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Functional Safety Market Share

Report ID: GMI8988
Published Date: Apr 2024
Report Format: PDF

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Functional Safety Market Share

ABB and Schneider Electric hold a significant share of over 20%. ABB is a global leader in industrial technology, providing a wide range of products, systems, and services for utilities, industries, transportation, and infrastructure sectors. In the global market, ABB offers a comprehensive portfolio of solutions and expertise to address the safety needs of industrial processes, machinery, and critical infrastructure.

Schneider Electric is a global leader in energy management and automation solutions, providing a wide range of products, software, and services to customers in various industries, including buildings, data centers, infrastructure, industries, and residential sectors. In the context of the functional safety industry, Schneider Electric offers comprehensive solutions and expertise to help organizations address safety-critical requirements and regulatory compliance across diverse applications.

Functional Safety Market Companies

Major players operating in the market are:

ABB
Schneider Electric
Siemens
Rockwell Automation Inc.
Emerson Electric Co.
Honeywell International Inc.
Yokogawa Electric Corporation

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for functional safety recorded USD 5.5 billion in revenue in 2023 and will grow at a 7.5% CAGR between 2024 and 2032 owing to the increasing adoption of automation across industries and a rising focus on workplace safety.

The automotive segment in the functional safety industry will secure 9.9% CAGR up to 2023, attributed to the rapid integration of autonomous driving systems, electrification, and advanced driver-assistance technologies.

Asia Pacific industry will register 9.5% CAGR from 2024 to 2032, driven by rapid industrialization, stringent safety regulations, and the adoption of advanced technologies across sectors like automotive, manufacturing, and oil & gas.

Prominent leaders operating in the functional safety industry are ABB, Schneider Electric, Siemens, Rockwell Automation Inc., Emerson Electric Co., Honeywell International Inc., Yokogawa Electric Corporation among others.