Global Functional Safety Market Report 2024

Functional Safety Global Market Report 2024 – By Offering (Component, Service), By System (Emergency Shutdown System (ESD), Fire and Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC)), By Industry (Oil and gas, Power Generation, Chemicals, Food and Beverages, Water and Wastewater, Pharmaceuticals, Metal and Mining, Other Industries) – Market Size, Trends, And Global Forecast 2024-2033

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Functional Safety Market Definition And Segments

Functional safety is a component of a system's or equipment's overall safety, and it focuses on electronics and their accompanying software, which must respond to their inputs correctly and should also have predictable failure answers. It is used to automatically prevent and control dangerous failures when they occur. Functional safety provides manufacturers the ability to operate closer to their margins with confidence in a well-defined functional safety environment.

The main types of offerings in functional safety are component and services. Service may assist in minimizing risk and optimizing systems in a variety of ways, including product design, safety chain management, performance and safety assessments, and more. The different systems include emergency shutdown systems (ESD), fire and gas monitoring systems, high integrity pressure protection systems (HIPPS), burner management systems (BMS), and turbomachinery control (TMC), and are used in several industries such as oil and gas, power generation, chemicals, food and beverages, water and wastewater, pharmaceuticals, metal and mining, and others.

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

The functional safety market size has grown strongly in recent years. It will grow from $5.28 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to industrial automation growth, regulatory compliance requirements, increased complexity of systems, standardization initiatives, growing demand for automotive safety.

The functional safety market size is expected to see strong growth in the next few years. It will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to adoption of functional safety in healthcare, advanced process control in industries, sustainable development goals (SDGs) impact, continuous improvement in safety culture. Major trends in the forecast period include growing adoption across industries, compliance with international standards, integration of functional safety in IoT devices, focus on automotive functional safety, cybersecurity and functional safety integration, digital twins for functional safety analysis.

Rising Safety Concerns In The Oil And Gas Sector Drive Growth In The Functional Safety Market

Rising demand for safety systems in the oil and gas industry is expected to propel the growth of the functional safety market going forward. The number of accidents in the oil and gas industry is increasing due to explosions and fires, slips and falls, operating heavy machinery, temperature extremes, and exposure to toxic chemicals. Major players in the oil and gas industry are adopting safety systems. For instance, according to the International Association of Oil and Gas Producers (IOGP) report, accidents in the oil and gas industry reveal that the number of accidents has decreased from 25% in 2019 to 14% in 2020.This is mainly due to increased awareness of safety standards and the use of functional safety equipment at the sites. Thus, the increasing demand for safety systems in the oil and gas industry is contributing to the functional safety market growth.

Rising Hydropower Demand Drives Growth In The Functional Safety Market

The increased demand for hydropower is expected to drive the growth of functional safety market. Hydropower, also known as hydroelectric power, is a renewable energy source that harnesses the energy of flowing or falling water to generate electricity. Hydrocarbon energy source uses functional safety for enhanced process safety, better alarm management, enhanced safety compliance, and safety lifecycle management. For instance, in October 2022, the United States Department of Energy (DOE) has unveiled three funding opportunities, totaling over USD 28 million, aimed at advancing research and development efforts to bolster hydropower as a vital clean energy source. This funding will be utilized to expand low-impact hydropower, develop new pumped storage hydropower facilities, and engage with key stakeholders on issues related to hydropower fleet modernization, sustainability, and environmental impact. Therefore, the increased demand for hydropower is expected to propel the growth of functional safety market going forward

Major companies operating in the functional safety market report 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.,Omron Corporation,HIMA Paul Hildebrandt GmbH,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

Adoption Of New Solutions By Major Companies

New solutions have emerged as a key trend gaining popularity in the functional safety market. Major companies operating in the functional safety sector are adopting new solutions to sustain their position. For instance, in March 2022, Renesas Electronics Corporation, a Japanese semiconductor manufacturer, introduced new functional safety solutions that adhere to the IEC61508 standard. Using general-purpose 32-bit microcontrollers (MCUs) and microprocessors (MPUs) along with a variety of software solution components, Renesas provides a one-stop shop for functional safety solutions. Its dual-MCU design allows for easy safety verification and incredibly effective diagnostic software on any Renesas MCU based on the RXv2 core.

Innovative Solutions To Simplify Functional Safety Compliance

Major companies operating in the functional safety market are developing innovative products to meet the growing demand for functional safety and simplify the functional safety compliance. For instance, in December 2022, Jama Software, a Netherlands-based requirements management and product development platform, introduced a tool called Jama Connect for Robotics to assist companies in innovating and creating robotics applications. A robotics dataset, a functional safety procedural guide based on IEC 61508, frameworks, sample projects, and procedural, export, and configuration documentation are all included in the fully functioning package that comes with the solution. The goal of Jama Connect for Robotics is to simplify functional safety compliance and spur innovation.

