Middle East and Africa Functional Safety Products Market, By Product (Safety Switches, Safety Sensor, Functional Safety Controllers, Emergency Stop Devices, Pressure Transmitters, Camera Systems, Functional Safety Valves, Others), Offering (Solution, Service), Industry Vertical (Oil and Gas, Chemical, Railways, Pulp and Paper, Automotive, Power generation, Food and Beverages, Pharmaceutical, Mining, Others) – Industry Trends and Forecast to 2030.
Middle East and Africa Functional Safety Products Market Analysis and Size
Functional safety applies to all industries today, and it is becoming more popular as manufacturers and end-users seek to reduce associated risks even further. With the increased use of automated equipment for manufacturing, testing, and process control, it is more important than ever to avoid equipment damage, injuries, and environmental damage. Growing government and worker demands and expectations have prompted manufacturers and suppliers to use predictable methods to achieve and design equipment to meet certain safety requirements.
Data Bridge Market Research analyses that the functional safety products market was valued at USD 1.04 billion in 2022 and is expected to reach the value of USD 2.21 billion by 2030, at a CAGR of 9.90% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.
Middle East and Africa Functional Safety Products Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Safety Switches, Safety Sensor, Functional Safety Controllers, Emergency Stop Devices, Pressure Transmitters, Camera Systems, Functional Safety Valves, Others), Offering (Solution, Service), Industry Vertical (Oil and Gas, Chemical, Railways, Pulp and Paper, Automotive, Power generation, Food and Beverages, Pharmaceutical, Mining, Others),
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Countries Covered
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United Arab Emirates, Saudi Arabia, Israel, South Africa, Egypt, Rest of Middle East and Africa
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Market Players Covered
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Yokogawa Electric Corporation (Japan), Siemens (Germany), Endress+Hauser Group Services AG (Germany), MANGAN SOFTWARE SOLUTIONS (U.S.), Balluff de México (Mexico), ABB (Switzerland), OMRON Corporation (Japan), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), SICK AG (U.S.), Pilz GmbH & Co. KG (Germany), K.A. Schmersal GmbH & Co. KG (Germany), HYDAC INTERNATIONAL GmbH (Germany), Cadence Design Systems, Inc. (U.S.), Hitex GmbH (Germany), TÜV Rheinland (Germany), Intel Corporation (U.S.), UL LLC (U.S.)
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Opportunities
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Market Definition
Functional safety products are system sub-components installed in industries to ensure the overall system's normal operation. It also eliminates many potential damages caused by operation or hardware failure that could have an impact on the output. As a result, functional safety products are installed to avoid future risks. Furthermore, functional safety is critical to preventing fatalities in manufacturing facilities. It provides automatic installation protection by detecting and identifying bugs and threats.
Functional Safety Products Market Dynamics
Drivers
- Growing need for safety and asset protection
One of the key factors driving market growth is the increasing demand for safety systems for personnel and asset protection as a result of stringent government regulations. Aside from that, the introduction of the industrial internet of things (IIoT), also known as Industry 4.0, is opening up new avenues for integrated safety and compliance services. It enables industries and businesses to improve their operational efficiency and dependability. Furthermore, cyber-physical systems (CPS) are a key concept in Industry 4.0, consisting of storage systems, smart machines, and production facilities capable of autonomously exchanging information, triggering actions, and controlling each other independently.
- Increased focus on product innovation
The increased focus of market participants on product innovations to provide better services is driving overall sales and profitability. Furthermore, the use of safety sensor switches in machines and other industrial applications to prevent accidental contact with live electrical connections is increasing. Factors such as rising automation in various industry verticals and an increase in the number of power projects to meet the world's escalating demand for energy are expected to provide lucrative growth opportunities to industry investors and strengthen the market's growth.
Opportunities
- Adoption of safety standards
Furthermore, the increasing adoption of workplace safety standards in developing countries will provide additional opportunities for the growth of the functional safety products market in the coming years.
Restraints
- High installation cost
The high cost of installing functional safety systems and a lack of awareness will reduce product sales and slow market growth. The lack of functional safety certified workforce and the high complexity of safety applications will pose additional challenges to the functional product market.
