What Has Driven the Growth of the Functional Safety Market in Recent Years?
The functional safety market has seen considerable growth due to a variety of factors.
• Over the recent past, the size of the functional safety market has seen consistent growth. The market, estimated at $5.47 billion in 2024, will surge to reach $5.74 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.0%.
The expansion during the historic period owes to factors such as the growth of industrial automation, the necessities of regulatory compliance, a rise in system complexity, initiatives towards standardization, and the increasing demand for safety in the automotive sector.
What is the Market Size Forecast for the Functional Safety Market?
The functional safety market is expected to maintain its strong growth trajectory in upcoming years.
• Over the forthcoming years, the functional safety market is predicted to witness considerable growth. Its size is projected to expand to $8.03 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.7%.
Factors like the incorporation of functional safety in healthcare, progressive process regulation in industries, impact of sustainable development goals (SDGs), and constant enhancement of safety culture provide plausible reasons for the growth during this forecast period. Principal trends for this era encompass wider industrial adoption, adherence to international standards, inclusion of functional safety in IoT gadgets, emphasis on automotive functional safety, coupled with the integration of cybersecurity and functional safety, as well as a growing interest in digital twins for functional safety analysis.
What Are The Core Factors Supporting Growth In The Functional Safety Market?
The rise in demand for safety systems within the oil and gas sector is anticipated to drive the functional safety market's expansion. The occurrences of accidents in the oil and gas industry are on the rise due to a variety of reasons such as explosions and fires, slips and falls, operation of heavy machineries, extremes in temperature and hazardous chemical exposure. To counter this, major players in the industry are implementing safety systems. For example, Yamaha Motor Co., Ltd., a Japanese manufacturer of motorcycles, unveiled the RCX3-SMU robot controller in June 2024. This new controller is equipped with cutting-edge safety features like speed and area monitoring functions, validated by a third-party to ensure it adheres to functional safety standards. Yamaha's advancements highlight their dedication to improving safety operations in robotics, especially in industrial environments.
What Are The Major Segments Within The Global Functional Safety Market?
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
Subsegments:
1) By Component: Safety Controllers, Safety Sensors, Safety Relays, Safety Software
2) By Service: Consulting Services, Training And Certification, Maintenance And Support, Risk Assessment And Management
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Which Trends Are Expected To Transform The Functional Safety Market?
The functional safety market is currently witnessing a surge in popularity due to the emergence of new solutions. To maintain their dominance in the sector, significant corporations have started integrating these innovative solutions into their operating systems. Renesas Electronics Corporation, a Japanese semiconductor manufacturer, for example, unveiled novel functional safety solutions conforming to the IEC61508 standard in March 2022. By using versatile 32-bit microcontrollers (MCUs) and microprocessors (MPUs) as well as numerous software solution components, Renesas delivers comprehensive functional safety solutions. Their dual-MCU design ensures convenient safety verification and highly effective diagnostic software for any Renesas MCU built on the RXv2 core.
Who Are the Key Players in the Functional Safety Market?
Major companies operating in the functional safety market include:
• 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
What Is The Most Dominant Region In The Functional Safety Market?
North America was the largest region in the functional safety market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the functional safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
