機能安全市場 – 2029年までの世界予測

Functional Safety Market - Global Forecast To 2029

機能安全市場 - セーフティセンサー(非常停止、温度、圧力、ガス)、セーフティライトカーテン、セーフティコントローラ、プログラマブルセーフティシステム、セーフティスイッチ、TIC解析タイプ(故障・イベント解析)、ロボティクス – 2029年までの世界予測
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

商品番号 : SMB-15778

出版社MarketsandMarkets
出版年月2024年12月
ページ数292
図表数303
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

The global functional safety market was valued at USD 5,883.4 million in 2024 and is projected to reach USD 7,896.7 million by 2029; it is expected to register a CAGR of 6.1% during the forecast period. Mounting adoption of advanced safety solutions to prevent accidents in industrial facilities is driving the functional safety market. Whereas high installation and maintenance costs is restraining the growth of the functional safety market.

世界の機能安全市場は、2024 年に 58 億 8,340 万米ドルと評価され、2029 年までに 78 億 9,670 万米ドルに達すると予測されています。予測期間中に 6.1% の CAGR を記録すると予想されます。

機能安全市場 – 2029年までの世界予測
functional-safety-market

“Emergency Shutdown System (ESD) segment is expected to hold the largest market share throughout the forecast period.”

An ESD system is used to manage emergencies, especially those that can lead to the release of hydrocarbons, uncontrolled flood, or fire outbreaks in areas where the materials stored are hazardous. Such emergencies can lead to the stoppage of a plant, unit or equipment. Concha, sensors relating to ESD capture specific states and logic solvers act on these sensors to put final items like valves and pumps to a safe state. In the event of a problem, the ESD system removes power from the process, but at the same time in a controlled manner.

Furthermore, ESD systems are essential in multiple sectors, such as oil & gas, chemicals, power generation, manufacturing, and water treatment. They act promptly on their own in situations like leakage, fire, or system failure where they shut down the equipment, safeguard the workers, and observe various measures and codes of safety.

機能安全市場 – 2029年までの世界予測 12
functional-safety-market-impact

“Non-robotic application of functional safety is expected to hold the largest market share during the forecast period.”

The functional safety market for non-robotic application is expected to have the largest market share during the forecast period as functional safety is more of an imperative and has a lot to offer high-risk industries such as manufacturing, oil and gas industry and power generation industries. These are regulatory requirements such as IEC 61508/ 61511 or other regulations that govern use of many safety critical systems, need for protection of assets and machinery.

“Oil & Gas segment is likely to hold the largest market in 2024.”

The global functional safety market is expected to register the largest portion of oil and a gas segment in 2024. The oil & gas industry experience several risks and hazards which causes serious mishap to people, assets and/or the environment. In the industry, different types of safety instrumented systems (SIS) are deployed towards achieving functional safety. A control and protection scheme for example is the Emergency Shutdown (ESD) systems that enable inhibition of a couple of systems and apparatus in an endeavor to reduce the impact of the emergent situation. They also segregate hydrocarbon stock, electrical equipment and emergency blowers and ventilation systems to give right response in the event of fire.

Additionally, High Integrity Pressure Protection System (HIPPS) safeguards the pipelines, vessels and process packages against over pressure. Some of the industries’ players that deliver functional safety systems and safety devices include ABB Ltd, Siemens, and Schneider Electric.

“The Germany is to contribute the highest market share of European region during the forecast period.”

Germany is predicted to be the highest market share of European region during the forecast period. In Germany, machine and functional safety measures are strictly followed under various regulatory standards. The IEC 61508 standard has been adopted and published as DIN EN 61508 by the German Institute for Standardization (DIN). The machinery supplied and in operation in Europe is required to comply with this functional safety standard. The national-level regulatory standards and EU directives present in this country are increasing the demand for safety-related systems, which, in turn, is driving the growth of the functional safety market.

機能安全市場 – 2029年までの世界予測 region
functional-safety-market-region

Breakdown of primaries

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

  • By Company Type – Tier 1 – 51%, Tier 2 – 32%, Tier 3 – 17%
  • By Designation— C-level Executives – 47%, Directors – 32%, Others – 21%
  • By Region—North America – 36%, Europe – 29%, Asia Pacific – 27%, RoW – 8%

The functional safety market is dominated by a few globally established players such as Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), General Electric (US), Siemens (Germany), Siemens (Germany), Stratasys (US), Omron Corporation (Japan), Yokogawa Electric Corporation (Japan), Endress+Hauser Group Services AG (Switzerland).  The study includes an in-depth competitive analysis of these key players in the functional safety market, with their company profiles, recent developments, and key market strategies.

機能安全市場 – 2029年までの世界予測 ecosystem
functional-safety-market-ecosystem

Research Coverage:

The report segments the functional safety market and forecasts its size by system, device, service, application, industry, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions—North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the functional safety ecosystem.

Key Benefits to Buy the Report:

  • Analysis of key drivers (Enforcement of stringent safety regulations by the government, Increasing investment in oil and gas plants to meet energy demand, Mounting adoption of advanced safety solutions to prevent accidents in industrial facilities, Rapid digital transformation to revolutionize traditional manufacturing), Restraint (High installation and maintenance costs, Complexities associated with development and integration), Opportunity (Rising emphasis on workplace safety in developed countries, Increasing deployment of IIoT technology in industries), Challenges (Complexities related to designing systems that comply with complex safety standards
  • Requirement of functional safety systems specialized expertise for Implementation and maintenance)
  • Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the functional safety market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the functional safety market across varied regions
  • Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the functional safety market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), General Electric (US), Siemens (Germany), Siemens (Germany), Stratasys (US), Omron Corporation (Japan), Yokogawa Electric Corporation (Japan), among others in the functional safety market.

