A system's or piece of equipment's overall safety that relies on automatic protection is known as functional safety. The inputs into this automatic protection system must be accurately processed. It should also respond to failure in a predictable way.
Functional safety is fundamentally significant because its main goal is to keep users safe. We expect complex technologies to be safe to use because they are an essential part of our daily lives. Because the controls being employed are more sophisticated and protect against a greater number of potential hazards, functional safety is becoming more and more important in goods of all kinds, industrial and consumer.
For instance, functional safety is essential to the safe functioning of industrial facilities. Operators can have significantly greater operational metrics and control over the machinery they operate using functional safety systems. Business-wise, functional safety gives manufacturers the confidence to operate nearer to their margins in a well-defined functional safety environment.
The global functional safety market size was valued at USD 10,448.37 million in 2021. It is expected to reach USD 26,450 million by 2030, growing at a CAGR of 10.87% during the forecast period (2022–2030).
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The functional safety market is experiencing several key trends:
Growth of emerging markets: As developing nations, especially those in the Asia-Pacific area, prioritize functional safety, the opportunities for industry participants are increased. With the help of international companies implementing safety measures and investing in highly regulated industries like oil and gas and energy, China and India are predicted to spearhead the rise.
Focus on the automotive industry: The functional safety end-user sector with the quickest rate of growth is the automotive industry. The need for functional safety solutions in the automobile industry has been fueled by the rise of electric vehicles and the growing utilization of sensors. The need for functional safety in the automobile sector is predicted to increase due to trends including electrification, automation, and the expanding use of electric vehicles.
Growing focus is being placed on the standardization and certification of functional safety solutions in order to guarantee interoperability, dependability, and adherence to industry standards and laws. This is due to the implementation of Industry 4.0 technologies. Industry 4.0 environments can benefit from the development, installation, and validation of safety-related systems according to standards such as ISO 13849, IEC 61508, and ISO 26262.
Technological developments in sensors: Functional safety solution innovation is being propelled by developments in automation, artificial intelligence (AI), data analytics, and sensor technologies. The development of sophisticated systems, perceptive sensors, and predictive maintenance programs that improve the dependability, efficiency, and safety of industrial processes and machinery is the reason behind manufacturers' R&D expenditures.
Automotive SPICE framework's growing significance: As more software-driven functions are added to cars, the Automotive SPICE framework is becoming more and more significant in the automotive sector. It highlights the necessity for stringent testing criteria. Reducing single points of failure and making ensuring the system runs within allowable risk bounds in accordance with the integrity of the ASIL (Automotive Safety Integrity Level) are the objectives.
Put test-driven development first: In the automobile sector, test-driven development is becoming more and more popular. In order to identify faults as soon as feasible, testing teams now write requirements and collaborate with developers in tandem throughout the development process. This strategy seeks to shorten lead times and enhance the caliber of software-driven automotive features.
Emerging markets are significantly influencing the functional safety market by driving growth and adoption across various industries. Key trends and factors contributing to this growth include:
Market Expansion: As functional safety becomes more important in emerging economies, the opportunities for industry participants increase. The growing use of functional safety solutions in sectors like automotive, aerospace, healthcare, and industrial automation is what's causing this rise.
Asia-Pacific Area: The functional safety market is anticipated to develop at the fastest rate in the Asia-Pacific area, especially in China and India. The adoption of safety systems by global firms and their investments in highly regulated industries like oil and gas and energy are driving this increase.
Industry 4.0 and IIoT: As IIoT and Industry 4.0 technologies become more widely used, new avenues for functional safety solutions are opening up. Performance and efficiency are increased by the integration of safety and compliance services made possible by these technologies.
Regulatory Framework: Another factor driving expansion is the need for safety requirements in machinery and facilities. The functional safety market is expanding as a result of the application of safety standards like SIL and IEC 62061, which guarantee the safe and dependable operation of systems.
Growing Recognition: The demand for functional safety solutions is being driven by a growing recognition of the significance of worker and personal safety, as well as the necessity of operational safety systems in industries such as the oil and gas sector.
Automotive Industry: With the growing popularity of electric vehicles and sophisticated safety features, the automotive industry is a major driver of the expansion of functional safety.
A research conducted by the International Electrotechnical Commission (IEC) found that human error accounts for 44% of functional safety failures. According to IEC estimates, the industrial sector may incur hourly costs of $20,000 to $1 million due to functional safety failures. According to a Frost & Sullivan survey, 60% of businesses had at least one significant functional safety event during the previous three years. At a compound annual growth rate (CAGR) of 7.2%, the functional safety market in the aerospace and defense sector is expected to reach $833.0 million by 2024. Functional safety measures are expected to save organizations in the pharmaceutical industry 30% in lost productivity and downtime expenses. With a CAGR of 12.1% from 2019 to 2024, the food and beverage sector is predicted to have the highest functional safety system adoption rate. According to a Deloitte poll, functional safety is viewed as a crucial component of overall safety strategy by 59% of businesses. By 2024, the hardware component market for functional safety is expected to increase at a compound annual growth rate (CAGR) of 10.2% to reach $3.3 billion globally. In the oil and gas business, an effective safety system typically costs $200,000, according to a study conducted by Exida.
A compound annual growth rate (CAGR) of 10.8% is expected to propel the functional safety software component market to a $2.4 billion valuation by 2024. 60% of businesses reported functional safety issues as a result of insufficient safety measures, according to a UK Health and Safety Executive survey. By 2024, it is anticipated that the automobile sector, valued at $1.7 billion, would hold a 24 percent share in the worldwide functional safety market. 70% of process sector mishaps are the result of human mistake, according to the International Society of Automation (ISA). A compound annual growth rate (CAGR) of 9.6% is expected to propel the functional safety market for safety sensors and switches to $954.3 million by 2024. According to a research conducted by the International Association of Oil & Gas Producers (IOGP), safety system failures were the cause of 52% of significant process safety accidents. From 2019 to 2024, the functional safety market for safety controllers is expected to expand at a compound annual growth rate (CAGR) of 9.9%, with a valuation of $1.1 billion.
Top Keyplayers of Functional Safety Market
ABB Ltd.
DEKRA Group
Emerson Electric Co.
Endress+Hauser Management AG
General Electric Company
HIMA Paul Hildebrandt GmbH
Honeywell International Inc.
Omron Corporation
Rockwell Automation Inc.
Schneider Electric SE
Siemens AG
Yokogawa Electric Corporation
Modelwise
Ascent Labs
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Conclusion:
In order to ensure user safety in complex technologies, functional safety is necessary for the dependable operation of systems with automatic protective mechanisms. The market is expected to increase at a CAGR of 10.87% from its estimated valuation of USD 10.45 billion in 2021 to USD 26.45 billion by 2030. The Asia-Pacific region's rapid growth, improvements in car safety brought about by electric vehicles, and heightened standardization in Industry 4.0 environments are some of the key trends. Among the difficulties are high failure costs and human mistake, which causes 44% of failures. Significant innovators include Siemens, ABB, and Honeywell.
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