ERM Strengthens Technology And Process Safety Services Portfolio With Acquisition Of Engineering Safety Consultants (ESC)

In January 2021, ERM, a UK-based company that provides safety services, acquired Engineering Safety Consultants (ESC) for an undisclosed amount. Through this acquisition, ECS aims to enhance its capabilities and capacity in terms of technology and process safety services. Engineering Safety Consultants is a UK-based company that provides functional safety services, helping clients with risk, reliability, and SIL studies.

North America was the largest region in the functional safety market in 2023.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

The countries covered in the functional safety market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The functional safety market includes revenues earned by entities by providing services such as risk management services, industrial machinery maintenance services, process and control equipment functions, system maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The functional safety market research report is one of a series of new reports from The Business Research Company that provides functional safety market statistics, including functional safety industry global market size, regional shares, competitors with a functional safety market share, detailed functional safety market segments, market trends and opportunities, and any further data you may need to thrive in the functional safety industry. This functional safety market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Functional Safety Market Report Scope
Report AttributeDetails
Market Size Value In 2024 $5.6 billion
Revenue Forecast In 2033 $7.32 billion
Growth Rate CAGR of 6.9% from 2024 to 2033
Base Year For Estimation 2023
Actual Estimates/Historical Data 2018-2023
Forecast Period 2024 - 2028 - 2033
Market Representation Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered 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
Regional Scope Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled 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.;Omron Corporation;HIMA Paul Hildebrandt GmbH;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
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    Table Of Contents

    1. Executive Summary

    2. Functional Safety Market Characteristics

    3. Functional Safety Market Trends And Strategies

    4. Functional Safety Market - Macro Economic Scenario

    4.1. Impact Of High Inflation On the Market

    4.2. Ukraine-Russia War Impact On the Market

    4.3. COVID-19 Impact On the Market

    5. Global Functional Safety Market Size and Growth

    5.1. Global Functional Safety Market Drivers and Restraints

    5.1.1. Drivers Of The Market

    5.1.2. Restraints Of The Market

    5.2. Global Functional Safety Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)

    5.3. Global Functional Safety Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

    6. Functional Safety Market Segmentation

    6.1. Global Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Component

    Services

    6.2. Global Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Emergency Shutdown System (ESD)

    Fire and Gas Monitoring System

    High Integrity Pressure Protection System (HIPPS)

    Burner Management System (BMS)

    Turbomachinery Control (TMC)

    6.3. Global Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Oil and gas

    Power Generation

    Chemicals

    Food and Beverages

    Water and Wastewater

    Pharmaceuticals

    Metal and Mining

    Other Industries

    7. Functional Safety Market Regional And Country Analysis

    7.1. Global Functional Safety Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    7.2. Global Functional Safety Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8. Asia-Pacific Functional Safety Market

    8.1. Asia-Pacific Functional Safety Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8.3. Asia-Pacific Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8.4. Asia-Pacific Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    9. China Functional Safety Market

    9.1. China Functional Safety Market Overview

    9.2. China Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    9.3. China Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    9.4. China Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    10. India Functional Safety Market

    10.1. India Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    10.2. India Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    10.3. India Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11. Japan Functional Safety Market

    11.1. Japan Functional Safety Market Overview

    11.2. Japan Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11.3. Japan Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11.4. Japan Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12. Australia Functional Safety Market

    12.1. Australia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12.2. Australia Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12.3. Australia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13. Indonesia Functional Safety Market

    13.1. Indonesia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13.2. Indonesia Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13.3. Indonesia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14. South Korea Functional Safety Market

    14.1. South Korea Functional Safety Market Overview

    14.2. South Korea Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14.3. South Korea Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14.4. South Korea Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15. Western Europe Functional Safety Market

    15.1. Western Europe Functional Safety Market Overview

    15.2. Western Europe Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15.3. Western Europe Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15.4. Western Europe Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16. UK Functional Safety Market

    16.1. UK Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16.2. UK Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16.3. UK Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17. Germany Functional Safety Market

    17.1. Germany Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17.2. Germany Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17.3. Germany Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18. France Functional Safety Market

    18.5. France Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18.6. France Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18.7. France Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19. Italy Functional Safety Market

    19.9. Italy Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19.10. Italy Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19.11. Italy Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20. Spain Functional Safety Market

    20.13. Spain Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20.14. Spain Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20.15. Spain Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21. Eastern Europe Functional Safety Market

    21.1. Eastern Europe Functional Safety Market Overview

    21.2. Eastern Europe Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21.3. Eastern Europe Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21.4. Eastern Europe Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22. Russia Functional Safety Market

