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(IT-NEWSWIRE.COM, December 12, 2024 ) The functional safety market is going to be approximately USD 5,883.4 million in 2024 and is expected to grow up to USD 7,896.7 million by 2029 at a CAGR of 6.1% during the forecast period. Technological advancements in industrial control, such as the Industrial Internet of Things (IIoT) and Industry 4.0, are giving new dimensions to the industry of this sector. The functional safety market in industrial environments is driven by stringent regulations (e.g., IEC 61508, IEC 61511), the need to protect machines in hazardous industries, and the high costs of accidents and equipment failures.
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Fire & gas monitoring control system segment is to grow at the highest CAGR during the forecast period. Fire & gas monitoring control systems are primarily designed to reduce the impact of accidents. These systems are essential for providing individuals with sufficient time to evacuate the area during emergencies, preventing incidents from escalating, and enabling emergency response teams to act quickly. Fire and gas safety systems continuously monitor situations such as a fire or combustible or toxic gas releases within the plants, providing an early warning and preventing the escalation of the incident, and protecting the process or environment. Plants can meet their safety and critical infrastructure protection requirements by implementing functional safety-certified fire and gas systems. The IEC 61511 and ANSI/ISA standards are increasingly followed in various process industries such as oil & gas, chemicals, and power generation, contributing to the high growth of the market for fire & gas monitoring control systems.
Railways segment is expected to be the second fastest growing market in the functional safety market in forecasted year. Functional safety devices and systems are integrated into railways to guarantee safe operations in case of failures. Safety PLC controllers are used to monitor and control various sensors, ensuring the safe functioning of machines in the railway sector. Furthermore, functional safety-certified devices such as safety relays, safety sensors, and safety switches are incorporated into these safety logic systems. This can be attributed to the Increasing deployment of safety devices to monitor and control sensors to augment segmental growth.
India is expected to see the fastest growth rate during the projection period. The adoption of automation solutions in the manufacturing industries in the country is significantly increasing with rapid industrialization. In addition, the growing number of power projects to meet the rising electricity demand in India has given momentum to the implementation of functional safety systems such as burner management and fire and gas systems at plant locations. The Government of India’s focus on attaining “Power for All” has accelerated power capacity addition in the country.
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Key Market Players
Key players in the functional safety marke are Schneider Electric (France), ABB (Switzerland), Emerson Electric Co. (US), General Electric Company (US), Honeywell International Inc. (US), Rockwell Automation (US).
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