Table of Contents

1               INTRODUCTION              28

1.1           STUDY OBJECTIVES       28

1.2           MARKET DEFINITION   28

1.3           STUDY SCOPE   29

1.3.1        MARKETS COVERED AND REGIONAL SCOPE      29

1.3.2        INCLUSIONS AND EXCLUSIONS 30

1.3.3        YEARS CONSIDERED      31

1.4           CURRENCY CONSIDERED            31

1.5           UNIT CONSIDERED        31

1.6           LIMITATIONS    31

1.7           STAKEHOLDERS               32

1.8           SUMMARY OF CHANGES               32

2               RESEARCH METHODOLOGY       33

2.1           RESEARCH DATA              33

2.1.1        SECONDARY DATA          34

2.1.1.1    List of key secondary sources              34

2.1.1.2    Key data from secondary sources       35

2.1.2        PRIMARY DATA 35

2.1.2.1    List of primary interview participants               36

2.1.2.2    Breakdown of primaries      36

2.1.2.3    Key data from primary sources           37

2.1.2.4    Key industry insights           38

2.1.3        SECONDARY AND PRIMARY RESEARCH 38

2.2           MARKET SIZE ESTIMATION METHODOLOGY     39

2.2.1        BOTTOM-UP APPROACH              40

2.2.1.1    Approach to arrive at market size using bottom-up analysis

(demand side)     40

2.2.2        TOP-DOWN APPROACH                41

2.2.2.1    Approach to arrive at market size using top-down analysis

(supply side)         41

2.3           MARKET BREAKDOWN AND DATA TRIANGULATION                 43

2.4           RESEARCH ASSUMPTIONS           44

2.5           RESEARCH LIMITATIONS             44

2.6           RISK ANALYSIS  45

3               EXECUTIVE SUMMARY  46

4               PREMIUM INSIGHTS       51

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FUNCTIONAL SAFETY MARKET 51

4.2           FUNCTIONAL SAFETY MARKET, BY DEVICE        51

4.3           FUNCTIONAL SAFETY MARKET, BY SYSTEM        52

4.4           FUNCTIONAL SAFETY MARKET, BY INDUSTRY  52

4.5           FUNCTIONAL SAFETY MARKET, BY REGION       53

4.6           FUNCTIONAL SAFETY MARKET, BY COUNTRY   53

5               MARKET OVERVIEW       54

5.1           INTRODUCTION              54

5.2           MARKET DYNAMICS       54

5.2.1        DRIVERS               55

5.2.1.1    Enforcement of stringent safety regulations by government authorities              55

5.2.1.2    Increasing investment in oil and gas plants to meet energy demand  55

5.2.1.3    Mounting adoption of advanced safety solutions to prevent accidents in industrial facilities          56

5.2.1.4    Rapid digital transformation to revolutionize traditional manufacturing       56

5.2.2        RESTRAINTS      57

5.2.2.1    High installation and maintenance costs          57

5.2.2.2    Lack of awareness about safety devices             57

5.2.3        OPPORTUNITIES              58

5.2.3.1    Rising emphasis on occupational safety in developed countries                 58

5.2.3.2    Increasing deployment of IIoT technology in industries                 59

5.2.4        CHALLENGES    59

5.2.4.1    Complexities related to designing systems that comply with complex safety standards    59

5.2.4.2    Shortage of skilled workforce              60

5.3           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            60

5.4           PROCESS FLOW ANALYSIS           61

5.5           PRICING ANALYSIS          62

5.5.1        AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY DEVICE, 2023      63

5.5.2        AVERAGE SELLING PRICE TREND, BY DEVICE, 2020–2023                 64

5.5.3        AVERAGE SELLING PRICE TREND, BY REGION, 2020–2023                 65

5.6           SUPPLY CHAIN ANALYSIS             65

5.7           ECOSYSTEM ANALYSIS  67

5.8           TECHNOLOGY ANALYSIS             68

5.8.1        KEY TECHNOLOGIES     68

5.8.1.1    Computer vision   68

5.8.1.2    Cybersecurity solutions       69

5.8.1.3    5G           69

5.8.1.4    Automated machine learning              69

5.8.2        COMPLEMENTARY TECHNOLOGIES       70

5.8.2.1    IIoT        70

5.8.2.2    Predictive maintenance tools              70

5.8.3        ADJACENT TECHNOLOGIES       70

5.8.3.1    Virtual reality        70

5.8.3.2    Remote monitoring systems                70

5.9           PATENT ANALYSIS          71

5.10         TRADE ANALYSIS             74

5.10.1      IMPORT SCENARIO (HS CODE 8481)        74

5.10.2      EXPORT SCENARIO (HS CODE 8481)        75

5.11         KEY CONFERENCES AND EVENTS, 2025–2026        76

5.12         CASE STUDY ANALYSIS 77

5.12.1      MP EQUIPMENT USES ALLEN BRADLEY GUARDMASTER SAFETY RELAYS TO PROVIDE STRUCTURED APPROACH TO SAFETY IMPLEMENTATION        77

5.12.2      MP EQUIPMENT PARTNERS WITH ROCKWELL AUTOMATION TO REEVALUATE PROTEIN PORTIONING MACHINE DESIGN           78

5.12.3      BP CHOSES EMERSON ELECTRIC CO.’S SAFETY SYSTEMS FOR OIL OVERSPILL PROTECTION          78

5.12.4      FERTILIZER MANUFACTURER IN ASIA PACIFIC ADOPTS EMERSON ELECTRIC CO.’S INCUS ULTRASONIC SYSTEM TO IMPROVE GAS LEAK DETECTION             79

5.12.5      EXIDA ESTABLISHES PROCEDURES TO SUPPORT IOWA FERTILIZER COMPANY IN MAINTENANCE AND OPERATION PHASE OF FUNCTIONAL SAFETY LIFECYCLE      79

5.13         INVESTMENT AND FUNDING SCENARIO               80

5.14         REGULATORY LANDSCAPE         81

5.14.1      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             81

5.14.2      STANDARDS      83

5.15         PORTER’S FIVE FORCES ANALYSIS           85

5.15.1      THREAT OF NEW ENTRANTS      86

5.15.2      THREAT OF SUBSTITUTES          86

5.15.3      BARGAINING POWER OF SUPPLIERS       86

5.15.4      BARGAINING POWER OF BUYERS             86

5.15.5      INTENSITY OF COMPETITIVE RIVALRY 87

5.16         KEY STAKEHOLDERS AND BUYING CRITERIA     87

5.16.1      KEY STAKEHOLDERS IN BUYING PROCESS           87

5.16.2      BUYING CRITERIA           88

5.17         IMPACT OF AI/GEN AI ON FUNCTIONAL SAFETY MARKET               88

5.17.1      INTRODUCTION              88

5.17.2      AI USE CASES     89

6               SIL TYPES FOR FUNCTIONAL SAFETY SYSTEMS 90

6.1           INTRODUCTION              90

6.2           SIL 2       91

6.3           SIL 3       91

6.4           SIL 4       92

7               SALES CHANNELS OF FUNCTIONAL SAFETY SYSTEMS                 93

7.1           INTRODUCTION              93

7.2           DIRECT CHANNELS         93

7.3           DISTRIBUTORS/RESELLERS        94

7.4           SYSTEM INTEGRATORS 94

8               FUNCTIONAL SAFETY MARKET, BY APPLICATION                 95

8.1           INTRODUCTION              96

8.2           ROBOTIC             97

8.2.1        TRADITIONAL ROBOTS                 97

8.2.1.1    Escalating adoption in high-speed, high-force industrial environments to expedite segmental growth    97

8.2.2        COLLABORATIVE ROBOTS          98

8.2.2.1    Growing demand to ensure safe and dynamic human-robot collaborations to bolster segmental growth      98

8.3           NON-ROBOTIC 98

8.3.1        RISING FOCUS ON WORKER SAFETY AND ENVIRONMENTAL PROTECTION TO ACCELERATE SEGMENTAL GROWTH             98

9               FUNCTIONAL SAFETY MARKET, BY DEVICE        99

9.1           INTRODUCTION              100

9.2           SAFETY SENSORS             102

9.2.1        RISING ADOPTION TO INTEGRATE AUTOMATED SYSTEMS AND TRACK TOOLS TO BOOST SEGMENTAL GROWTH                 102

9.2.1.1    Emergency stop sensors      102

9.2.1.2    Temperature sensors           103

9.2.1.3    Pressure sensors   103

9.2.1.4    Gas sensors            103

9.3           SAFETY CONTROLLERS/MODULES/RELAYS        104

9.3.1        INCREASING USE TO MEET EXISTING SAFETY STANDARDS AND REDUCE RISKS TO ACCEPTABLE LEVEL TO FUEL SEGMENTAL GROWTH      104

9.4           PROGRAMMABLE SAFETY SYSTEMS        105

9.4.1        ESCALATING ADOPTION TO OFFER SIGNAL ANALYSIS, EQUIPMENT STATUS MONITORING, AND OTHER DIAGNOSTICS TO DRIVE MARKET           105