    22.1. Russia Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22.2. Russia Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22.3. Russia Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23. North America Functional Safety Market

    23.1. North America Functional Safety Market Overview

    23.2. North America Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23.3. North America Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23.4. North America Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24. USA Functional Safety Market

    24.1. USA Functional Safety Market Overview

    24.2. USA Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24.3. USA Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24.4. USA Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25. Canada Functional Safety Market

    25.1. Canada Functional Safety Market Overview

    25.2. Canada Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25.3. Canada Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25.4. Canada Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26. South America Functional Safety Market

    26.1. South America Functional Safety Market Overview

    26.2. South America Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26.3. South America Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26.4. South America Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27. Brazil Functional Safety Market

    27.1. Brazil Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27.2. Brazil Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27.3. Brazil Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28. Middle East Functional Safety Market

    28.1. Middle East Functional Safety Market Overview

    28.2. Middle East Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28.3. Middle East Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28.4. Middle East Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29. Africa Functional Safety Market

    29.1. Africa Functional Safety Market Overview

    29.2. Africa Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29.3. Africa Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29.4. Africa Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    30. Functional Safety Market Competitive Landscape And Company Profiles

    30.1. Functional Safety Market Competitive Landscape

    30.2. Functional Safety Market Company Profiles

    30.2.1. Siemens AG

    30.2.1.1. Overview

    30.2.1.2. Products and Services

    30.2.1.3. Strategy

    30.2.1.4. Financial Performance

    30.2.2. ABB Ltd.

    30.2.2.1. Overview

    30.2.2.2. Products and Services

    30.2.2.3. Strategy

    30.2.2.4. Financial Performance

    30.2.3. Honeywell International Inc.

    30.2.3.1. Overview

    30.2.3.2. Products and Services

    30.2.3.3. Strategy

    30.2.3.4. Financial Performance

    30.2.4. General Electric Co.

    30.2.4.1. Overview

    30.2.4.2. Products and Services

    30.2.4.3. Strategy

    30.2.4.4. Financial Performance

    30.2.5. Schneider Electric SE

    30.2.5.1. Overview

    30.2.5.2. Products and Services

    30.2.5.3. Strategy

    30.2.5.4. Financial Performance

    31. Global Functional Safety Market Competitive Benchmarking

    32. Global Functional Safety Market Competitive Dashboard

    33. Key Mergers And Acquisitions In The Functional Safety Market

    34. Functional Safety Market Future Outlook and Potential Analysis

    34.1 Functional Safety Market In 2028 - Countries Offering Most New Opportunities

    34.2 Functional Safety Market In 2028 - Segments Offering Most New Opportunities

    34.3 Functional Safety Market In 2028 - Growth Strategies

    34.3.1 Market Trend Based Strategies

    34.3.2 Competitor Strategies

    35. Appendix

    35.1. Abbreviations

    35.2. Currencies

    35.3. Historic And Forecast Inflation Rates

    35.4. Research Inquiries

    35.5. The Business Research Company

    35.6. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2018-2023, $ Billion
  • Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
  • Table 3: Global Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 4: Global Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 5: Global Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 6: Global Functional Safety Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 7: Global Functional Safety Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 8: Asia-Pacific, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 9: Asia-Pacific, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 10: Asia-Pacific, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 11: China, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 12: China, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 13: China, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 14: India, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 15: India, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 16: India, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 17: Japan, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 18: Japan, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 19: Japan, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 20: Australia, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 21: Australia, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 22: Australia, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 23: Indonesia, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 24: Indonesia, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 25: Indonesia, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 26: South Korea, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 27: South Korea, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 28: South Korea, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 29: Western Europe, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 30: Western Europe, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 31: Western Europe, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 32: UK, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 33: UK, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 34: UK, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 35: Germany, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 36: Germany, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 37: Germany, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 38: France, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 39: France, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 40: France, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 41: Italy, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 42: Italy, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 43: Italy, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 44: Spain, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 45: Spain, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 46: Spain, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 47: Eastern Europe, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 48: Eastern Europe, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 49: Eastern Europe, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 50: Russia, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 51: Russia, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 52: Russia, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 53: North America, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 54: North America, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 55: North America, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 56: USA, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 57: USA, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 58: USA, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 59: Canada, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 60: Canada, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 61: Canada, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 62: South America, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 63: South America, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 64: South America, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 65: Brazil, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 66: Brazil, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 67: Brazil, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 68: Middle East, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 69: Middle East, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 70: Middle East, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 71: Africa, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 72: Africa, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 73: Africa, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 74: Siemens AG Financial Performance
  • Table 75: ABB Ltd. Financial Performance
  • Table 76: Honeywell International Inc. Financial Performance
  • Table 77: General Electric Co. Financial Performance
  • Table 78: Schneider Electric SE Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2018-2023, $ Billion
  • Figure 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
