Functional Safety Market

The global functional safety market is expected to be USD 5,883.3 million in 2024 to USD 7,896.7 million by 2029; it is expected to register a CAGR of 6.1% during the forecast period. Rising enforcement of stringent regulations to ensure personnel and process safety, Increasing investment in oil and gas plants to meet energy demand, Mounting adoption of advanced safety solutions to prevent accidents in industrial facilities are attributed to the ever-increasing demand for functional safety systems. 

Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), Yokogawa Electric Corporation (Japan), HIMA (Germany), Omron Corporation (Japan), Siemens (Germany), and General Electric (US) are some of the key players in the functional safety market.

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Major Functional Safety companies include:

• Schneider Electric (France)
• ABB (Switzerland)
• Honeywell International Inc. (US)
• Emerson Electric Co. (US)
• Rockwell Automation (US)
• Yokogawa Electric Corporation (Japan)
• HIMA (Germany)
• Omron Corporation (Japan)
• Siemens (Germany)
• General Electric (US)

Schneider Electric

Schneider Electric offers energy and automation digital solutions. The company provides hardware, software, and services related to energy management and automation. Schneider Electric offers functional safety solutions under its Industrial Automation business segment. The company’s product offerings include emergency shutdown systems, burner management systems, fire & gas monitoring controls, turbomachinery controls, high integrity pressure protection systems (HIPPS), supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), safety sensors and switches, safety modules, and safety controllers. It also provides SIL 3 function safety solutions that ensure the fail-safe performance of controllers for energize-to-trip and de-energize-to-trip applications. The company has a strong portfolio of functional safety-certified emergency stop devices and safety instrumented systems (SIS). It holds expertise in DCS and offers various safety solutions.

ABB

ABB is a leading power and automation technology company. The company mainly operates through four business segments: Electrification Products, Robotics and Discrete Automation, Motion, and Industrial Automation. For the functional safety market, ABB offers ABB Ability System 800xA, which is a DCS, an electrical control system, a safety system, and a collaboration enabler. This system can improve engineering efficiency, asset utilization, and operational performance. Moreover, the company offers burner management systems, emergency shutdown systems, safety sensors, safety switches, fire & gas protection systems, safety relays, programmable safety controllers, SCADA, and emergency and stop devices. All these products are highly used in the functional safety market.

Honeywell International Inc.

In the realm of industrial automation, Honeywell International Inc. holds a prominent position. Aerospace goods and services, performance materials, safety and productivity solutions, and control, sensing, and security technologies for homes, buildings, and industries are all provided by the corporation. Honeywell Building Technologies, Performance Materials and Technologies, Aerospace, and Safety and Productivity Solutions are its four business segments. It also offers automotive products, specialty chemicals, turbochargers, and electronic materials, including electronic chemicals and polymers, targets, coil sets, metals, and advanced materials, such as environmentally preferable refrigerants, and chemical and analytical reagents.

Honeywell International Inc. offers various solutions related to functional safety through its Safety and Productivity Solutions segment. It also provides personal protection equipment, footwear, apparel, gas detection technology, and cloud-based apps for worker safety. Furthermore, this segment includes switches and controls for sensing and productivity solutions and software-based data and asset management productivity solutions.

Emerson Electric Co.

Emerson Electric Co. manufactures and develops process controls, systems, valves, and analytical instruments. The company offers industrial, commercial, automation, and residential solutions worldwide. It operates through two business segments: Intelligent Devices and Software and Control

Emerson Electric Co. provides functional safety solutions under the Intelligent Devices. The company offers safety solutions to its customers operating in the process and discrete industries. Its robust technological and engineering capabilities give it a competitive advantage in the functional safety market. It offers a range of safety components for functional safety solutions, including actuators, valves, digital valve controllers, solenoid valves, and pressure transmitters. These products completely meet the requirements mentioned by the safety requirements specification (SRS), and the SIL level is maintained throughout the lifetime of the installation.

Rockwell Automation

Rockwell Automation is a leading provider of industrial automation and information solutions. The company offers diverse products and services, including industrial control components, information software, sensing devices, and industrial security services.

Rockwell Automation operates through three business segments: Intelligent Devices, Software & Control, and Lifecycle Services. The company offers drives, motion controls, sensors, switches, industrial components, and safety and configured-to-order products through its Intelligent Devices segment. It offers information software, control and visualization software and hardware, and network and security infrastructure through the Software & Control segment.

Rockwell Automation offers functional safety solutions through its Intelligent Devices segment. The company offers functional safety products such as safety connection systems, safety drives, safety I/O modules, emergency stop devices, presence-sensing safety devices, safety programmable controllers, safety relays, safety switches, and others.

Related Reports:

Functional Safety Market by Safety Sensors (Emergency Stop, Temperature, Pressure, Gas), Safety Light Curtain, Safety Controller, Programmable Safety System, Safety Switches, TIC Analysis Type (Fault & Event Analysis), Robotics – Global Forecast to 2029

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