The Functional Safety Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Functional Safety Market?
The Functional Safety Global Market Report 2024 market has seen continual growth in its market size from $5.47 billion in 2024 to $5.74 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Functional Safety Industry?
The Functional Safety Global Market Report 2024 predicts that by 2029, the functional safety market will have grown to $8.03 billion, experiencing a compound annual growth rate (CAGR) of 8.7%.
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What are the Key Growth Drivers Fueling the Functional Safety Market?
The key drivers in the functional safety market are:
• Rising adoption of functional safety in healthcare and advanced process control in industries
• Impact of Sustainable Development Goals (SDGs)
• Continuous improvement in safety culture
• Integration of functional safety in IoT devices and focus on automotive functional safety
Global Market Segmentation: Identifying Major Functional Safety Industry Segments
The functional safety market covered in this report is segmented –
1) By Offering: Component, Service
2) By System: Emergency Shutdown System (ESD), Fire And Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC)
3) By Industry: Oil And gas, Power Generation, Chemicals, Food And Beverages, Water And Wastewater, Pharmaceuticals, Metal And Mining, Other Industries
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What are the Emerging Trends Shaping the Future of the Functional Safety Market?
The key trends in the rotogravure printing ink market are:
• There is a rising trend of comprehensive adoption of functional safety across various industries.
• Compliance with international standards is becoming increasingly essential in functional safety.
• Integration of functional safety in IoT devices is an emerging trend.
• A noticeable focus on automotive functional safety and integration of cybersecurity and functional safety is expected.
Who Are the Top Competitors & Leading Players in the Functional Safety Market?
Major companies in the functional safety market are:
• Siemens AG
• ABB Ltd.
• Honeywell International Inc.
• General Electric Co.
• Schneider Electric SE
• Rockwell Automation Inc.
• Emerson Electric Co.
• TUV Rheinland
• HIMA Paul Hildebrandt GmbH
• Endress+Hauser Management AG
• Intertek Group plc'
• Omron Corporation
• Yokogawa Electric Corporation
• DEKRA Group
• Balluff Inc.
• Pilz GmbH & Co. KG
• Pepperl+Fuchs
• B&R Industrial Automation
• Johnson Controls
• Mangan Software Solutions
• exida
• SICK AG
• L&T Technology Services
• DNV GL
• MISTRAS Group
• National Instruments
• ETAS GmbH
• MathWorks
Regional Dominance: Which Area Leads the Global Functional Safety Market?
North America was the largest region in the functional safety market in 2024
