Functional Safety Market Set to Surpass $7,896.7 Million by 2029 Amid Rising Demand for Risk Mitigation

Functional Safety Market Segmentation:

Emergency shutdown system segment is expected to account for the largest share of the functional safety market during the forecast period.

An emergency shutdown (ESD) system is designed to minimize risks associated with emergencies, particularly those involving the escape of hydrocarbons, uncontrolled flooding, or fire outbreaks in areas containing hazardous materials. These emergencies can cause the shutdown of a plant, unit, or equipment. The ESD system in its broad and general sense can be made up of field mounted sensors, trip relays, input and output valves for handling signals, alarm and Human-Machine Interface units.

Oil & gas industry segment to contribute to the largest market share in the forecast year.

The oil & gas industry's demand for functional safety is driven by stringent regulatory compliance, high-risk operating conditions, and the complexity of processes across upstream, midstream, and downstream operations. Factors such as increased exploration and production, aging infrastructure, and prioritization of worker safety further emphasize the need for safety systems. In the oil & gas industry, standards such as IEC 61508 and IEC 61511, and the Norwegian Oil & Gas Guideline 070 provide recommended frameworks for the implementation of functional safety. Further, various safety instrumented systems are used in the oil & gas industry to ensure functional safety.

Europe is expected to hold the largest market share of the functional safety market during the forecast period.

Europe is one of the largest markets for functional safety systems as functional safety standards are strictly followed within the European Economic Area (which comprises all European Union countries). The safety standards and directives present in the region restrict the supply and operations of machinery that do not meet the regulatory requirements. The functional safety and functional safety requirements are stringent in the European region; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. Regulatory standards and EU directives regarding occupational safety have propelled the installation of functional safety systems in industries, which, in turn, is influencing the growth of the functional safety market in Europe.

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Opportunities and Challenges in the Functional Safety Market

Opportunity: Increasing deployment of IIoT technology in industries

The Industrial Internet of Things (IIoT) introduces new concepts of integrated safety and compliance services. IIoT gathers data from sensors, which include pressures, levels, flow, temperature, and vibration data, and feeds this information to monitors. The data is transmitted through conductive and non-conductive networks, processed in real time, and can be alerted and even perhaps solved in an emergency. Through IIoT, companies can link their processes with safety systems, and the results can be observed in real time. IIoT provides the features of low cost, low power consumption of microprocessors, and increased security, convenience, and efficiency, besides satisfying the requirement of industrial security and stability.

Challenge: Complexities related to designing systems that comply with safety standards

Because the rising number of applications in recent times as well as a variety of factors including types of industries, installation location and operational needs such as less downtime, and absence of fire design of safety functional systems have become relatively challenging for designers. Design of safety systems involves different stages, limits, and above all, necessity for smooth communication of the intended end users' system.