This functional safety products market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the functional safety products market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Functional Safety Products Market
The COVID-19 outbreak and lockdown restrictions have hampered industrial activity around the world. Some of the consequences of a lockdown include supply chain disruptions, a lack of raw materials used in the manufacturing process, labour shortages, fluctuating prices that could cause final product production to balloon and exceed budget, and shipping issues, among other things. The pandemic has hampered the progress of several projects, causing pipelines to stall or be delayed.
Recent Development
- In June 2022 Rockell Automaton integrated New PowerFlex Drives into CENTERLINE Motor Control Centers to provide real-time predictive analytics benefits. Manufacturers improve safety, productivity, and reliability by integrating motor control and power in a motor control centre (MCC). Furthermore, CENTERLINE MCCs provide enhanced safety features such as remote monitoring and control to protect personnel and equipment.
- In June 2022 ABB Ltd. announced the deployment of its automation, electrification, digital, and safety solutions for Norway's Northern Lights carbon capture project under an engineering, procurement, and construction (EPC) contract with Aker Solutions. The project intends to safely store approximately 1.5 million tonnes of CO2 emitted by European industries.
- In May 2022 Emerson introduced the TopWorxTM DX PST with HART 7, which provides valuable valve data and diagnostic information and enables the digital transformation of process applications. The new DX PST works with existing valves and control systems to provide operators with critical valve data, diagnostics, and trends for predicting and scheduling maintenance. Because the adaptive DX PST is certified for use in hazardous and harsh environments, the design for ensuring valve integrity improves overall safety and facility uptime, which benefits refinery, chemical, oil and gas, industry energy, and mining applications.
Middle East and Africa Functional Safety Products Market Scope
The functional safety products market is segmented on the basis of product, offerings and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Safety Switches
- Electro-mechanical safety switches
- Safety locking devices
- Non-contact safety switches
- Safety Sensor
- Fluid sensor
- Fibre-optic sensor
- Distance sensor
- Angle sensor
- Others
- Functional Safety Controllers
- Emergency Stop Devices
- Pressure Transmitters
- Camera Systems
- Functional Safety Valves
- Others
Offerings
- Solutions
- Turbomachinery control
- Fire and gas monitoring control
- Burner management system
- Emergency shutdown systems
- High-integrity pressure protection systems
- Distributed control system
- Supervisory control
- Data acquisition systems
- Others
- Services
- Consulting and design
- Verification and optimization
- Training and education
Industry Vertical
- Oil and Gas
- Chemical
- Railways
- Pulp and Paper
- Automotive
- Power generation
- Food and Beverages
- Pharmaceutical
- Mining
- Others
Functional Safety Products Market Regional Analysis/Insights
The functional safety products market is analyzed and market size insights and trends are provided by country, product, offerings and industry vertical as referenced above.
The countries covered in the functional safety products market report are United Arab Emirates, Saudi Arabia, Israel, South Africa, Egypt, Rest of Middle East and Africa.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Middle East and Africa brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Functional Safety Products Market Share Analysis
The functional safety products market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Middle East and Africa presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to functional safety products market.
Some of the major players operating in the functional safety products market are:
- Yokogawa Electric Corporation (Japan)
- Siemens (Germany)
- Endress+Hauser Group Services AG (Germany)
- MANGAN SOFTWARE SOLUTIONS (U.S.)
- Balluff de México (Mexico)
- ABB (Switzerland)
- OMRON Corporation (Japan)
- Honeywell International, Inc. (U.S.)
- Rockwell Automation, Inc. (U.S.)
- SICK AG (U.S.)
- Pilz GmbH & Co. KG (Germany)
- K.A. Schmersal GmbH & Co. KG (Germany)
- HYDAC INTERNATIONAL GmbH (Germany)
- Cadence Design Systems, Inc. (U.S.)
- Hitex GmbH (Germany)
- TÜV Rheinland (Germany)
- Intel Corporation (U.S.)
- UL LLC (U.S.)
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