Functional Safety Market Growth Accelerated by Increasing Demand for Automation in Industrial Sector

 

Functional Safety Market

Functional safety is the design, implementation and validation of systems to ensure safe operation even in the event of failures or faults. It helps ensure that industrial automation systems and equipment operate safely and as intended. Functional safety focuses on ensuring safety-related processes and systems function correctly in response to the inputs provided. It involves implementing safety instrumented systems, emergency shutdown systems, fire and gas monitoring systems and other safety controls and devices across various industries including oil & gas, healthcare and automotive.

 

The market is estimated to be valued at US$ 5767.57 Mn or billion in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

Rising adoption of industrial automation solutions owing to increasing focus on productivity and quality is a major driver of the functional safety market. Automation necessitates advanced safety controls and protocols to prevent mishaps. Functional safety helps address various risks associated with machinery and equipment failure or misoperation in automated industrial environments. Additionally, stringent regulations regarding workplace and operational safety across industries also contribute to market growth. For instance, standards such as IEC 61508 and ISO 26262 mandate implementation of safety instrumented systems and functional safety engineering practices. However, high costs associated with functional safety solutions may limit market expansion to some extent over the forecast period.

 

SWOT Analysis

Strength: The functional safety market has a large market size with a steady growth rate. Stringent government regulations for functional safety standards in industries like automotive, oil & gas, and manufacturing provide a conducive regulatory environment. Many companies are investing in R&D to develop innovative functional safety solutions.

 

Weakness: Functional safety certification requires extensive testing and documentation which increases costs. Ensuring functional safety across complex modern systems makes the validation process complex. Lack of expertise or skilled workforce in some regions poses challenges for implementation.

 

Opportunity: Growing applications of IoT, Industry 4.0, cyber-physical systems increase the scope for functional safety solutions. Expanding automotive, manufacturing and process industries in developing economies offer growth opportunities. The development of functional safety standards for new and emerging areas would open new application areas.

 

Threats: Trade tensions and geopolitical issues can disrupt global supply chains. Economic downturns may force industries to delay or slow down investments in functional safety upgrades. Substitute safety solutions from low-cost players can eat into market shares of established brands.

 

Key Takeaways

 

The Global Functional Safety Market Size is expected to witness high growth over the forecast period driven by expanding applications in automotive, oil & gas, manufacturing industries. Regulatory mandates for functional safety are driving modernization efforts across industrial sectors.

 

Regional analysis: Asia Pacific dominates currently due to a large manufacturing sector and growing automotive industry in China, India, Japan and South Korea. Stringent safety norms are incentivizing adoption. Europe is also a major market driven by well-established automotive and process industries compliance needs.

 

Key players: Key players operating in the functional safety market are DowDuPont, Inc., Lanxess AG, United Initiators, Ansin Chemical Co Ltd., Shangyu Jie Hua Chemical Co., Ltd. Merck KGaA, and Lonza. These companies are focusing on expanding their product portfolios and capabilities through acquisitions and partnerships.


Get More Insights Here

https://www.newswirestats.com/functional-safety-market-size-share-growth-outlook-2023/

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