How big is the Functional Safety Market?

The Functional Safety Market size is expected to reach USD 6.34 billion in 2024 and grow at a CAGR of 10.48% to reach USD 10.43 billion by 2029. Read More

What is the current Functional Safety Market size?

In 2024, the Functional Safety Market size is expected to reach USD 6.34 billion. Read More

Who are the key players in Functional Safety Market?

Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation and ABB Ltd are the major companies operating in the Functional Safety Market. Read More

Which is the fastest growing region in Functional Safety Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Functional Safety Market?

In 2024, the North America accounts for the largest market share in Functional Safety Market. Read More

What years does this Functional Safety Market cover, and what was the market size in 2023?

In 2023, the Functional Safety Market size was estimated at USD 5.74 billion. The report covers the Functional Safety Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Functional Safety Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Functional Safety Market Report | Industry Analysis, Size & Forecast Overview

Functional Safety Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Functional Safety Market Report is segmented by device type (safety sensors, safety controllers/modules/relays, safety switches, programmable safety systems, emergency stop devices, final control elements, and other device types), 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, and distributed control systems), end-user industry (oil & gas, power generation, food & beverage, pharmaceutical, automotive, and other end-user industries), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market size and forecasts are provided in terms of value (USD) for all the above segments.

Functional Safety Industry Overview

The functional safety market is characterized by several prominent global players competing in a fairly competitive landscape. Key contenders in this market include Rockwell Automation Inc., Emerson Electric Company, and Honeywell International Inc. These market players are actively working on enhancing their competitive edge through various strategies, including product innovation. As a result, the competitive rivalry within the market is anticipated to remain intense.

In October 2022, Emerson made a significant move by launching its PlantWeb digital ecosystem. This innovative ecosystem integrates the AspenTech portfolio of asset-optimizing software, which harnesses the power of industrial artificial intelligence. This strategic move positions Emerson as a leader in the industry, offering one of the most comprehensive digital transformation portfolios available.

In September 2022, Yokogawa Electric Corporation acquired Votiva Singapore Pte Ltd, a prominent Southeast Asian IT consultancy specializing in the deployment of enterprise resource planning (ERP) and customer relationship management (CRM) software. Yokogawa relies on ERP systems as a core component of its solutions designed to support smart manufacturing and digital transformation (DX) for customers in the manufacturing industry. With this acquisition, Yokogawa gains the ability to expand its geographic reach in Southeast Asia, offering enhanced consulting, implementation, and technical support services for ERP solutions in the region. As a result of this transaction, Votiva Singapore Pte Ltd will be rebranded as Yokogawa Votiva Solutions, solidifying Yokogawa's presence and influence in the Southeast Asian market.