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Functional safety market research, functional safety market statistics, functional safety market size, functional safety market insights, functional safety market trends, functional safety market forecast.
What are the Expected Growth and Trends in the Functional Safety Market?
The functional safety market size has grown steadily in recent years. It will grow from $5.47 billion in 2024 to $5.74 billion in 2025 at a compound annual growth rate (CAGR) of 5.0%. These increases can largely be attributed to factors such as industrial automation growth, regulatory compliance requirements, the increased complexity of systems, standardization initiatives, and a growing demand for automotive safety.
Furthermore, the functional safety market size is expected to see strong growth in the next few years, reaching an estimated $8.03 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to the adoption of functional safety in healthcare, advanced process control in industries, the impact of sustainable development goals (SDGs), and the continuous improvement in safety culture. Major trends in the forecast period include the 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, and digital twins for functional safety analysis.
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What are the Key Drivers of Functional Safety Market Growth?
Significant growth in the functional safety market can be credited to the rising demand for safety systems in the oil and gas industry. 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, in June 2024, Yamaha Motor Co., Ltd., a Japan-based manufacturer of motorcycles, launched the RCX3-SMU robot controller. This new controller is equipped with advanced safety features, reflecting Yamaha’s commitment to enhancing operational safety in robotics, particularly in industrial settings.
How is the Functional Safety Market Segmented?
The functional safety market covered in this report is segmented into:
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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Who are the Major 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 are the Emerging Trends in Functional Safety Market?
New solutions have emerged as a key trend in the functional safety market. Major companies operating in this sector are adopting new solutions to maintain their competitive edge. For example, Renesas Electronics Corporation, a Japanese semiconductor manufacturer, recently introduced new functional safety solutions that adhere to the IEC61508 standard, which is targeted towards enhancing operational safety.
What is the Biggest and Fastest Growing Regional Market 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.
What Does the Functional Safety Market Report 2025 Offer?
Functional safety is a system or equipment’s overall safety component that focuses on electronics and their accompanying software. These need to respond correctly to their inputs and should also have predictable failure responses. It is used to prevent and control dangerous failures when they occur. Functional safety provides manufacturers the ability to operate closer to their margins within a well-defined functional safety environment. The Functional Safety Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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