The global functional safety market size is expected to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027, at a CAGR of 6.8% from 2022 to 2027. Process industries are adopting a number of security technologies and equipment that help in reducing accidents at workplaces; therefore, functional safety finds applications in such scenarios. Thus, a rising emphasis on proactive safety measures due to growing accidents is driving the growth of the functional safety market.
Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US) are among the top five players in the global functional safety market. These companies strengthen their market position by developing innovative products and acquiring small players.
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Schneider Electric offers energy and automation digital solutions. It also provides hardware, software, and services related to energy management and automation. The company has strategically positioned itself for providing software solutions for visualization and supervisory control, real-time operation management, asset management, and information management in process industry plants. Schneider Electric operates through two main business segments: Energy Management and Industrial Automation.
Schneider Electric offers functional safety solutions under its Industrial Automation business segment. For functional safety market, the product offerings of the company include emergency shutdown systems, burner management systems, fire and gas monitoring controls, turbomachinery controls, high integrity pressure protection systems, supervisory control and data acquisition (SCADA) systems, distributed control systems, safety sensors and switches, safety modules, and safety controllers.
ABB Ltd. is a leading power and automation technology company. The ABB Group was founded in 1988 as a result of the merger between Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). The company mainly operates through four business segments—Electrification Products, Robotics and Discrete Automation, Motion, and Industrial Automation. For the functional safety market, the company offers ABB Ability System 800xA, which is not only a Distributed Control System (DCS), but also an electrical control system, a safety system, and a collaboration enabler. This system can improve engineering efficiency, asset utilization, and operational performance. Moreover, the company also offers burner management systems, emergency shutdown systems, safety sensors, safety switches, fire and gas protection systems, safety relays, programmable safety controllers, SCADA, emergency stop devices, and more. All these products are highly being used in the functional safety market.
Honeywell International Inc.
Honeywell International Inc. is a leading player in the field of industrial automation. It offers aerospace products and services; control, sensing, and security technologies for homes, buildings, and industries; and performance materials and safety and productivity solutions. The company operates through four business segments—Aerospace, Performance Materials and Technologies, Honeywell Building Technologies, and Safety and Productivity Solutions. Honeywell International Inc. offers a wide range of solutions related to functional safety through its Safety and Productivity segment. The company offers safety systems and solutions such as integrated control and safety systems, distributed control systems, control monitoring and safety systems, and industrial wireless solutions in the control, monitoring, and safety systems category. It also offers safety-related solutions in the manufacturing category, including products such as manufacturing execution systems (MESs), sensors, and switches. The company is well known for its safety solution capabilities, safety life cycle services, and vertical domain expertise. Safety products offered by the company are SIL-certified. The safety and productivity solutions business segment offers products and software, which are dedicated to productivity improvement, workplace safety, and asset performance globally.
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
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