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Global Functional Safety Products Market Key Company Profiles, Production Revenue, Product Picture and Specification 2026

Top Key Players - Honeywell International, Inc., Rockwell Automation, Inc., SICK AG, Pilz GmbH & Co. KG, K.A. Schmersal GmbH & Co. KG, HYDAC, Schneider Electric, Cadence Design Systems, Inc., Hitex GmbH, TÜV Rheinland, Intel Corporation, UL LLC.

The Global Functional Safety Products Market report covers the industry changing factors such as market growth rate, size, share and revenue. It provides growth factor as well as restricting factors which affects the market development rate. Clients can rely upon this top-notch market report to accomplish an utter success in this competitive Global Functional Safety Products Market. The report provides plentiful insights and business solutions with which you compete with the other key market players. This report has been produced with a nice blend of industry insight and by using smart research techniques such as SWOT analysis and Porter’s five forces analysis.

Global functional safety products market is projected to register a healthy CAGR of 8.5% in the forecast period of 2019 to 2026. The new market report contains data for historic years 2017, the base year of calculation is 2018 and the forecast period is 2019 to 2026.

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Major Players: Global Functional Safety Products Market 

Some of the major players operating in this market are Yokogawa Electric Corporation, Siemens, Endress+Hauser Management AG, MANGAN SOFTWARE SOLUTIONS, Balluff de México, ABB, OMRON Corporation, Honeywell International, Inc., Rockwell Automation, Inc., SICK AG, Pilz GmbH & Co. KG, K.A. Schmersal GmbH & Co. KG, HYDAC, Schneider Electric, Cadence Design Systems, Inc., Hitex GmbH, TÜV Rheinland, Intel Corporation, UL LLC.

DRIVERS:

STRENGTHENING OF SAFETY STANDARDS AND GOVERNMENT REGULATIONS:

Work, Health and Safety (WHS) regulatory frameworks aim upon securing the health and safety of workers and the workplaces around them. WHS regulatory body works on the maintenance of a working environment to make it safe and risks free for the employees safe access and exit. Automation can make the workplace safer as there would be no manual handling of machines. Investment in automation at the workplace provides upskilling, organizational development as well as safety.

Automation increases the usage of sensors to be fitted in machines, such as robots. Sensors and sensor systems are a key underpinning technology for a wide range of applications. Sensors are used for improving the quality and productivity of manufacturing processes by monitoring temperature, pressure, flow, and composition. A new generation of sensors such as Micro-Electro-Mechanical Systems (MEMS) has been innovated by the usage of technological advancements. As these sensors are smaller and smarter and so can be integrated into fixed and portable devices. Various regulatory frameworks help in safety and security of places that consume functional safety products which acts as a driver for the growth of the market.

Governments are investing in autonomous vehicles as they will help preventing accidents by 95% and can help decreasing consumption of fuel by 90%. For an instance, the UK Government has planned to invest approximately 90 million Euros on robotics and artificial intelligence and autonomous vehicles.

REQUIREMENT OF ISO 26262 STANDARDS IN AUTOMOTIVES:

Functional safety products form an integral part of automotive product development phase that includes their presence from specification, to design, implementation, integration, verification, validation, and production release. The standard ISO 26262 has been derived from Functional Safety standard IEC 61508 for automotive devices operating on electric or electronic systems. ISO 26262 defines functional safety for automotive equipment applicable throughout the lifecycle of all automotive electronic and electrical safety-related systems.

The standard ISO 26262 is considered to be the best practice framework for achieving functional safety in road vehicles. Safety is considered as the key aspect in the automotive industry and the importance with which it is regarded in recent times has become far greater. ISO 26262 sets Automotive Safety Integrity Levels (ASILs) for manufacturers of the electronic systems in automobiles. It defines four values of ASIL (Automotive Safety Integrity Level): ASIL A, ASIL B, ASIL C, and ASIL D. The four values are used for different conditions of vehicles. ASIL A is used for the vehicles having running speed less than 10km/h. ASIL B and C are used for the vehicles possessing speed between 10-50 km/h and above 50km/h respectively.

Table of Content:

01: Executive Summary

02: Scope of The Report

03: Market Landscape

04: Market Sizing

05: Market Segmentation by Product

06: Five Forces Analysis

07: Customer Landscape

08: Geographic Landscape

09: Decision Framework

10: Drivers and Challenges

11: Market Trends

12: Vendor Landscape

13: Vendor Analysis

Table of Contents Available For this Market Download Free TOC : https://databridgemarketresearch.com/toc/?dbmr=global-functional-safety-products-market

RESTRAINTS:

HIGH INVESTMENTS RELATED TO THE INSTALLATION OF FUNCTIONAL SAFETY SYSTEMS:

There are many sources such as CO2, heat, and smoke that cause certain problems at sites and further raises the concern of installing fire detection systems and for the detection of each of these sources would require different device. The detection systems consist of many sensors, cameras and other hardware and many components which are used for action taking, and notification.

