Press release
Functional Safety Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Functional Safety Market
How Large Will the Functional Safety Market Size By 2025?
In recent times, the functional safety market has experienced consistent growth. The market's size, which stands at $5.47 billion in 2024, is projected to increase to $5.74 billion in 2025, signifying a compound annual growth rate (CAGR) of 5.0%. Factors such as industrial automation expansion, regulatory compliance necessities, the increasing complexity of systems, standardization efforts, and a rising demand for automotive safety have substantially contributed to the growth experienced in the historical period.
How Big Is the Functional Safety Market Size Expected to Grow by 2029?
A significant surge is projected in the functional safety market size in the coming years, escalating to $8.03 billion in 2029 with a compound annual growth rate (CAGR) of 8.7%. The expansion envisaged in the forecast period is due to the uptake of functional safety in healthcare, enhancement of process control in industries, the influence of sustainable development goals (SDGs), as well as ongoing enhancements in safety culture. Key trends during the forecast timeframe include increasing adoption throughout various industries, adhering to international standards, incorporating functional safety into IoT devices, prioritizing automotive functional safety, integrating cybersecurity and functional safety, and the use of digital twins for analyzing functional safety.
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Which Key Market Drivers Powering Functional Safety Market Expansion and Growth?
The functional safety market is poised for growth, driven by increasing demands for safety systems in the oil and gas industry. The surge in accidents within this industry, covering incidents such as fires and explosions, slips and falls, operation of heavy machinery, extreme temperatures, and exposure to toxic chemicals, is prompting major companies in the sector to implement safety systems. An example of this is Yamaha Motor Co., Ltd., the Japan-based motorcycle manufacturer, introducing the RCX3-SMU robot controller in June 2024. This innovative controller provides advanced safety features, including speed and area monitoring capabilities, and has been certified by a third-party to adhere to functional safety regulations. Yamaha's introduction of this system demonstrates its dedication to improving the safety of operations in robotics, especially in industrial environments.
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Which Fast-Growing Trends Are Poised to Disrupt the Functional Safety Market?
The introduction of new solutions has been observed as a significant trend in the functional safety market, with large-scale corporations adopting them to maintain their market standing. For example, in March 2022, Renesas Electronics Corporation, a significant player in the semiconductor production business in Japan, rolled out new functional safety solutions compliant with the IEC61508 standard. Using 32-bit MCUs and MPUs, along with a range of software solution components, Renesas has become a go-to destination for functional safety solutions. The company's dual-MCU design simplifies the safety verification process and offers highly effective diagnostic software for any Renesas MCU based on the RXv2 core.
What Are the Emerging Segments in the 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Functional Safety Industry?
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
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