  • Figure 3: Global Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 4: Global Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 5: Global Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 6: Global Functional Safety Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 7: Global Functional Safety Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 8: Asia-Pacific, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 9: Asia-Pacific, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 10: Asia-Pacific, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 11: China, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 12: China, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 13: China, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 14: India, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 15: India, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 16: India, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 17: Japan, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 18: Japan, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 19: Japan, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 20: Australia, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 21: Australia, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 22: Australia, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 23: Indonesia, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 24: Indonesia, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 25: Indonesia, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 26: South Korea, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 27: South Korea, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 28: South Korea, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 29: Western Europe, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 30: Western Europe, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 31: Western Europe, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 32: UK, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 33: UK, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 34: UK, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 35: Germany, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 36: Germany, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 37: Germany, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 38: France, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 39: France, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 40: France, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 41: Italy, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 42: Italy, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 43: Italy, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 44: Spain, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 45: Spain, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 46: Spain, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 47: Eastern Europe, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 48: Eastern Europe, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 49: Eastern Europe, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 50: Russia, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 51: Russia, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 52: Russia, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 53: North America, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 54: North America, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 55: North America, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 56: USA, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 57: USA, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 58: USA, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 59: Canada, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 60: Canada, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 61: Canada, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 62: South America, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 63: South America, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 64: South America, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 65: Brazil, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 66: Brazil, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 67: Brazil, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 68: Middle East, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 69: Middle East, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 70: Middle East, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 71: Africa, Functional Safety Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 72: Africa, Functional Safety Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 73: Africa, Functional Safety Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 74: Siemens AG Financial Performance
  • Figure 75: ABB Ltd. Financial Performance
  • Figure 76: Honeywell International Inc. Financial Performance
  • Figure 77: General Electric Co. Financial Performance
  • Figure 78: Schneider Electric SE Financial Performance
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Frequently Asked Questions

What is the definition of the functional safety market?

Functional safety is a component of a system's or equipment's overall safety, and it focuses on electronics and their accompanying software, which must respond to their inputs correctly and should also have predictable failure answers. It is used to automatically prevent and control dangerous failures when they occur. Functional safety provides manufacturers the ability to operate closer to their margins with confidence in a well-defined functional safety environment. For further insights on the function-as-a-service market, request a sample here

How will the functional safety market drivers and restraints affect the functional safety market dynamics? What forces will shape the functional safety industry going forward?

The functional safety market major growth driver - rising safety concerns in the oil and gas sector drive growth in the functional safety market. For further insights on the function-as-a-service market, request a sample here

What is the forecast market size or the forecast market value of the functional safety market ?

The functional safety market size has grown strongly in recent years. It will grow from $5.28 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to industrial automation growth, regulatory compliance requirements, increased complexity of systems, standardization initiatives, growing demand for automotive safety, . The functional safety market size is expected to see strong growth in the next few years. It will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to adoption of functional safety in healthcare, advanced process control in industries, sustainable development goals (sdgs) impact, continuous improvement in safety culture.. Major trends in the forecast period include growing adoption across industries, compliance with international standards, integration of functional safety in iot devices, focus on automotive functional safety, cybersecurity and functional safety integration, digital twins for functional safety analysis.. For further insights on the function-as-a-service market, request a sample here

How is the functional safety market segmented?

The functional safety market is segmentedThe 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 For further insights on the function-as-a-service market, request a sample here

Which region has the largest share of the functional safety market? What are the other regions covered in the report?

North America was the largest region in the functional safety market in 2023. 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 For further insights on the function-as-a-service market, request a sample here.

Who are the major players in the functional safety market?

Major companies operating in the functional safety market report 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.,Omron Corporation,HIMA Paul Hildebrandt GmbH,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 For further insights on the function-as-a-service market, request a sample here.

What are the key trends in the functional safety market?

Major trend in the functional safety market - adoption of new solutions by major companies. For further insights on the function-as-a-service market, request a sample here.

What are the major opportunities in the functional safety market? What are the strategies for the functional safety market?

For detailed insights on the major opportunities and strategies in the functional safety market, request a sample here.

How does the functional safety market relate to the overall economy and other similar markets?

For detailed insights on functional safety market's relation to the overall economy and other similar markets, request a sample here.

What are the latest mergers and acquisitions in the functional safety industry?

For detailed insights on the mergers and acquisitions in the functional safety industry, request a sample here.

What are the key dynamics influencing the functional safety market growth? SWOT analysis of the functional safety market.

For detailed insights on the key dynamics influencing the functional safety market growth and SWOT analysis of the functional safety industry, request a sample here.