6.2.2 Pressure Sensors       
  6.2.3 Temperature Sensors      
  6.2.4 Flow Sensors       
  6.2.5 Level Sensors       
 6.3 Safety Controllers        
  6.3.1 Programmable Logic Controllers (PLCs)     
  6.3.2 Safety Relays       
  6.3.2 Safety Modules       
 6.4 Programmable Safety Systems (PSS)      
 6.5 Emergency Stop Devices       
  6.5.1 Emergency stop buttons      
  6.5.2 Pull wires       
  6.5.3 Guard locking devices      
 6.6 Actuators and Final Control Elements      
 6.7 Valves         
 6.8 Other Device Types        
           
7 Global Functional Safety Market, By Safety System      
 7.1 Introduction        
 7.2 Emergency Shutdown Systems (ESD)      
 7.3 Burner Management Systems (BMS)      
 7.4 Urbomachinery Control Systems (TMC)      
 7.5 High-Integrity Pressure Protection Systems (HIPPS)     
 7.6 Fire and Gas Monitoring Control Systems      
 7.7 Turbomachinery Control (TMC) System      
 7.8 Supervisory Control and Data Acquisition (SCADA) Systems    
 7.9 Distributed Control System (DCS)      
           
8 Global Functional Safety Market, By End User      
 8.1 Introduction        
 8.2 Automotive        
 8.3 Power Generation        
 8.4 Oil & Gas         
 8.5 Food & Beverage        
 8.6 Pharmaceuticals        
 8.7 Chemical & Petrochemical       
 8.8 Railways         
 8.9 Other End Users        
           
9 Global Functional Safety Market, By Geography      
 9.1 Introduction        
 9.2 North America        
  9.2.1 US        
  9.2.2 Canada        
  9.2.3 Mexico        
 9.3 Europe         
  9.3.1 Germany        
  9.3.2 UK        
  9.3.3 Italy        
  9.3.4 France        
  9.3.5 Spain        
  9.3.6 Rest of Europe       
 9.4 Asia Pacific        
  9.4.1 Japan        
  9.4.2 China        
  9.4.3 India        
  9.4.4 Australia        
  9.4.5 New Zealand       
  9.4.6 South Korea       
  9.4.7 Rest of Asia Pacific       
 9.5 South America        
  9.5.1 Argentina       
  9.5.2 Brazil        
  9.5.3 Chile        
  9.5.4 Rest of South America      
 9.6 Middle East & Africa       
  9.6.1 Saudi Arabia       
  9.6.2 UAE        
  9.6.3 Qatar        
  9.6.4 South Africa       
  9.6.5 Rest of Middle East & Africa      
           
10 Key Developments         
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 10.2 Acquisitions & Mergers       
 10.3 New Product Launch       
 10.4 Expansions        
 10.5 Other Key Strategies       
           
11 Company Profiling         
 11.1 ABB Ltd.         
 11.2 Siemens AG        
 11.3 Schneider Electric        
 11.4 Honeywell International Inc.       
 11.5 Emerson Electric Co.       
 11.6 Rockwell Automation, Inc.       
 11.7 Yokogawa Electric Corporation       
 11.8 Mitsubishi Electric Corporation      
 11.9 General Electric Company       
 11.10 Rexroth Bosch Group       
 11.11 TÜV Rheinland Group       
 11.12 Endress+Hauser        
 11.13 Belden Inc.        
 11.14 OMRON Corporation       
 11.15 Panasonic Corporation       
 11.16 HIMA Paul Hildebrandt GmbH       
 11.17 Fortive Corporation        
           