9.5           SAFETY SWITCHES          107

9.5.1        GROWING DEMAND DUE TO ABILITY TO SAFEGUARD EQUIPMENT AND PREVENT INJURIES TO AUGMENT SEGMENTAL GROWTH  107

9.6           VALVES 108

9.6.1        RISING APPLICATION IN INDUSTRIAL SECTORS TO CONTRIBUTE TO SEGMENTAL GROWTH              108

9.7           ACTUATORS      109

9.7.1        INCREASING USE IN OIL & GAS AND OTHER INDUSTRIES TO DRIVE MARKET         109

9.8           EMERGENCY STOP DEVICES      111

9.8.1        MOUNTING NEED FOR SAFETY MEASURES DUE TO HIGH INCIDENCE OF INDUSTRIAL ACCIDENTS TO FOSTER SEGMENTAL GROWTH  111

9.9           OTHER DEVICES              112

10            FUNCTIONAL SAFETY MARKET, BY SERVICE       114

10.1         INTRODUCTION              115

10.2         TESTING, INSPECTION & CERTIFICATION            116

10.2.1      INCREASING DEMAND FOR SAFETY-CERTIFIED SYSTEMS IN PROCESS INDUSTRIES TO BOOST SEGMENTAL GROWTH             116

10.2.2      FAILURE MODES, EFFECTS, AND DIAGNOSTIC COVERAGE ANALYSIS (FMEDA) 117

10.2.3      FAULT TREE ANALYSIS (FTA)     117

10.2.4      EVENT TREE ANALYSIS (ETA)    117

10.2.5      HAZARD & OPERABILITY STUDY (HAZOP)           117

10.3         DESIGN, ENGINEERING & MAINTENANCE            117

10.3.1      RISING EMPHASIS ON COMPLIANCE WITH SAFETY STANDARDS TO FUEL SEGMENTAL GROWTH    117

10.4         TRAINING & CONSULTING SERVICES     118

10.4.1      INCREASING NEED FOR HIGH-SKILLED AND TRAINED PERSONNEL TO MAINTAIN FUNCTIONAL SAFETY TO AUGMENT SEGMENTAL GROWTH           118

11            FUNCTIONAL SAFETY MARKET, BY SYSTEM        119

11.1         INTRODUCTION              120

11.2         EMERGENCY SHUTDOWN SYSTEMS        122

11.2.1      RISING EMPHASIS ON INDUSTRIAL SAFETY AND OPERATIONAL RISK MITIGATION TO FUEL SEGMENTAL GROWTH             122

11.3         FIRE & GAS MONITORING CONTROL SYSTEMS  125

11.3.1      INCREASING NEED FOR ASSET PROTECTION ACROSS VARIOUS INDUSTRIES TO BOOST SEGMENTAL GROWTH                 125

11.4         TURBOMACHINERY CONTROL SYSTEMS              129

11.4.1      GROWING ADOPTION OF ADVANCED POWER GENERATION TECHNOLOGIES TO CONTRIBUTE TO SEGMENTAL GROWTH  129

11.5         BURNER MANAGEMENT SYSTEMS           132

11.5.1      INCREASING COMPLEXITY OF INDUSTRIAL PROCESSES AND NEED FOR RELIABLE SYSTEMS TO PREVENT HAZARDOUS EVENTS TO DRIVE MARKET        132

11.6         HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS                 135

11.6.1      RISING DEMAND FOR RELIABLE SAFETY SOLUTIONS FOR PERSONNEL AND ASSET PROTECTION IN HIGH-PRESSURE ENVIRONMENTS TO SPUR SEGMENTAL GROWTH            135

11.7         DISTRIBUTED CONTROL SYSTEMS          138

11.7.1      RISING NEED FOR PROCESS OPTIMIZATION, AUTOMATION, AND SAFETY ACROSS VARIOUS INDUSTRIES TO FUEL SEGMENTAL GROWTH      138

11.8         SUPERVISORY CONTROL & DATA ACQUISITION SYSTEMS              141

11.8.1      INCREASING NEED TO IMPROVE OPERATIONAL EFFICIENCY AND REAL-TIME MONITORING OF CRITICAL INFRASTRUCTURE TO DRIVE MARKET  141

12            FUNCTIONAL SAFETY MARKET, BY INDUSTRY  145

12.1         INTRODUCTION              146

12.2         OIL & GAS            148

12.2.1      UPSTREAM         149

12.2.1.1  Growing emphasis on optimizing exploration, drilling, and extraction processes to bolster segmental growth            149

12.2.2      MIDSTREAM      150

12.2.2.1  Increasing focus on pipeline maintenance to avoid cracking and bursting to fuel segmental growth     150

12.2.3      DOWNSTREAM 150

12.2.3.1  Rising need to address challenges associated with refining, marketing, and distributing end products to drive market             150

12.3         POWER GENERATION   152

12.3.1      GROWING FOCUS ON ENERGY EFFICIENCY AND PRODUCTION OPTIMIZATION TO CONTRIBUTE TO SEGMENTAL GROWTH  152

12.4         CHEMICALS        154

12.4.1      RISING EMPHASIS ON COST REDUCTION AND TRANSPORTATION IMPROVEMENT TO FOSTER SEGMENTAL GROWTH             154

12.5         FOOD & BEVERAGES      156

12.5.1      GROWING AWARENESS ABOUT PENALTIES FOR NON-ADHERENCE TO SAFETY STANDARDS TO AUGMENT SEGMENTAL GROWTH  156

12.6         WATER & WASTEWATER TREATMENT   158

12.6.1      INCREASING ADOPTION OF SAFETY SOLUTIONS TO SAFEGUARD PERSONNEL AND PLANT ENVIRONMENTS FROM SYSTEM FAILURES TO DRIVE MARKET   158

12.7         PHARMACEUTICALS       160

12.7.1      GROWING FOCUS ON PREVENTING POTENTIAL HAZARDS AND ENSURING MACHINE SAFETY TO BOOST SEGMENTAL GROWTH  160

12.8         METALS & MINING          162

12.8.1      RISING IMPLEMENTATION OF STRINGENT SAFETY REGULATIONS TO CONTRIBUTE TO SEGMENTAL GROWTH                 162

12.9         AUTOMOTIVE   164

12.9.1      INCREASING PREFERENCE FOR AUTONOMOUS VEHICLES TO ACCELERATE SEGMENTAL GROWTH         164

12.10       AEROSPACE       165

12.10.1   MOUNTING DEMAND FOR INCREASINGLY ADVANCED, AUTONOMOUS, AND INTERCONNECTED SYSTEMS TO FUEL SEGMENTAL GROWTH  165

12.11       RAILWAYS           167

12.11.1   INCREASING DEPLOYMENT OF SAFETY DEVICES TO MONITOR AND CONTROL SENSORS TO AUGMENT SEGMENTAL GROWTH             167

12.12       MEDICAL             169

12.12.1   RISING ADOPTION OF SAFETY SOLUTIONS TO CONTROL MANUFACTURING PROCESSES TO CONTRIBUTE TO SEGMENTAL GROWTH  169

12.13       OTHER INDUSTRIES       170

13            FUNCTIONAL SAFETY MARKET, BY REGION       173

13.1         INTRODUCTION              174

13.2         EUROPE               175

13.2.1      MACROECONOMIC OUTLOOK FOR EUROPE      175

13.2.2      GERMANY           180

13.2.2.1  Increasing deployment of Industry 4.0 to automate manufacturing operations to drive market       180

13.2.3      UK          180

13.2.3.1  Increasing commitment to maintaining safe operations in oil & gas sector to spur market growth       180

13.2.4      FRANCE                181

13.2.4.1  Rising concern about safety of chemical plants to augment market growth    181

13.2.5      REST OF EUROPE             181

13.3         NORTH AMERICA             182

13.3.1      MACROECONOMIC OUTLOOK FOR NORTH AMERICA                 182

13.3.2      US           186

13.3.2.1  Rising implementation of industrial safety standards and guidelines to foster market growth    186

13.3.3      CANADA               187

13.3.3.1  Growing emphasis on maintaining safety and minimizing emissions in oil & gas sector to boost market growth     187

