Europe Functional Safety Market

Europe Functional Safety Market Size, Share & Trends Analysis Report By Device Type, By Industry Verticals (Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others), By Safety System, By Country and Growth Forecast, 2024 - 2031

Report Id: KBV-23116 Publication Date: June-2024 Number of Pages: 160
Special Offering:
Industry Insights | Market Trends
Highest number of Tables | 24/7 Analyst Support

Market Report Description

The Europe Functional Safety Market would witness market growth of 10.0% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $792.8 million by 2031. The UK market is exhibiting a CAGR of 9% during (2024 - 2031). Additionally, The France market would experience a CAGR of 10.8% during (2024 - 2031).

Europe Functional Safety Market

Industries such as oil and gas, chemical, and manufacturing rely on complex automation systems to operate their processes. Safety ensures that these systems operate safely, preventing accidents and ensuring continuity of production. Industrial robots are used for various tasks, including manufacturing, material handling, and assembly. Safety is essential to prevent accidents and ensure the safety of workers. It is crucial for railway systems to ensure the safe operation of trains and the protection of passengers and railway personnel. Railway signalling systems, including trackside signalling and train control systems, rely on safety to prevent accidents and ensure the safe movement of trains.

Functional safety is essential for flight control systems to ensure the safe operation of aircraft and the protection of passengers and crew. Avionics systems, including navigation, communication, and surveillance systems, rely on safety to ensure the safe operation of aircraft. Medical devices such as ventilators, anaesthesia machines, and infusion pumps provide life support to patients. Safety is crucial to ensure these devices' safe and reliable operation. Medical diagnostic equipment, including MRI machines, CT scanners, and X-ray machines, rely on safety to ensure accurate and reliable test results.

The UK government claims that the European region has helped the UK because of its intricately linked supply chains and significant demand for automobiles made in the UK throughout the region. Automotive sector with its varied products, encompassing volume, premium, and niche vehicles. The UK automotive industry is witnessing significant growth, driven by increasing vehicle demand and technological advancements. Additionally, France is known for its leadership in healthcare innovation and medical research. Functional safety solutions ensure the safety and reliability of innovative medical devices developed in France. According to International Trade Administration, the French medical device industry was estimated to bring in €36.7 billion in sales by 2022. Medical device exports from France generated €9.4 billion in revenue, or 26% of the entire industry. The industry is predicted to increase at a 2% yearly rate over the next several years. Moreover, the consumer electronics industry in Hungary is witnessing significant growth, driven by increasing demand for electronic devices such as smartphones, tablets, laptops, and wearable devices. Consumer electronics manufacturers in Hungary are expanding their production capacity to meet the growing demand for electronic devices. Thus, Europe's expanding market is driven by the growth in the automotive industry, the development of advanced electronic devices, and the significant healthcare innovation and medical research in the region.

Free Valuable Insights: The Global Functional Safety Market will Hit USD 11.7 Billion by 2031, at a CAGR of 10.1%

Based on Device Type, the market is segmented into Safety Sensors, Safety Controllers, Modules & Relays, Programmable Safety Systems, Final Control Elements (Valves, Actuators), Emergency Stop Devices, and Others. Based on Industry Verticals, the market is segmented into Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others. Based on Safety System, the market is segmented into Emergency Shutdown Systems (ESD), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC) Systems, Supervisory Control and Data Acquisition (SCADA) Systems, and Fire & Gas Monitoring Control Systems. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.

Need a report that reflects how COVID-19 has impacted this market and its growth? Download Free Sample Now

List of Key Companies Profiled

  • ABB Ltd.
  • General Electric Company
  • Siemens AG
  • Rockwell Automation, Inc.
  • Schneider Electric SE
  • Mitsubishi Electric Corporation
  • Emerson Electric Co.
  • Honeywell International, Inc.
  • Omron Corporation
  • Yokogawa Electric Corporation

Europe Functional Safety Market Report Segmentation

By Device Type

  • Safety Sensors
  • Safety Controllers, Modules & Relays
  • Programmable Safety Systems
  • Final Control Elements (Valves, Actuators)
  • Emergency Stop Devices
  • Others

By Industry Verticals

  • Oil & Gas
  • Power Generation
  • Automotive
  • Pharmaceutical
  • Food & Beverage
  • Others

By Safety System

  • Emergency Shutdown Systems (ESD)
  • Burner Management Systems (BMS)
  • High-Integrity Pressure Protection Systems (HIPPS)
  • Turbomachinery Control (TMC) Systems
  • Supervisory Control and Data Acquisition (SCADA) Systems
  • Fire & Gas Monitoring Control Systems

By Country

  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
HAVE A QUESTION?

HAVE A QUESTION?

Call: +1(646) 600-5072

SPECIAL PRICING & DISCOUNTS


  • Buy Sections of This Report
  • Buy Country Level Reports
  • Request for Historical Data
  • Discounts Available for Start-Ups & Universities

Unique Offerings Unique Offerings


  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Support with 10% customization free after sale

Trusted by over
5000+ clients

Our team of dedicated experts can provide you with attractive expansion opportunities for your business.

Client Logo