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Functional Safety Market worth $7,896.7 million by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Dec. 6, 2024 /PRNewswire/ — The global functional safety market will USD 7,896.7 million by 2029 from USD 5,883.4 million by 2024, at a CAGR of 6.1% during the forecast period according to a new report by MarketsandMarkets™. Several key factors are driving the functional safety market, including mounting adoption of advanced safety solutions to prevent accidents in industrial facilities, rapid digital transformation to revolutionize traditional manufacturing, increasing industrial automation, stringent safety regulations, and advancements in technology. Furthermore, rising workplace safety awareness, infrastructure development, and the integration of AI and IoT in critical systems further fuel demand.

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Browse in-depth TOC on “Functional Safety Market” 
225 – Tables
78 – Figures
291 – Pages

Functional Safety Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 5,883.4 million

Estimated Value by 2029

$ 7,896.7 million

Growth Rate

Poised to grow at a CAGR of 6.1%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Device, Service, System, Application, industry, and region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Complexities related to designing system that comply with complex safety standards

Key Market Opportunities

Increasing deployment of IIoT technology in industries

Key Market Drivers

Enforcement of stringent safety regulations by the government

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. Also, industries like oil & gas, chemical, and power been subjected to severe equipment harm, leakage, and blast consequences this has caused the industries to require reliable ESD systems. The implementation of automation in industries makes systems more complex; sophisticated ESDs have to identify deviations that can cause the system to go up and execute the shutdown to safeguard structures, people, and the ecosystems.

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. ESD is used to minimize the consequences of emergencies by shutting down part systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control, which ensure the required response in case of fire scenarios.

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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. Moreover, the increasing focus of European companies on reducing OPEX and rising environmental concerns have boosted the growth of the functional safety industry in this region.

The key companies in the 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), and General Electric (US).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Industrial Safety Market Size, Share, Trends & Industry Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region – 2027

High-Integrity Pressure Protection System (HIPPS) Market Size, Share, Statistics and Industry Growth Analysis Report by Component (Field Initiator, Logic Solver, Valves, Actuators), Service (Maintenance, TIC), Industry (Oil & Gas, Chemical) and Region (2022-2027)

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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Deye’s Micro Hybrid ESS: A New Era of Compact, Efficient Power

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Suitable for on-grid, off-grid and portable use96.5% DC-AC conversion efficiency1000W rated power AC charge/discharge1600W high-power PV input4ms on-grid/off-grid switch

NINGBO, China, Jan. 12, 2025 /PRNewswire/ — At Deye, we believe in redefining the way customers experience energy—whether customers are seeking reliable backup power for their home or exploring the great outdoors. Today, we’re proud to introduce the Deye Micro Hybrid Energy Storage System, AE-F(S)2.0-2H2, a game-changing innovation that brings intelligent, flexible, and portable energy solutions to customers’ fingertips.

The Deye Micro Hybrid ESS is an all-in-one system that combines an energy storage micro-inverter, battery modules, and a Battery Management System (BMS) into one compact unit. Designed with the modern lifestyle in mind, this system offers seamless integration with customers’ home and outdoor activities, offering intelligent monitoring and power management 24/7 via Lora smart communication and an easy-to-use APP monitoring interface. With 6,000 cycle life, the system is designed for a 10-year service life, and also comes with a 5-year warranty for added assurance.

1. Plug-and-Play Simplicity

With its minimalist design, the Micro Hybrid ESS is a true plug-and-play solution. It offers multiple output ports, meeting the diverse energy needs of various devices simultaneously, whether at home or in the great outdoors. Equipped with two MPPTs and a high PV power input of 1600W, it can be paired with over 99% of photovoltaic panels on the market, offering maximum flexibility.

2. High-Performance, Low Noise

The Micro Hybrid ESS is engineered for high performance. Featuring a 2kWh LFP battery, the system can expand up to 10kWh for extended power supply. Whether users need emergency backup at home or are camping off the grid, this system guarantees ultra-low noise during use thanks to its fanless design, making it the perfect companion for both residential and outdoor settings.

3. A Greener Future in Every Mode

The Deye Micro Hybrid ESS is designed for smart energy management with three intuitive modes:

Green Power Mode: Uses solar energy first to power your home, then charges the battery with any leftover. If more power is needed, the battery supplements the shortfall and sells excess power to the grid under the guarantee of the set SOC, thereby minimizing reliance on purchased electricity.TOU(Time-of-Use) Mode: Allows you to optimize energy consumption based on time-of-use pricing, buying electricity during off-peak hours and using or selling it back during peak hours.Full Charge Mode: Acts as a backup power source during emergencies, ensuring your home stays powered during outages or extreme weather events.