13.3.4      MEXICO                187

13.3.4.1  Increasing production of petroleum and other liquids to contribute to market growth               187

13.4         ASIA PACIFIC     188

13.4.1      MACROECONOMIC OUTLOOK FOR ASIA PACIFIC                 188

13.4.2      CHINA  193

13.4.2.1  Flourishing manufacturing sector and electric vehicle adoption to boost market growth             193

13.4.3      JAPAN   193

13.4.3.1  Rising emphasis on implementing smart factory systems to augment market growth      193

13.4.4      INDIA    194

13.4.4.1  Increasing focus on electricity projects to contribute to market growth    194

13.4.5      SOUTH KOREA  194

13.4.5.1  Rising implementation of stringent safety measures at workplace to prevent industrial accidents to drive market                194

13.4.6      REST OF ASIA PACIFIC   195

13.5         ROW      195

13.5.1      MACROECONOMIC OUTLOOK FOR ROW              195

13.5.2      MIDDLE EAST   199

13.5.2.1  Rising oil and gas exploration activities to contribute to market growth    199

13.5.2.2  GCC countries      199

13.5.2.3  Rest of Middle East              199

13.5.3      AFRICA 200

13.5.3.1  Thriving power, chemicals, and mining industries to bolster market growth       200

13.5.4      SOUTH AMERICA             200

13.5.4.1  Increased adoption of automation solutions in industries to fuel market growth       200

14            COMPETITIVE LANDSCAPE         201

14.1         OVERVIEW          201

14.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2022–2024                 201

14.3         REVENUE ANALYSIS, 2019–2023  203

14.4         MARKET SHARE ANALYSIS, 2023                 203

14.5         COMPANY VALUATION AND FINANCIAL METRICS, 2024                 206

14.6         PRODUCT COMPARISON              207

14.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023                 207

14.7.1      STARS   207

14.7.2      EMERGING LEADERS     207

14.7.3      PERVASIVE PLAYERS      208

14.7.4      PARTICIPANTS 208

14.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2023         209

14.7.5.1  Company footprint               209

14.7.5.2  Region footprint   210

14.7.5.3  Industry footprint 211

14.7.5.4  Device footprint    212

14.7.5.5  System footprint   213

14.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023        215

14.8.1      PROGRESSIVE COMPANIES         215

14.8.2      RESPONSIVE COMPANIES            215

14.8.3      DYNAMIC COMPANIES  215

14.8.4      STARTING BLOCKS         215

14.8.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023                 217

