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Functional Safety Market Size, Share & Trends Report, 2033
Functional Safety Market Size
Functional Safety Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $7.32 billion In 2028 At A CAGR Of 6.9% :
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..
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Functional Safety Market Major 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
Key Driver - 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.
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Prominent Trend - 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.
Functional Safety Market Players
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
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Largest And Fastest Growing Region In The Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Functional Safety Market Report Structure
3. Functional Safety Market Trends And Strategies
4. Functional Safety Market - Macro Economic Scenario
5. Functional Safety Market Size And Growth
…..
27. Functional Safety Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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