Functional safety is one of the most crucial elements for the overall system or product safety that depends on the accurate execution of specific commands and functions. With more products & systems incorporating complex microelectronics and software, it becomes empirical to assess and execute safety-related functions. With the Internet of Things (IoT) driving the interconnection of systems and products in sectors such as in smart grids, connected vehicles & autonomous driving, eHealth to name a few. Functional safety provides a great degree of freedom from the risk of physical injury or damage to the health of people directly or indirectly resulting from property damage or environmental damage.
According to a report published by Market Research Future on Global Functional Safety Market Research Report- Forecast 2023, the domain is expected to grow at $ 8.7 Billion by 2023, at a rate of 8.64% of CAGR between 2017 and 2023. Implementation of functional safety systems have to be ensured through defined processes and certified sub systems to achieve specific levels of safety performance as it has become an indispensable element of the market place. The drivers for this sector are the increasing use and development of technologies that reduce risk, increased investment in the sector, eagerness of buyers to implement functional safety in their products and working environments.
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The sector’s growth however could be restrained due to less number of players in the market, lack of awareness of the benefits and less than sufficient levels of research and development in the sector.
Global Functional Safety Market – Competitive Analysis
With the entry of new industry players in the global functional safety segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Effective planning is essential in terms of R&D which will enable to continue the upward growth trend.
The prominent players in the Functional Safety Market Size are – Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co. (US). The other prominent players in this market include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric Corporation (Japan) among others.
The regional analysis of Functional Safety Market is being studied for region such as Asia pacific, North Americas, Europe and Rest of the World. Technological advancements in ease of smart mobile usage to develop the mobile applications has driven the market of Functional Safety in North America. The study reveals that Europe region is also showing the positive sign towards mobile application at a very rapid pace in the Functional Safety Market during the forecast period as MBaaS is updating various applications and security to the smart mobile and devices. Asia-Pacific countries like China, Japan and India have shown considerably fair share in the Functional Safety Market but will be growing fast in coming time.
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