14.8.5.1  Detailed list of key startups/SMEs    217

14.8.5.2  Competitive benchmarking of key startups/SMEs          218

14.9         COMPETITIVE SCENARIO             219

14.9.1      PRODUCT LAUNCHES   219

14.9.2      DEALS  221

14.9.3      EXPANSIONS     222

14.9.4      OTHER DEVELOPMENTS              223

15            COMPANY PROFILES      224

15.1         KEY PLAYERS     224

15.1.1      SCHNEIDER ELECTRIC  224

15.1.1.1  Business overview 224

15.1.1.2  Products/Solutions/Services offered 226

15.1.1.3  Recent developments           227

15.1.1.3.1                Product launches  227

15.1.1.4  MnM view              227

15.1.1.4.1                Key strengths/Right to win 227

15.1.1.4.2                Strategic choices   227

15.1.1.4.3                Weaknesses/Competitive threats       227

15.1.2      ABB        228

15.1.2.1  Business overview 228

15.1.2.2  Products/Solutions/Services offered 229

15.1.2.3  Recent developments           231

15.1.2.3.1                Product launches  231

15.1.2.3.2                Deals      231

15.1.2.4  MnM view              232

15.1.2.4.1                Key strengths/Right to win 232

15.1.2.4.2                Strategic choices   232

15.1.2.4.3                Weaknesses/Competitive threats       232

15.1.3      HONEYWELL INTERNATIONAL INC.        233

15.1.3.1  Business overview 233

15.1.3.2  Products/Solutions/Services offered 235

15.1.3.3  Recent developments           236

15.1.3.3.1                Product launches  236

15.1.3.3.2                Expansions             236

15.1.3.4  MnM view              236

15.1.3.4.1                Key strengths/Right to win 236

15.1.3.4.2                Strategic choices   236

15.1.3.4.3                Weaknesses/Competitive threats       237

15.1.4      EMERSON ELECTRIC CO.              238

15.1.4.1  Business overview 238

15.1.4.2  Products/Solutions/Services offered 239

15.1.4.3  Recent developments           240

15.1.4.3.1                Product launches  240

15.1.4.4  MnM view              241

15.1.4.4.1                Key strengths/Right to win 241

15.1.4.4.2                Strategic choices   241

15.1.4.4.3                Weaknesses/Competitive threats       241

15.1.5      ROCKWELL AUTOMATION          242

15.1.5.1  Business overview 242

15.1.5.2  Products/Solutions/Services offered 243

15.1.5.3  Recent developments           245

15.1.5.3.1                Product launches  245

15.1.5.4  MnM view              245

15.1.5.4.1                Key strengths/Right to win 245

15.1.5.4.2                Strategic choices   245

15.1.5.4.3                Weaknesses/Competitive threats       245

15.1.6      YOKOGAWA ELECTRIC CORPORATION 246

15.1.6.1  Business overview 246

15.1.6.2  Products/Solutions/Services offered 247

15.1.6.3  Recent developments           248

15.1.6.3.1                Product launches  248

15.1.6.3.2                Other developments             249

15.1.7      HIMA     250

15.1.7.1  Business overview 250

15.1.7.2  Products/Solutions/Services offered 250

15.1.7.3  Recent developments           251

15.1.7.3.1                Product launches  251

15.1.8      GENERAL ELECTRIC COMPANY 252

15.1.8.1  Business overview 252

15.1.8.2  Products/Solutions/Services offered 253

15.1.9      OMRON CORPORATION                254

15.1.9.1  Business overview 254

15.1.9.2  Products/Solutions/Services offered 256

15.1.10   SIEMENS              257

15.1.10.1                 Business overview 257

15.1.10.2                 Products/Solutions/Services offered 258

15.1.11   JOHNSON CONTROLS INC.          260

15.1.11.1                 Business overview 260

15.1.11.2                 Products/Solutions/Services offered 261

15.1.11.3                 Recent developments           262

15.1.11.3.1             Product launches  262

15.1.11.3.2             Expansions             262

15.1.12   DEKRA  263

15.1.12.1                 Business overview 263

15.1.12.2                 Products/Solutions/Services offered 264

15.1.12.3                 Recent developments           265

15.1.12.3.1             Other developments             265

15.1.13   TÜV RHEINLAND             266

15.1.13.1                 Business overview 266

15.1.13.2                 Products/Solutions/Services offered 267

15.1.13.3                 Recent developments           268

15.1.13.3.1             Deals      268

15.1.14   BALLUFF GMBH                269

15.1.14.1                 Business overview 269

15.1.14.2                 Products/Solutions/Services offered 270

15.1.15   ENDRESS+HAUSER GROUP SERVICES AG              271

15.1.15.1                 Business overview 271

15.1.15.2                 Products/Solutions/Services offered 272

15.1.15.3                 Recent developments           273

15.1.15.3.1             Deals      273

15.2         OTHER KEY PLAYERS     274

15.2.1      SLB         274

15.2.2      VELAN INC.         275

15.2.3      PALADON SYSTEMS S.R.L.            276

15.2.4      INTERTEK GROUP PLC  277

15.2.5      SGS GENERAL SURVEILLANCE COMPANY SA.     278

15.2.6      WEIDMÜLLER INTERFACE GMBH & CO. KG         279

15.2.7      SMC CORPORATION       280

15.2.8      TEXAS INSTRUMENTS INCORPORATED 281

15.2.9      WITTENSTEIN HIGH INTEGRITY SYSTEMS LTD 282

15.2.10   IMAGINATION TECHNOLOGIES                283

16            APPENDIX           284

16.1         INSIGHTS FROM INDUSTRY EXPERTS     284

16.2         DISCUSSION GUIDE        285

16.3         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                288

16.4         CUSTOMIZATION OPTIONS        290

16.5         RELATED REPORTS         290

16.6         AUTHOR DETAILS           291

LIST OF TABLES

TABLE 1                FUNCTIONAL SAFETY MARKET: RISK ANALYSIS                 45

TABLE 2                INDICATIVE PRICING OF FUNCTIONAL SAFETY SOLUTIONS OFFERED BY KEY PLAYERS, BY DEVICE, 2023 (USD)                 63

TABLE 3                INDICATIVE PRICING OF FUNCTIONAL SAFETY SOLUTIONS, 2023 (USD)                63

TABLE 4                AVERAGE SELLING PRICE TREND OF FUNCTIONAL SAFETY SOLUTIONS,

BY DEVICE, 2020–2023 (USD THOUSAND)              64

TABLE 5                ROLE OF COMPANIES IN FUNCTIONAL SAFETY ECOSYSTEM       67

TABLE 6                LIST OF MAJOR PATENTS, 2021–2023        72

TABLE 7                IMPORT DATA FOR HS CODE 8481-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023 (USD MILLION)            75

TABLE 8                EXPORT DATA FOR HS CODE 8481-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023 (USD MILLION)            76

TABLE 9                LIST OF KEY CONFERENCES & EVENTS, 2025–2026        76

TABLE 10              NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             81

TABLE 11              EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 81

TABLE 12              ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 82

TABLE 13              ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 83

TABLE 14              STANDARDS FOR FUNCTIONAL SAFETY DEVICES              83

TABLE 15              PORTER’S FIVE FORCES ANALYSIS           85

TABLE 16              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 INDUSTRIES            87

TABLE 17              KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES                 88

TABLE 18              FUNCTIONAL SAFETY MARKET, BY APPLICATION, 2020–2023 (USD MILLION)              96

TABLE 19              FUNCTIONAL SAFETY MARKET, BY APPLICATION, 2024–2029 (USD MILLION)              96

TABLE 20              ROBOTIC: FUNCTIONAL SAFETY MARKET, BY ROBOT TYPE,

2020–2023 (USD MILLION)            97

TABLE 21              ROBOTIC: FUNCTIONAL SAFETY MARKET, BY ROBOT TYPE,

2024–2029 (USD MILLION)            97

TABLE 22              FUNCTIONAL SAFETY MARKET, BY DEVICE, 2020–2023 (USD MILLION)            101

TABLE 23              FUNCTIONAL SAFETY MARKET, BY DEVICE, 2024–2029 (USD MILLION)            101

TABLE 24              FUNCTIONAL SAFETY MARKET, BY DEVICE, 2020–2023 (THOUSAND UNITS)  101

TABLE 25              FUNCTIONAL SAFETY MARKET, BY DEVICE, 2024–2029 (THOUSAND UNITS)  102

TABLE 26              SAFETY SENSORS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            103

TABLE 27              SAFETY SENSORS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            104

TABLE 28              SAFETY CONTROLLERS/MODULES/RELAYS: FUNCTIONAL SAFETY MARKET,

BY SYSTEM, 2020–2023 (USD MILLION)   105

TABLE 29              SAFETY CONTROLLERS/MODULES/RELAYS: FUNCTIONAL SAFETY MARKET,

BY SYSTEM, 2024–2029 (USD MILLION)   105

TABLE 30              PROGRAMMABLE SAFETY SYSTEMS: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2020–2023 (USD MILLION)            106

TABLE 31              PROGRAMMABLE SAFETY SYSTEMS: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2024–2029 (USD MILLION)            106

TABLE 32              SAFETY SWITCHES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            107

TABLE 33              SAFETY SWITCHES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            108

TABLE 34              VALVES: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2020–2023 (USD MILLION)          109

TABLE 35              VALVES: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2024–2029 (USD MILLION)          109

TABLE 36              ACTUATORS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            110

TABLE 37              ACTUATORS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            110

TABLE 38              THREE COMMON TYPES OF EMERGENCY STOP DEVICES              111

TABLE 39              EMERGENCY STOP DEVICES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            112

TABLE 40              EMERGENCY STOP DEVICES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            112

TABLE 41              OTHER DEVICES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            113

TABLE 42              OTHER DEVICES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            113

TABLE 43              FUNCTIONAL SAFETY MARKET, BY SERVICE, 2020–2023 (USD MILLION)            115

TABLE 44              FUNCTIONAL SAFETY MARKET, BY SERVICE, 2024–2029 (USD MILLION)            115

TABLE 45              FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2020–2023 (USD MILLION)            121

TABLE 46              FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2024–2029 (USD MILLION)            122

TABLE 47              EMERGENCY SHUTDOWN SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2020–2023 (USD MILLION)            123

TABLE 48              EMERGENCY SHUTDOWN SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2024–2029 (USD MILLION)            123

TABLE 49              EMERGENCY SHUTDOWN SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)            124

TABLE 50              EMERGENCY SHUTDOWN SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)            124

TABLE 51              EMERGENCY SHUTDOWN SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)            125

TABLE 52              EMERGENCY SHUTDOWN SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)            125

TABLE 53              FIRE & GAS MONITORING CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY DEVICE, 2020–2023 (USD MILLION)    126

TABLE 54              FIRE & GAS MONITORING CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY DEVICE, 2024–2029 (USD MILLION)    127

TABLE 55              FIRE & GAS MONITORING CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY INDUSTRY, 2020–2023 (USD MILLION)              127

TABLE 56              FIRE & GAS MONITORING CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY INDUSTRY, 2024–2029 (USD MILLION)              128

TABLE 57              FIRE & GAS MONITORING CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY REGION, 2020–2023 (USD MILLION)   128

TABLE 58              FIRE & GAS MONITORING CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY REGION, 2024–2029 (USD MILLION)   128

TABLE 59              TURBOMACHINERY CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY DEVICE, 2020–2023 (USD MILLION)    130

TABLE 60              TURBOMACHINERY CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY DEVICE, 2024–2029 (USD MILLION)    130

TABLE 61              TURBOMACHINERY CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY INDUSTRY, 2020–2023 (USD MILLION)              131

