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Functional Safety - Global Market Trajectory & Analytics

  • ID: 4805073
  • Report
  • April 2021
  • Region: Global
  • 150 Pages
  • Global Industry Analysts, Inc
Global Functional Safety Market to Reach $8.8 Billion by 2027

Amid the COVID-19 crisis, the global market for Functional Safety estimated at US$5.5 Billion in the year 2020, is projected to reach a revised size of US$8.8 Billion by 2027, growing at a CAGR of 6.8% over the analysis period 2020-2027. Safety Sensors, one of the segments analyzed in the report, is projected to record a 7.7% CAGR and reach US$3.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Safety Relays segment is readjusted to a revised 7% CAGR for the next 7-year period.



The U.S. Market is Estimated at $1.6 Billion, While China is Forecast to Grow at 6.3% CAGR

The Functional Safety market in the U.S. is estimated at US$1.6 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2027 trailing a CAGR of 6.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 5.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR.

Valves Segment to Record 6.1% CAGR

In the global Valves segment, USA, Canada, Japan, China and Europe will drive the 6.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$673.1 Million in the year 2020 will reach a projected size of US$1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1 Billion by the year 2027.

Select Competitors (Total 38 Featured):
  • ABB Ltd.
  • Balluff, Inc.
  • BEI Sensors
  • Bosch Rexroth AG
  • Emerson Electric Company
  • Endress+Hauser Management AG
  • exida.com LLC
  • General Electric Company
  • HIMA Paul Hildebrandt GmbH
  • Honeywell International, Inc.
  • Intel Corporation
  • Mangan Software Solutions
  • Mitsubishi Electric Corporation
  • Moore Industries-International, Inc.
  • Omron Corporation
  • Pepperl+Fuchs GmbH
  • Phoenix Contact GmbH & Co. KG
  • Pilz GmbH & Co. KG
  • Renesas Electronics Corporation
  • Rockwell Automation, Inc.
  • Schneider Electric SA
  • Siemens AG
  • TUV Rheinland AG
  • UL LLC (Underwriters Laboratories)
  • Yokogawa Electric Corporation
Frequently Asked Questions about the Global Market for Functional Safety

What is the estimated value of the Global Market for Functional Safety?

The Global Market for Functional Safety was estimated to be valued at $5.5 Billion in 2020.

What is the growth rate of the Global Market for Functional Safety?

The growth rate of the Global Market for Functional Safety is 6.9%, with an estimated value of $8.8 Billion by 2027.

What is the forecasted size of the Global Market for Functional Safety?

The Global Market for Functional Safety is estimated to be worth $8.8 Billion by 2027.
Note: Product cover images may vary from those shown

I. METHODOLOGY
II. EXECUTIVE SUMMARY
  • Influencer Market Insights
  • Impact of Covid-19 and a Looming Global Recession
  • Table 1: World Current & Future Analysis for Functional Safety by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 2: World 7-Year Perspective for Functional Safety by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2020 & 2027
  • Table 3: World Current & Future Analysis for Safety Sensors by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 4: World 7-Year Perspective for Safety Sensors by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 5: World Current & Future Analysis for Safety Relays by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 6: World 7-Year Perspective for Safety Relays by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 7: World Current & Future Analysis for Valves by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 8: World 7-Year Perspective for Valves by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 9: World Current & Future Analysis for Actuators by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 10: World 7-Year Perspective for Actuators by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 11: World Current & Future Analysis for Other Devices by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 12: World 7-Year Perspective for Other Devices by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 13: World Current & Future Analysis for Emergency Shutdown System by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 14: World 7-Year Perspective for Emergency Shutdown System by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 15: World Current & Future Analysis for Turbomachinery Control by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 16: World 7-Year Perspective for Turbomachinery Control by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 17: World Current & Future Analysis for Fire & Gas Monitoring Control by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 18: World 7-Year Perspective for Fire & Gas Monitoring Control by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 19: World Current & Future Analysis for HIPPS by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 20: World 7-Year Perspective for HIPPS by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 21: World Current & Future Analysis for BMS by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 22: World 7-Year Perspective for BMS by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 23: World Current & Future Analysis for SCADA by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 24: World 7-Year Perspective for SCADA by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
  • Table 25: World Current & Future Analysis for DCS by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 26: World 7-Year Perspective for DCS by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027

III. MARKET ANALYSIS
  • Table 27: USA Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 28: USA 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 29: USA Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 30: USA 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 31: Canada Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 32: Canada 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 33: Canada Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 34: Canada 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 35: Japan Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 36: Japan 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 37: Japan Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 38: Japan 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 39: China Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 40: China 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 41: China Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 42: China 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 43: Europe Current & Future Analysis for Functional Safety by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 44: Europe 7-Year Perspective for Functional Safety by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2020 & 2027
  • Table 45: Europe Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 46: Europe 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 47: Europe Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 48: Europe 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 49: France Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 50: France 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 51: France Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 52: France 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 53: Germany Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 54: Germany 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 55: Germany Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 56: Germany 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 57: Italy Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 58: Italy 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 59: Italy Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 60: Italy 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 61: UK Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 62: UK 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 63: UK Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 64: UK 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 65: Rest of Europe Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 66: Rest of Europe 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 67: Rest of Europe Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 68: Rest of Europe 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 69: Asia-Pacific Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 70: Asia-Pacific 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 71: Asia-Pacific Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 72: Asia-Pacific 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027
  • Table 73: Rest of World Current & Future Analysis for Functional Safety by Device - Safety Sensors, Safety Relays, Valves, Actuators and Other Devices - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 74: Rest of World 7-Year Perspective for Functional Safety by Device - Percentage Breakdown of Value Sales for Safety Sensors, Safety Relays, Valves, Actuators and Other Devices for the Years 2020 & 2027
  • Table 75: Rest of World Current & Future Analysis for Functional Safety by System - Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 76: Rest of World 7-Year Perspective for Functional Safety by System - Percentage Breakdown of Value Sales for Emergency Shutdown System, Turbomachinery Control, Fire & Gas Monitoring Control, HIPPS, BMS, SCADA and DCS for the Years 2020 & 2027

IV. COMPETITION
  • Total Companies Profiled: 38
Note: Product cover images may vary from those shown