4. Empower Existing Systems to New Heights

The Micro Hybrid ESS features a unique AC coupling function that easily upgrades existing balcony micro-inverter systems. It could ensure no energy waste from the exsiting systems while meeting power needs during nighttime or outages.

It also supports Deye Smart loT System for further enhancement. When quipped with Deye Wireless Smart CT for Zero Export, this system could enhance its percentage of self-consumption. And if equipped with Deye Smart Plug, the system could realize 24-hour time-zone intelligent control of whole-house power equipment on and off.

5. Compact, Powerful, and Versatile: Ideal for Every Lifestyle

The Deye Micro Hybrid ESS is designed with flexibility in mind. Whether you’re someone seeking a reliable home backup power solution or simply an outdoor enthusiast, an RV traveler, this system is built to meet your needs. Its compact size—occupying less than 1/4 square meter—makes it an ideal solution for small apartments or spaces where every inch matters. With an IP65 rating and capable of operating in extreme temperatures from -10°C to 50°C, it’s ready to perform in all weather conditions.

The Deye Micro Hybrid Energy Storage System is not just about today; it’s about tomorrow. Technology may not give meaning to people’s life in a direct way, but this Deye new innovation could empower people to explore the distant places they long for. With green energy by customers’ side and electricity at their command, let the Deye AE-FS2.0-2H2 Micro Hybrid Energy Storage System be customers’ charging station for every step of their journey.

 

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SOURCE Deye

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NYP Launches New Studio Devoted To Cutting-Edge New Media Technologies

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The facility features industry-grade virtual production, preparing learners for an industry estimated to grow 14.7 per cent each year and be worth US$10.07 billion globally by 2032.

SINGAPORE, Jan. 13, 2025 /PRNewswire/ — Nanyang Polytechnic (NYP) unveiled its BeyondReality Studio, a one-stop playground of emerging immersive media technologies.

Virtual Production is an exciting and rapidly evolving field that combines traditional filmmaking techniques with cutting-edge digital technology. It involves the use of computer-generated imagery (CGI), augmented reality (AR), motion capture, and other technologies to create realistic environments and effects on virtual sets.

What you can expect in a virtual production studio:

LED Volume Walls: These replace traditional green screens, allowing real-time visualisation of virtual sets. This technology was notably used in “The Mandalorian”.Camera Tracking System: Allows the virtual environment to synchronise dynamically with the camera movements to achieve a realistic and immersive experience.Unreal Engine: A powerful real-time 3D creation platform that enables photorealistic rendering and real-time adjustments.

The global virtual production market is projected to reach US$10.07 billion by 2032[1]. This growth is driven by the increasing demand for high-quality visual effects in movies, TV shows, and commercials, as well as the rising adoption of virtual production technologies in the gaming industry. Major players like Disney, Epic Games, and ILM (Industrial Light & Magic) are heavily investing in virtual production. Disney, for instance, has extensively used LED video walls for in-house shoots, significantly reducing the need for on-location filming.

The Asia-Pacific region, particularly China, Japan, and South Korea, is also seeing rapid growth due to rising investments in the entertainment industry.

NYP’s investment in this state-of-the-art facility underscores its commitment to preparing students for the future. The BeyondReality Studio will provide students with unparalleled opportunities to develop skills in CGI, augmented reality, motion capture, and more, ensuring they are well-equipped to meet the demands of the entertainment and gaming industries.

The 2,500-square-feet virtual production facility features 24 professional motion capture cameras for high precision full-body performance capture, a large curved green screen cyclorama for greater versatility and illusion of depth, and an LED volume wall and floor for the most authentic replications of virtual environments.

The studio prepares students for the future of media production, offering opportunities to work with Extended Reality (XR), Virtual Production (VP), Augmented/Virtual Reality (AR/VR), Metaverse and Web 3.0, as well as Generative AI.

The studio boasts numerous firsts in Singapore’s visual and audio production scene:

NYP is the first and only Institute of Higher Learning (IHL) in Singapore to feature advanced LED volume technology. These skills have also been identified as emerging skills in the Infocomm Media Development Authority’s (IMDA) refreshed Skills Framework for Media.The BeyondReality Studio is the only studio in Singapore that features a unique 3-in-1 setup of motion capture, green screen, and LED volume virtual production all under one roof. NYP will be the first polytechnic to receive the official certification of a Dolby Atmos 7.1.4 Surround Audio Studio – to supplement the audio productions in the BeyondReality Studio – ensuring that soundtracks produced within the studio can be accurately reproduced worldwide, at the highest quality.

