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.
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.
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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.
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