TABLE 62              TURBOMACHINERY CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY INDUSTRY, 2024–2029 (USD MILLION)              131

TABLE 63              TURBOMACHINERY CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY REGION, 2020–2023 (USD MILLION)   131

TABLE 64              TURBOMACHINERY CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET,

BY REGION, 2024–2029 (USD MILLION)   132

TABLE 65              BURNER MANAGEMENT SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2020–2023 (USD MILLION)            133

TABLE 66              BURNER MANAGEMENT SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2024–2029 (USD MILLION)            133

TABLE 67              BURNER MANAGEMENT SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)            134

TABLE 68              BURNER MANAGEMENT SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)            134

TABLE 69              BURNER MANAGEMENT SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)            134

TABLE 70              BURNER MANAGEMENT SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)            135

TABLE 71              HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2020–2023 (USD MILLION) 136

TABLE 72              HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2024–2029 (USD MILLION) 136

TABLE 73              HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)       137

TABLE 74              HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)       137

TABLE 75              HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)       137

TABLE 76              HIGH INTEGRITY PRESSURE PROTECTION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)       138

TABLE 77              DISTRIBUTED CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2020–2023 (USD MILLION)            139

TABLE 78              DISTRIBUTED CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2024–2029 (USD MILLION)            139

TABLE 79              DISTRIBUTED CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)            140

TABLE 80              DISTRIBUTED CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)            140

TABLE 81              DISTRIBUTED CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)            140

TABLE 82              DISTRIBUTED CONTROL SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)            141

TABLE 83              SUPERVISORY CONTROL & DATA ACQUISITION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2020–2023 (USD MILLION) 142

TABLE 84              SUPERVISORY CONTROL & DATA ACQUISITION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY DEVICE, 2024–2029 (USD MILLION) 142

TABLE 85              SUPERVISORY CONTROL & DATA ACQUISITION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)       143

TABLE 86              SUPERVISORY CONTROL & DATA ACQUISITION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)       143

TABLE 87              SUPERVISORY CONTROL & DATA ACQUISITION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)       144

TABLE 88              SUPERVISORY CONTROL & DATA ACQUISITION SYSTEMS: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)       144

TABLE 89              FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)            147

TABLE 90              FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)            148

TABLE 91              OIL & GAS: FUNCTIONAL SAFETY MARKET, BY STREAM,

2020–2023 (USD MILLION)            149

TABLE 92              OIL & GAS: FUNCTIONAL SAFETY MARKET, BY STREAM,

2024–2029 (USD MILLION)            149

TABLE 93              OIL & GAS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            150

TABLE 94              OIL & GAS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            151

TABLE 95              OIL & GAS: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)          151

TABLE 96              OIL & GAS: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)          151

TABLE 97              POWER GENERATION: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            152

TABLE 98              POWER GENERATION: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            153

TABLE 99              POWER GENERATION: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            153

TABLE 100            POWER GENERATION: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            153

TABLE 101            CHEMICALS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            154

TABLE 102            CHEMICALS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            155

TABLE 103            CHEMICALS: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            155

TABLE 104            CHEMICALS: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            155

TABLE 105            FOOD & BEVERAGES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            156

TABLE 106            FOOD & BEVERAGES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            157

TABLE 107            FOOD & BEVERAGES: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            157

TABLE 108            FOOD & BEVERAGES: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            157

TABLE 109            WATER & WASTEWATER TREATMENT: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2020–2023 (USD MILLION)            158

TABLE 110            WATER & WASTEWATER TREATMENT: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2024–2029 (USD MILLION)            159

TABLE 111            WATER & WASTEWATER TREATMENT: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)            159

TABLE 112            WATER & WASTEWATER TREATMENT: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)            159

TABLE 113            PHARMACEUTICALS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            160

TABLE 114            PHARMACEUTICALS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            161

TABLE 115            PHARMACEUTICALS: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            161

TABLE 116            PHARMACEUTICALS: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            161

TABLE 117            METALS & MINING: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            162

TABLE 118            METALS & MINING: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            163

TABLE 119            METALS & MINING: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            163

TABLE 120            METALS & MINING: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            163

TABLE 121            AUTOMOTIVE: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            164

TABLE 122            AUTOMOTIVE: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            164

TABLE 123            AUTOMOTIVE: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            165

TABLE 124            AUTOMOTIVE: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            165

TABLE 125            AEROSPACE: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            166

TABLE 126            AEROSPACE: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            166

TABLE 127            AEROSPACE: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            166

TABLE 128            AEROSPACE: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            167

TABLE 129            RAILWAYS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            167

TABLE 130            RAILWAYS: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            168

TABLE 131            RAILWAYS: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)          168

TABLE 132            RAILWAYS: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)          168

TABLE 133            MEDICAL: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2020–2023 (USD MILLION)          169

TABLE 134            MEDICAL: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2024–2029 (USD MILLION)          169

TABLE 135            MEDICAL: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)          170

TABLE 136            MEDICAL: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)          170

TABLE 137            OTHER INDUSTRIES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            171

TABLE 138            OTHER INDUSTRIES: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            171

TABLE 139            OTHER INDUSTRIES: FUNCTIONAL SAFETY MARKET, BY REGION,

2020–2023 (USD MILLION)            171

TABLE 140            OTHER INDUSTRIES: FUNCTIONAL SAFETY MARKET, BY REGION,

2024–2029 (USD MILLION)            172

TABLE 141            FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)            174

TABLE 142            FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)            175

TABLE 143            EUROPE: FUNCTIONAL SAFETY MARKET, BY COUNTRY, 2020–2023 (USD MILLION)     177

TABLE 144            EUROPE: FUNCTIONAL SAFETY MARKET, BY COUNTRY, 2024–2029 (USD MILLION)     177

TABLE 145            EUROPE: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2020–2023 (USD MILLION)          178

TABLE 146            EUROPE: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2024–2029 (USD MILLION)          178

TABLE 147            EUROPE: FUNCTIONAL SAFETY MARKET, BY INDUSTRY,

2020–2023 (USD MILLION)            179

TABLE 148            EUROPE: FUNCTIONAL SAFETY MARKET, BY INDUSTRY,

2024–2029 (USD MILLION)            179

TABLE 149            NORTH AMERICA: FUNCTIONAL SAFETY MARKET, BY COUNTRY,

2020–2023 (USD MILLION)            184

TABLE 150            NORTH AMERICA: FUNCTIONAL SAFETY MARKET, BY COUNTRY,

2024–2029 (USD MILLION)            184

TABLE 151            NORTH AMERICA: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            184

TABLE 152            NORTH AMERICA: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            185

TABLE 153            NORTH AMERICA: FUNCTIONAL SAFETY MARKET, BY INDUSTRY,

2020–2023 (USD MILLION)            185

TABLE 154            NORTH AMERICA: FUNCTIONAL SAFETY MARKET, BY INDUSTRY,

2024–2029 (USD MILLION)            186

TABLE 155            ASIA PACIFIC: FUNCTIONAL SAFETY MARKET, BY COUNTRY,

2020–2023 (USD MILLION)            190

TABLE 156            ASIA PACIFIC: FUNCTIONAL SAFETY MARKET, BY COUNTRY,

2024–2029 (USD MILLION)            190

TABLE 157            ASIA PACIFIC: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2020–2023 (USD MILLION)            191

