Learn about the global functional safety market through The Business Research Company, which provides information on functional safety market size, functional safety market drivers and restraints, functional safety market players, the COVID-19 impact on the functional safety market, and more.

The global functional safety market size is expected to grow from $4.67 billion in 2021 to $5.10 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global functional safety market size is expected to grow to $6.60 billion in 2026 at a CAGR of 6.6%.

Rising demand for safety systems in the oil and gas industry is expected to propel the growth of the functional safety market going forward.

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The functional safety market consists of sales of the functional safety components and services by-entities (organizations, sole traders, and partnerships) that are used to automatically prevent and control dangerous failures when they occur. Functional safety is a component of a system’s or equipment’s overall safety, and it focuses on electronics and their accompanying software, which must respond to their inputs correctly and should also have predictable failure answers. Functional safety provides manufacturers the ability to operate closer to their margins with confidence in a well-defined functional safety environment.

Global Functional Safety Market Segments Include:
By Offering: Component, Service

By System: Emergency Shutdown System (ESD), Fire and Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC)

By Industry: Oil and Gas, Power Generation, Chemicals, Food and Beverages, Water and Wastewater, Pharmaceuticals, Metal and Mining, Others

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the functional safety market in 2021.

Technological advancements have emerged as a key trend gaining popularity in the functional safety market. Major companies operating in the functional safety sector are adopting new technological solutions to sustain their position.

TBRC’s functional safety market report covers:

Major Market Players: Siemens AG, ABB Ltd., Honeywell International Inc., General Electric Co., Schneider Electric SE, Rockwell Automation Inc., Emerson Electric Co., TUV Rheinland, HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG, Intertek’s, Omron Corporation, Yokogawa Electric Corporation, DEKRA Group, and Balluff.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)

The Functional Safety Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides functional safety market overviews, analyzes and forecasts market size, share, functional safety market players, functional safety market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s functional safety market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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