List of Tables          
1 Global Functional Safety Market Outlook, By Region (2022-2030) ($MN)    
2 Global Functional Safety Market Outlook, By Component (2022-2030) ($MN)   
3 Global Functional Safety Market Outlook, By Hardware (2022-2030) ($MN)   
4 Global Functional Safety Market Outlook, By Software (2022-2030) ($MN)   
5 Global Functional Safety Market Outlook, By Device Type (2022-2030) ($MN)   
6 Global Functional Safety Market Outlook, By Safety Sensors (2022-2030) ($MN)   
7 Global Functional Safety Market Outlook, By Proximity Sensors (2022-2030) ($MN)   
8 Global Functional Safety Market Outlook, By Pressure Sensors (2022-2030) ($MN)   
9 Global Functional Safety Market Outlook, By Temperature Sensors (2022-2030) ($MN)  
10 Global Functional Safety Market Outlook, By Flow Sensors (2022-2030) ($MN)   
11 Global Functional Safety Market Outlook, By Level Sensors (2022-2030) ($MN)   
12 Global Functional Safety Market Outlook, By Safety Controllers (2022-2030) ($MN)   
13 Global Functional Safety Market Outlook, By Programmable Logic Controllers (PLCs) (2022-2030) ($MN) 
14 Global Functional Safety Market Outlook, By Safety Relays (2022-2030) ($MN)   
15 Global Functional Safety Market Outlook, By Safety Modules (2022-2030) ($MN)   
16 Global Functional Safety Market Outlook, By Programmable Safety Systems (PSS) (2022-2030) ($MN) 
17 Global Functional Safety Market Outlook, By Emergency Stop Devices (2022-2030) ($MN)  
18 Global Functional Safety Market Outlook, By Emergency stop buttons (2022-2030) ($MN)  
19 Global Functional Safety Market Outlook, By Pull wires (2022-2030) ($MN)   
20 Global Functional Safety Market Outlook, By Guard locking devices (2022-2030) ($MN)  
21 Global Functional Safety Market Outlook, By Actuators and Final Control Elements (2022-2030) ($MN) 
22 Global Functional Safety Market Outlook, By Valves (2022-2030) ($MN)    
23 Global Functional Safety Market Outlook, By Other Device Types (2022-2030) ($MN)  
24 Global Functional Safety Market Outlook, By Safety System (2022-2030) ($MN)   
25 Global Functional Safety Market Outlook, By Emergency Shutdown Systems (ESD) (2022-2030) ($MN) 
26 Global Functional Safety Market Outlook, By Burner Management Systems (BMS) (2022-2030) ($MN) 
27 Global Functional Safety Market Outlook, By Urbomachinery Control Systems (TMC) (2022-2030) ($MN) 
28 Global Functional Safety Market Outlook, By High-Integrity Pressure Protection Systems (HIPPS) (2022-2030) ($MN)
29 Global Functional Safety Market Outlook, By Fire and Gas Monitoring Control Systems (2022-2030) ($MN)
30 Global Functional Safety Market Outlook, By Turbomachinery Control (TMC) System (2022-2030) ($MN) 
31 Global Functional Safety Market Outlook, By Supervisory Control and Data Acquisition (SCADA) Systems (2022-2030) ($MN)
32 Global Functional Safety Market Outlook, By Distributed Control System (DCS) (2022-2030) ($MN) 
33 Global Functional Safety Market Outlook, By End User (2022-2030) ($MN)   
34 Global Functional Safety Market Outlook, By Automotive (2022-2030) ($MN)   
35 Global Functional Safety Market Outlook, By Power Generation (2022-2030) ($MN)   
36 Global Functional Safety Market Outlook, By Oil & Gas (2022-2030) ($MN)   
37 Global Functional Safety Market Outlook, By Food & Beverage (2022-2030) ($MN)   
38 Global Functional Safety Market Outlook, By Pharmaceuticals (2022-2030) ($MN)   
39 Global Functional Safety Market Outlook, By Chemical & Petrochemical (2022-2030) ($MN)  
40 Global Functional Safety Market Outlook, By Railways (2022-2030) ($MN)   
41 Global Functional Safety Market Outlook, By Other End Users (2022-2030) ($MN)   
           
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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