TABLE 158            ASIA PACIFIC: FUNCTIONAL SAFETY MARKET, BY SYSTEM,

2024–2029 (USD MILLION)            191

TABLE 159            ASIA PACIFIC: FUNCTIONAL SAFETY MARKET, BY INDUSTRY,

2020–2023 (USD MILLION)            192

TABLE 160            ASIA PACIFIC: FUNCTIONAL SAFETY MARKET, BY INDUSTRY,

2024–2029 (USD MILLION)            192

TABLE 161            ROW: FUNCTIONAL SAFETY MARKET, BY REGION, 2020–2023 (USD MILLION)          196

TABLE 162            ROW: FUNCTIONAL SAFETY MARKET, BY REGION, 2024–2029 (USD MILLION)          196

TABLE 163            MIDDLE EAST: FUNCTIONAL SAFETY MARKET, BY COUNTRY,

2020–2023 (USD MILLION)            196

TABLE 164            MIDDLE EAST: FUNCTIONAL SAFETY MARKET, BY COUNTRY,

2024–2029 (USD MILLION)            197

TABLE 165            ROW: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2020–2023 (USD MILLION)          197

TABLE 166            ROW: FUNCTIONAL SAFETY MARKET, BY SYSTEM, 2024–2029 (USD MILLION)          197

TABLE 167            ROW: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)    198

TABLE 168            ROW: FUNCTIONAL SAFETY MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)    198

TABLE 169            FUNCTIONAL SAFETY MARKET: OVERVIEW OF STRATEGIES ADOPTED

BY KEY PLAYERS, JANUARY 2022–SEPTEMBER 2024            201

TABLE 170            FUNCTIONAL SAFETY MARKET: DEGREE OF COMPETITION, 2023       204

TABLE 171            FUNCTIONAL SAFETY MARKET: REGION FOOTPRINT       210

TABLE 172            FUNCTIONAL SAFETY MARKET: INDUSTRY FOOTPRINT       211

TABLE 173            FUNCTIONAL SAFETY MARKET: DEVICE FOOTPRINT       212

TABLE 174            FUNCTIONAL SAFETY MARKET: SYSTEM FOOTPRINT       213

TABLE 175            FUNCTIONAL SAFETY MARKET: DETAILED LIST OF KEY STARTUPS/SMES              217

TABLE 176            FUNCTIONAL SAFETY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES          218

TABLE 177            FUNCTIONAL SAFETY MARKET: PRODUCT LAUNCHES,

JANUARY 2022–SEPTEMBER 2024                219

TABLE 178            FUNCTIONAL SAFETY MARKET: DEALS, JANUARY 2022–SEPTEMBER 2024                221

TABLE 179            FUNCTIONAL SAFETY MARKET: EXPANSIONS, JANUARY 2022–SEPTEMBER 2024                222

TABLE 180            FUNCTIONAL SAFETY MARKET: OTHER DEVELOPMENTS,

JANUARY 2022–SEPTEMBER 2024                223

TABLE 181            SCHNEIDER ELECTRIC: COMPANY OVERVIEW                 224

TABLE 182            SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED    226

TABLE 183            SCHNEIDER ELECTRIC: PRODUCT LAUNCHES                 227

TABLE 184            ABB: COMPANY OVERVIEW         228

TABLE 185            ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED             229

TABLE 186            ABB: PRODUCT LAUNCHES         231

TABLE 187            ABB: DEALS        231

TABLE 188            HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW          233

TABLE 189            HONEYWELL INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    235

TABLE 190            HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES          236

TABLE 191            HONEYWELL INTERNATIONAL INC.: EXPANSIONS     236

TABLE 192            EMERSON ELECTRIC CO.: COMPANY OVERVIEW                 238

TABLE 193            EMERSON ELECTRIC CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    239

TABLE 194            EMERSON ELECTRIC CO.: PRODUCT LAUNCHES                 240

TABLE 195            ROCKWELL AUTOMATION: COMPANY OVERVIEW          242

TABLE 196            ROCKWELL AUTOMATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    243

TABLE 197            ROCKWELL AUTOMATION: PRODUCT LAUNCHES          245

TABLE 198            YOKOGAWA ELECTRIC CORPORATION: COMPANY OVERVIEW   246

TABLE 199            YOKOGAWA ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    247

TABLE 200            YOKOGAWA ELECTRIC CORPORATION: PRODUCT LAUNCHES   248

TABLE 201            YOKOGAWA ELECTRIC CORPORATION: OTHER DEVELOPMENTS              249

TABLE 202            HIMA: COMPANY OVERVIEW     250

TABLE 203            HIMA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             250

TABLE 204            HIMA: PRODUCT LAUNCHES      251

TABLE 205            GENERAL ELECTRIC COMPANY: COMPANY OVERVIEW          252

TABLE 206            GENERAL ELECTRIC COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    253

TABLE 207            OMRON CORPORATION: COMPANY OVERVIEW                 254

TABLE 208            OMRON CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    256

TABLE 209            SIEMENS: COMPANY OVERVIEW               257

TABLE 210            SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             258

TABLE 211            JOHNSON CONTROLS INC.: COMPANY OVERVIEW          260

TABLE 212            JOHNSON CONTROLS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    261

TABLE 213            JOHNSON CONTROLS INC.: PRODUCT LAUNCHES          262

TABLE 214            JOHNSON CONTROLS INC.: EXPANSIONS                 262

TABLE 215            DEKRA: COMPANY OVERVIEW  263

TABLE 216            DEKRA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             264

TABLE 217            DEKRA: OTHER DEVELOPMENTS             265

TABLE 218            TÜV RHEINLAND: COMPANY OVERVIEW                 266

TABLE 219            TÜV RHEINLAND: PRODUCTS/SOLUTIONS/SERVICES OFFERED    267

TABLE 220            TÜV RHEINLAND: DEALS             268

TABLE 221            BALLUFF GMBH: COMPANY OVERVIEW                 269

TABLE 222            BALLUFF GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED    270

TABLE 223            ENDRESS+HAUSER GROUP SERVICES AG: COMPANY OVERVIEW   271

TABLE 224            ENDRESS+HAUSER GROUP SERVICES AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED    272

TABLE 225            ENDRESS+HAUSER GROUP SERVICES AG: DEALS  273

LIST OF FIGURES

FIGURE 1              FUNCTIONAL SAFETY MARKET: RESEARCH DESIGN                33

FIGURE 2              FUNCTIONAL SAFETY MARKET: BOTTOM-UP APPROACH         40

FIGURE 3              FUNCTIONAL SAFETY MARKET: TOP-DOWN APPROACH         41

FIGURE 4              FUNCTIONAL SAFETY MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE)  42

FIGURE 5              FUNCTIONAL SAFETY MARKET: DATA TRIANGULATION             43

FIGURE 6              FUNCTIONAL SAFETY MARKET: RESEARCH ASSUMPTIONS  44

FIGURE 7              FUNCTIONAL SAFETY MARKET, 2020–2029 (USD MILLION)            46

FIGURE 8              PROGRAMMABLE SAFETY SYSTEMS SEGMENT TO RECORD HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD       47

FIGURE 9              EMERGENCY SHUTDOWN SYSTEMS SEGMENT TO HOLD LARGEST MARKET

SHARE IN 2024   48

FIGURE 10            DESIGN, ENGINEERING & MAINTENANCE SEGMENT TO HOLD LARGEST

MARKET SHARE IN 2029 48

FIGURE 11            NON-ROBOTIC SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2023               49

