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The global functional safety market was valued at US$ 4.67 Billion in 2021.
We expect the global functional safety market to exhibit a CAGR of 11.60% during 2022-2027.
The rising automation level across numerous industry verticals, along with the advent of industry 4.0
trend, offering integrated safety and compliance services, is primarily driving the global functional safety
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown
regulations across several nations resulting in temporary closure of numerous end-use industries for
Based on the device type, the global functional safety market can be segmented into safety sensors,
safety controllers/modules/relays, safety switches, programmable safety systems, emergency stop
devices, final control elements, and others. Currently, safety controllers/modules/relays hold the
majority of the total market share.
Based on the safety system, the global functional safety market has been divided into Burner
Management System (BMS), Turbomachinery Control System (TMC), High-Integrity Pressure Protection
System (HIPPS), fire and gas monitoring control system, Emergency Shutdown System (ESD), Supervisory
Control and Data Acquisition System (SCADA), and Distributed Control System (DCS). Among these,
Emergency Shutdown System (ESD) currently exhibits a clear dominance in the market.
Based on the end use industry, the global functional safety market can be categorized into oil and gas,
power generation, food and beverage, pharmaceutical, automotive, and others. Currently, the oil and
gas industry accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global functional safety market include ABB Ltd., Emerson Electric Co.,
General Electric Company, Honeywell International Inc., Intel Corporation, Johnson Controls, OMRON
Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Rockwell Automation Inc., Schneider Electric SE,
Siemens AG, and Yokogawa Electric Corporation.
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