The studio also references Hollywood-standards, while ensuring space optimisation and creating conducive learning experiences. The studio’s LED volume wall is optimised for mid-to-close shots, making it an ideal training environment and the perfect size suitable for local productions. This allows industry partners to explore and experiment with innovative technologies and streamline production workflows.

Mr Albert Lim, Director at NYP’s School of Design & Media, said: “We are focused on equipping our students with more than just qualifications – we want to prepare them with the emerging skills required for them to stay at the forefront of media production, whether for further studies or career growth. With our new BeyondReality Studio, our students will learn what it takes to create their very own next-gen immersive masterpiece.”

Students across different disciplines in NYP will also get to work together on real-life virtual production projects. School of Business Management students can manage production shoots through set operations, scripting, and scheduling, while School of Design & Media students create virtual assets and integrate them into live environments using tools like Unreal Engine – an industry-leading 3D creation software. This collaborative approach equips our learners with relevant experience in working across teams on large-scale projects.

Final-year Diploma in Animation, Games & Visual Effects student, Choy Yu Feng, will be getting hands-on with the new facility in his final semester. “Virtual production is really up and coming, it will be very useful for me when I graduate with experience in these new technologies and some skills under my belt. I think it will help me stand out,” he said.

Creative media professionals can also take on a plethora of courses – from short courses to specialist diplomas – to upskill and reskill themselves in emerging immersive media technologies.

The BeyondReality Studio will be officially opened by Senior Minister of State, Ministry of Digital Development and Information, Tan Kiat How, on 24 Jan 2025.

-END-

About Nanyang Polytechnic

Established as an institution of higher learning in 1992, Nanyang Polytechnic’s (NYP) academic schools offer quality education and training through 37 full-time diploma courses and common entry programmes. NYP also has a full suite of Continuing Education and Training (CET) options for lifelong learning, ranging from specialist and advanced diplomas to SkillsFuture-supported modules and courses. NYP’s Asian Culinary Institute Singapore and the Singapore Institute of Retail Studies are CET institutes set up in partnership with SkillsFuture Singapore (SSG) to champion and transform Singapore’s F&B and retail sectors, respectively. A third NYP CET institute – the National Centre of Excellence for Workplace Learning – also set up in collaboration with SSG, will spearhead the development of progressive workplace learning strategies and programmes for companies here.

[1] Source: Fortune Business Insights, “Virtual Production Market Size, Share & COVID-19 Impact Analysis,” https://www.fortunebusinessinsights.com/virtual-production-market-107105

 

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SOURCE Nanyang Polytechnic

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GWM HYDROGEN-FTXT Delivers 406 Hydrogen Fuel Cell Sanitation Vehicles

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BAODING, China, Jan. 13, 2025 /PRNewswire/ — On January 10th, the first batch of 406 hydrogen fuel cell sanitation vehicles equipped with GWM HYDROGEN-FTXT’s hydrogen power system were officially delivered to customers, marking the successful implementation of GWM HYDROGEN-FTXT’s first “hundred-unit level” hydrogen sanitation vehicle demonstration application scenario in Baoding, China.

This batch of hydrogen sanitation vehicles includes three main models: hydrogen sweeping and washing vehicles, hydrogen cleaning vehicles, and hydrogen high-pressure flushing vehicles. They were jointly developed by GWM HYDROGEN-FTXT in collaboration with three well-known Chinese commercial vehicle manufacturers – Changzheng, Yutong, and Dongfeng. All vehicles are equipped with GWM HYDROGEN-FTXT’s self-developed commercial vehicle fuel cell system and hydrogen storage system. Compared to electric sanitation vehicles, they have significant advantages such as faster fuel replenishment and better adaptability to high and low-temperature environments. It only takes 5-8 minutes to complete hydrogen refueling, and a single refueling allows for continuous operation of over 10 hours.

This delivery is another large-scale, mass-application demonstration scenario of hydrogen fuel cell vehicles implemented by GWM HYDROGEN-FTXT in China, following the world’s first hundred-unit level 49-ton hydrogen heavy-duty truck demonstration application scenario. These vehicles will act as “mobile air purifiers” to support the low-carbon circular development model of “waste-free city + green hydrogen”, and create a benchmark for the application of hydrogen sanitation vehicles in China.

At present, the number of hydrogen energy vehicles equipped by GWM HYDROGEN-FTXT that have been launched in the Chinese market has reached the thousand-unit level.

Follow the website of FTXT for more information: http://en.ftxt-e.com/

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SOURCE FTXT

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