FIGURE 12            OIL & GAS SEGMENT TO DOMINATE FUNCTIONAL SAFETY MARKET BETWEEN 2024 AND 2029                 49

FIGURE 13            ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN FUNCTIONAL SAFETY MARKET FROM 2024 TO 2029         50

FIGURE 14            RISING IMPLEMENTATION OF STRICT MANDATES AND SAFETY REGULATIONS TO FUEL MARKET GROWTH DURING FORECAST PERIOD  51

FIGURE 15            SAFETY SENSORS TO CAPTURE LARGEST MARKET SHARE FROM 2024 TO 2029        51

FIGURE 16            FIRE & GAS MONITORING CONTROL SYSTEMS SEGMENT TO REGISTER

HIGHEST CAGR FROM 2024 TO 2029         52

FIGURE 17            OIL & GAS SEGMENT TO CAPTURE LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2029            52

FIGURE 18            EUROPE TO DOMINATE FUNCTIONAL SAFETY MARKET DURING FORECAST PERIOD    53

FIGURE 19            CHINA TO EXHIBIT HIGHEST CAGR IN GLOBAL FUNCTIONAL SAFETY

MARKET FROM 2024 TO 2029       53

FIGURE 20            DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES    54

FIGURE 21            IMPACT ANALYSIS: DRIVERS      57

FIGURE 22            IMPACT ANALYSIS: RESTRAINTS               58

FIGURE 23            IMPACT ANALYSIS: OPPORTUNITIES     59

FIGURE 24            IMPACT ANALYSIS: CHALLENGES             60

FIGURE 25            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   61

FIGURE 26            PROCESS FLOW ANALYSIS           61

FIGURE 27            AVERAGE SELLING PRICE TREND OF FUNCTIONAL SAFETY SOLUTIONS OFFERED BY KEY PLAYERS, BY DEVICE, 2023                63

FIGURE 28            AVERAGE SELLING PRICE TREND OF FUNCTIONAL SAFETY SOLUTIONS,

BY DEVICE, 2020–2023     64

FIGURE 29            AVERAGE SELLING PRICE TREND OF FUNCTIONAL SAFETY SOLUTIONS,

BY REGION, 2020–2023    65

FIGURE 30            SUPPLY CHAIN ANALYSIS             66

FIGURE 31            ECOSYSTEM ANALYSIS  67

FIGURE 32            PATENT APPLIED AND GRANTED, 2014–2023                 71

FIGURE 33            IMPORT DATA FOR HS CODE 8481-COMPLIANT PRODUCTS FOR TOP 5 COUNTRIES, 2019−2023 74

FIGURE 34            EXPORT DATA FOR HS CODE 8481-COMPLIANT PRODUCTS FOR TOP 5 COUNTRIES, 2019−2023 75

FIGURE 35            INVESTMENT AND FUNDING SCENARIO, 2020–2024        80

FIGURE 36            PORTER’S FIVE FORCES ANALYSIS           85

FIGURE 37            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 INDUSTRIES            87

FIGURE 38            KEY BUYING CRITERIA FOR TOP 3 INDUSTRIES                 88

FIGURE 39            AI USE CASES     89

FIGURE 40            PERCENTAGE CONTRIBUTIONS OF SIL TYPES FOR FUNCTIONAL

SAFETY SYSTEMS, 2023  91

FIGURE 41            PERCENTAGE CONTRIBUTION OF SALES CHANNELS OF FUNCTIONAL SAFETY, 2023           93

FIGURE 42            NON-ROBOTIC SEGMENT ACCOUNTED FOR LARGER SHARE OF FUNCTIONAL SAFETY MARKET IN 2023                 96

FIGURE 43            FUNCTIONAL SAFETY MARKET, BY DEVICE                 100

FIGURE 44            SAFETY SENSORS SEGMENT TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2024            100

FIGURE 45            FUNCTIONAL SAFETY MARKET, BY SERVICE                 115

FIGURE 46            FUNCTIONAL SAFETY MARKET, BY SYSTEM                 120

FIGURE 47            EMERGENCY SHUTDOWN SYSTEMS SEGMENT TO CAPTURE LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2029                121

FIGURE 48            FUNCTIONAL SAFETY MARKET, BY INDUSTRY                 146

FIGURE 49            OIL & GAS SEGMENT TO HOLD LARGEST SHARE OF FUNCTIONAL SAFETY MARKET IN 2029           147

FIGURE 50            FUNCTIONAL SAFETY MARKET, BY REGION                 174

FIGURE 51            EUROPE: FUNCTIONAL SAFETY MARKET SNAPSHOT          176

FIGURE 52            GERMANY TO REGISTER HIGHEST CAGR IN EUROPEAN FUNCTIONAL

SAFETY MARKET DURING FORECAST PERIOD   177

FIGURE 53            NORTH AMERICA: FUNCTIONAL SAFETY MARKET SNAPSHOT       183

FIGURE 54            US TO ACCOUNT FOR LARGEST SHARE OF NORTH AMERICAN FUNCTIONAL SAFETY MARKET IN 2024                 183

FIGURE 55            ASIA PACIFIC: FUNCTIONAL SAFETY MARKET SNAPSHOT          189

FIGURE 56            CHINA TO DOMINATE ASIA PACIFIC FUNCTIONAL SAFETY MARKET BETWEEN 2024 AND 2029                 190

FIGURE 57            MIDDLE EAST TO CAPTURE LARGEST SHARE OF ROW FUNCTIONAL SAFETY MARKET IN 2029       196

FIGURE 58            FUNCTIONAL SAFETY MARKET: REVENUE ANALYSIS OF FIVE KEY

PLAYERS, 2019–2023         203

FIGURE 59            MARKET SHARE ANALYSIS OF COMPANIES OFFERING FUNCTIONAL SAFETY SOLUTIONS, 2023         204

FIGURE 60            COMPANY VALUATION, 2024      206

FIGURE 61            FINANCIAL METRICS, 2024 (EV/EBITDA)                 206

FIGURE 62            PRODUCT COMPARISON              207

FIGURE 63            FUNCTIONAL SAFETY MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2023       208

FIGURE 64            FUNCTIONAL SAFETY MARKET: COMPANY FOOTPRINT       209

FIGURE 65            FUNCTIONAL SAFETY MARKET: COMPANY EVALUATION MATRIX

(STARTUPS/SMES), 2023                216

FIGURE 66            SCHNEIDER ELECTRIC: COMPANY SNAPSHOT                 225

FIGURE 67            ABB: COMPANY SNAPSHOT        229

FIGURE 68            HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT          234

FIGURE 69            EMERSON ELECTRIC CO.: COMPANY SNAPSHOT                 239

FIGURE 70            ROCKWELL AUTOMATION: COMPANY SNAPSHOT          243

FIGURE 71            YOKOGAWA ELECTRIC CORPORATION: COMPANY SNAPSHOT   247

FIGURE 72            GENERAL ELECTRIC COMPANY: COMPANY SNAPSHOT          253

FIGURE 73            OMRON CORPORATION: COMPANY SNAPSHOT                 255

FIGURE 74            SIEMENS: COMPANY SNAPSHOT               258

FIGURE 75            JOHNSON CONTROLS INC.: COMPANY SNAPSHOT          261

FIGURE 76            DEKRA: COMPANY SNAPSHOT  264

FIGURE 77            TÜV RHEINLAND: COMPANY SNAPSHOT                 267

FIGURE 78            ENDRESS+HAUSER GROUP SERVICES AG: COMPANY SNAPSHOT   272