There are many common devices like remote control & display panels, alarm notification devices etc. which get integrated to make a fully detection systems to be used at industrial sites.

The cost of the alarm equipment is usually priced at USD 1 to USD 2 per square foot for a basic system which includes the various devices like smoke and heat detectors and alarms which have capability of both visual and audio alerts. The price for the fire detection system used in large buildings is up to USD 3 to USD 6 per square foot. And if a sprinkler system has been included in the system the price of the fire detection will rise from USD 3 to USD 12 per square foot. If the monitoring fees would be included it would cost approximately USD 50 to USD 60 per month.

Since there are many devices which are included to be used as one fire detector system, the cost of all these devices if integrated together would be high, which requires the time to time maintenance for the system to be fully upgraded. This factor hinders the growth of the market.

COSTS ASSOCIATED WITH MACHINE SAFETY SYSTEMS

Various strategies are being employed these days to improve the safety for machines for their proper functioning and improved life span. Sometimes, the entire machine along with its manufacturing process is taken into account for the development of appropriate safety design and solutions. Machine safety is a single term which comprises of many aspects. These aspects of safety can include machine design (eliminating hazards when possible), safeguarding hazards, warning signage and signals, personal protection equipment (PPE), supervision & training and installation and maintenance of the whole machine.

The installation of these added on safety facilities to a machine increases its cost. Industrial automation and increased production rates mean that many machines are bigger and faster than ever due to the enhancement in their properties. Subsequently, the cost associated with any automated manufacturing process rises too. Thus, the cost associated with additional safety systems attached to functional safety products restricts the growth of the market.

OPPORTUNITY:

GROWING SCOPE OF ADVANCED DRIVER ASSISTANCE SYSTEM (ADAS)

ADAS technology is advanced driver assistance system which is being incorporated in present luxury vehicles rapidly.  ADAS technology comprises of various features such as pedestrian detection, rain sensing, automotive navigation system, traffic sign recognition, forward collision control, blind spot detection, lane departure warning, parking assistance and adaptive night control among others. All these features are being offered in luxury vehicles at a high rate and driving the autonomous vehicle market because of extensive use of automated systems in vehicles.

For an instance, in February 2015, Volvo Car Group has redesigned its XC90 and added some of the most advanced automated features such as pedestrian detection system, collision mitigation system and road-edge & barrier detection with steer assist system in order to prevent vehicle rollovers.

ADAS is a form of level-1 automation in vehicles but high adoption of ADAS technology in vehicles is directly impacting the growth of autonomous technology in luxury vehicles positively. Rapid installation of ADAS technology in luxury vehicles is driving the growth of the autonomous luxury vehicle market.

CHALLENGE:

LACK OF FUNCTIONAL SAFETY CERTIFIED WORKFORCE:

There are a huge number of control units present in today’s applications, for which, the functional safety of electronic systems has become very important. Some guidelines and safety standards have been set for many industries that provide specifications and the technical implementation of functional safety products. Companies develop safety-technical systems and various certifications are earned by the company to achieve functional safety. There are several programmes which are being conducted to train the workforce in that particular field.

The Functional Safety Certification Programme (FSCP) is a personnel certification programme that demonstrates an individual’s proficiency in the ISO 26262 functional safety standard. It provides with a verification that fulfil all preconditions and specialist expertise requirements to deliver skills at the right point of the safety life cycle.

Market Trends:

Global functional safety products market is segmented into three notable segments which are product, solution & service and industry vertical.

  • On the basis of the product, market is segmented into safety switches, safety sensor, functional safety controllers, emergency stop devices, pressure transmitters, camera systems, functional safety valves and others. Safety switches are further sub-segmented into electro-mechanical safety switches, safety locking devices, non-contact safety switches. Safety sensor is further sub-segmented into fluid sensor, fiber-optic sensor, distance sensor, angle sensor and others. Fluid sensor is segmented into level sensor, flow sensor, pressure sensor and temperature sensor. Distance sensor is segmented into mid-range, long range, ultrasonic and others. Safety switches segment is growing with the highest CAGR of 6.1% in the forecast period of 2019 to 2026.
  • On the basis of solution & service, the market is segmented into solution and service. Solution is further sub-segmented into turbomachinery control, fire & gas monitoring control, burner management system, emergency shutdown systems, high-integrity pressure protection systems, distributed control system, supervisory control and data acquisition systems, others. Service is further sub-segmented into consulting & design, verification and optimization and training & education. In 2019, solution segment is projected to lead with 78.63% shares in global functional safety products market.
  • On the basis of industry vertical, the market is segmented into oil & gas, chemical, railways, pulp and paper, automotive, power generation, food and beverages, pharmaceutical, mining and others. Oil & gas is further sub-segmented into onshore and offshore. Chemical is further sub-segmented into organic chemicals, inorganic chemicals and specialty chemicals. Mining is further sub-segmented into coal mining, metal mining and non-metallic mineral mining. Oil and gas segment is growing with the highest CAGR of 9.5% in the forecast period of 2019 to 2026.

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