The functional safety market is expected to grow from USD 4.4 billion in 2020 to USD 5.3 billion by 2025, at a CAGR of 3.8%. The market’s growth is propelled by the Fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis, strict mandates for safety regulations, surging demand for safety systems in the oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection, and rise in industrial revolution 4.0.

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COVID-19 Impact on the Global Functional Safety Market

Covid-19 has severely impacted all the industries throughout the globe. It is having a substantial impact on the global economy. Most companies have put a complete stop or limit their production. The restriction put by the government to curb the spread of the virus is what has deteriorated the economies around the globe. However, the outbreak of COVID-19 has declined the global market for functional safety. This is due to the disruptions in the supply chain across the globe. The economies around the globe have declined as there is major decline in the demand for products. The production across all industries have been limited due to the pandemic, the shortage of raw material, decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in the production as well as the decline in the functional safety market.

Functional Safety Market for services to grow at higher CAGR from 2020 to 2025

The market for services is expected to grow at higher CAGR from 2020 to 2025. The services market pertaining to functional safety is gaining pace with an increasing adoption of safety instrumented systems (SIS) by manufacturing companies and growing demand for functional safety, especially in oil & gas and chemical industries. Maintenance services are expected to continue to hold the largest size of the functional safety market based on service offerings, followed by testing, inspection, and certification (TIC) services. Maintenance is a critical factor in the overall life cycle of functional safety. After the installation of functional safety, end users have to maintain the SIF and SIL level throughout the life cycle.

Food & beverages industry to exhibit high growth in functional safety market during forecast period

The food & beverages industry is expected to grow at the highest CAGR from 2020 to 2025. The food & beverages industry strives to achieve high quality and consistent production at a low price. This can be achieved by making food & beverages plants more safe, flexible, and profitable by choosing an integrated approach of automated safety control systems such as functional safety solutions. Moreover, in food processing plants, several dangerous machines are used for which plant managers should follow safety regulations to avoid penalty. Nowadays, manufacturers of food & beverages rely more on automated controls for production. To reduce the risks of accidents and perform safe efficient operations, safety instruments systems are implemented in these plants.

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Functional safety market in APAC to grow at highest CAGR during forecast period

The functional safety market in APAC is expected to grow at the highest CAGR during the forecast period. This growth would likely be driven by increasing industrialization in emerging economies such as China and India. The increased acceptance of international functional safety standards is driving the growth of the market in this region. Rapid industrialization, rising industrial emphasis, and organizational functional safety, as well as the influence of multinational companies in adopting safety systems, are also driving the growth of the market in APAC. In addition, the growing number of power projects to meet the rising demand for electricity has given momentum to the implementation of functional safety systems such as burner management and fire and gas systems at plant locations.

Key Market Players

As of 2019, Emerson (US), Yokogawa (Japan), General Electric (US), Omron (Japan), and Siemens (Germany) Schneider Electric (France), Honeywell (US), ABB Ltd (Switzerland), Rockwell Automation (US), HIMA Paul (Germany) were the major players in the functional safety market.