Northbrook, IL 60062 -- (SBWIRE) -- 05/26/2022 -- The global functional safety market size is anticipated to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027, at a CAGR of 6.8% from 2022 to 2027.
With the rise in the implementation of smart machines, the applications of safety components has also increased. Manufacturing industries in Industry 4.0 operate on a large scale and a continuous basis without the necessity of human intervention. Hence, in cases where there is a requirement for human intervention, machines need to have a mechanism to detect human presence and take precautionary actions to avoid accidents. Consequently, the rise of Industry 4.0 drives the growth of the functional safety market.
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In functional safety market, the demand for safety sensors is expected to grow at a higher CAGR from 2022 to 2027. The increasing security requirements for protecting workers and production units from any accidents, as per the strict functional safety regulations fulfilling the national and international standards, are driving the demand for these safety sensors. A number of companies such as ABB Ltd., Schneider Electric, Emerson Electric Co., and more, are offering various safety sensors in the functional safety market. For instance, ABB Ltd. offers Eden non-contact safety sensors and sense non-contact safety sensors for process and discrete industries.
In systems segment, the market for fire and gas monitoring controls is expected to grow at the highest CAGR from 2022 to 2027. Fire and gas safety systems continuously monitor situations such as a fire or combustible or toxic gas releases within the plants, providing an early warning and preventing the escalation of the incident, and protecting the process or environment. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries such as oil & gas, chemicals, and power generation, thereby contributing to the high growth of the market for fire and gas systems.
Oil & gas accounted for the largest share of the functional safety market in 2021. The demand for functional safety in the oil & gas industry is expected to increase with the rise in offshore and shale-related exploration activities in North America and Asia Pacific regions. Therefore, it is anticipated to hold the major share during the forecast period. A number of companies such as ABB Ltd., Siemens, and Schneider Electric are continuously providing functional safety systems and safety devices to the oil & gas industry. For instance, ABB Ltd. helps to achieve functional safety lifecycle compliance according to the relevant IEC safety standards in the oil & gas industry.