The study involved major activities in estimating the current market size for the functional safety market. Exhaustive secondary research was done to collect information on the functional safety industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the functional safety market.
Secondary Research
The market for the companies offering functional safety solutions is arrived at by secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases. In the secondary research process, various secondary sources were referred to for identifying and collecting information related to the study. Secondary sources included annual reports, press releases, and investor presentations of blockchain vendors, forums, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry's value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.
Primary Research
Extensive primary research has been conducted after understanding and analyzing the current scenario of the functional safety market through secondary research. Several primary interviews have been conducted with the key opinion leaders from the demand and supply sides across four main regions—North America, Europe, Asia Pacific, and the Rest of Europe. Approximately 25% of the primary interviews were conducted with the demand-side respondents, while approximately 75% were conducted with the supply-side respondents. The primary data has been collected through questionnaires, emails, and telephone interviews.
After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primary. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. The breakdown of primary respondents is as follows
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Market Size Estimation
Both top-down and bottom-up approaches wete used to estimate and validate the total size of the functional safety market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
Functional Safety Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from the demand and supply sides.
Market Definition
Functional safety systems are composed of sensors, logic solvers, switches, and final control elements, which are planned and installed to protect personnel, equipment, and the environment. Functional safety systems prevent or reduce the risk of abnormal process conditions that can occur in an industry. These systems are engineered to perform specific control functions to maintain safety in a process operation when unacceptable or dangerous conditions occur. There is an increased requirement for functional safety in industries to ensure uninterrupted operations, reliability, and safety of processes under all conditions.
Key Stakeholders
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End users
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Government bodies and policymakers
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Industry-standard organizations, forums, alliances, and associations
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Market research and consulting firms
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Raw material suppliers and distributors
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Research institutes and organizations
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Original equipment manufacturers (OEMs)
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Safety instrumented system suppliers
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Testing, inspection, and certification providers
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Distributors and resellers
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Technology consultants
Report Objectives
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To describe and forecast the functional safety market by system, device, service, application, and industry, in terms of value
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To describe SIL types and sales channels of functional safety systems
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To forecast the functional safety market, by device, in terms of volume
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To forecast the market size for four main regions, namely North America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value
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To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the market growth
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To provide a detailed overview of the supply chain of the functional safety ecosystem
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To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
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To provide an ecosystem analysis, case study analysis, key conferences, patent analysis, trade analysis, technology analysis, average selling price (ASP) analysis, Porter’s five forces analysis, buying criteria, and regulations pertaining to the market
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To track and analyze competitive developments undertaken by key players in the functional safety market
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To profile key players and analyze their market share, core competencies2, and detailed competitive landscape for market leaders
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To benchmark market players using the company evaluation matrix, analyzing players based on various parameters within broad business categories and product strategies.
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To analyze strategies, such as product launches, acquisitions, partnerships, and expansions, adopted by the players in the functional safety market
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To study the impact of AI/Gen AI on the market under study, along with the macroeconomic outlook for each region
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
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Detailed analysis and profiling of additional market players based on various blocks of the supply chain
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