Information Technology
Functional Safety Market to Reach $14.7 billion, Globally, by 2032 at 10.52% CAGR: Allied Market Research
The functional safety market is anticipated to experience significant expansion during the forecast period. This growth is primarily driven by factors such as regulatory compliance, technological advancements, and increased awareness about safety. In addition, emerging markets are expected to further boost the market. However, high implementation costs pose a significant restraint to the growth of the functional safety market during the forecast period.
Increasing Awareness about Safety
By device type, the safety sensors segment accounted for one-third of the total revenue in the global functional safety market in 2022, and it is expected to continue its dominant position during the forecast period, and is projected to experience the fastest CAGR of 12.04% from 2023 to 2032. This dominance is likely due to increase in demand for features such as autonomous vehicles and advanced driver-assistance systems, which rely heavily on safety sensors.
By safety systems, the Emergency Shutdown Systems (ESD) segment emerged as the market leader in the global functional safety market in 2022, holding nearly one-third of the market share, owing to stricter regulations and growing focus on safety in industries with high-risk environments like oil & gas and nuclear power. However, the turbomachinery control (TMC) systems segment is projected to witness the fastest CAGR of 12.96% from 2023 to 2032 owing to increase in demand for efficient and optimized power generation across industries. TMC systems play a crucial role in maximizing turbine performance and efficiency.
By industry verticals, the oil and gas segment emerged as the market leader in the global functional safety market in 2022, holding one-fourth of the market share, due to strict regulations and high-risk environments in the oil and gas industry. These factors necessitate the use of sophisticated safety systems to prevent accidents and protect personnel and assets. However, the automotive segment is projected to witness the fastest CAGR of 12.78% from 2023 to 2032, owing to increase in adoption of autonomous vehicles and ADAS features.
Region-wise, North America dominated the functional safety market revenue in 2022, with nearly two-fifths of the global market share. This is primarily due to stringent safety regulations and widespread adoption of automation technologies. However, the Asia-Pacific segment is projected to experience the fastest CAGR of 13.41% from 2023 to 2032, due to rapid industrialization and rise in adoption of automation technologies in the region.
The report provides a detailed analysis of these key players in the global functional safety market. These players have adopted acquisition, and product launch strategies to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
In September 2022 , Yokogawa Electric Corporation announced the acquisition of Votiva Singapore Pte Ltd., a Southeast Asian IT consultant offering services for deploying software of enterprise resource planning (ERP) as well as customer relationship management (CRM).
In January 2021 , Rockwell Automation launched Allen-Bradley 450L GuardShield safety light curtains, designed to improve productivity and increase efficiency, while providing personnel safety. The product provides CIP Safety over EtherNet/IP, thus enabling smart safety within a connected enterprise and providing extensive data from the plant floor.
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