The Europe Functional Safety Market would witness market growth of 10.0% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $792.8 million by 2031. The UK market is exhibiting a CAGR of 9% during (2024 - 2031). Additionally, The France market would experience a CAGR of 10.8% during (2024 - 2031).
Industries such as oil and gas, chemical, and manufacturing rely on complex automation systems to operate their processes. Safety ensures that these systems operate safely, preventing accidents and ensuring continuity of production. Industrial robots are used for various tasks, including manufacturing, material handling, and assembly. Safety is essential to prevent accidents and ensure the safety of workers. It is crucial for railway systems to ensure the safe operation of trains and the protection of passengers and railway personnel. Railway signalling systems, including trackside signalling and train control systems, rely on safety to prevent accidents and ensure the safe movement of trains.
Functional safety is essential for flight control systems to ensure the safe operation of aircraft and the protection of passengers and crew. Avionics systems, including navigation, communication, and surveillance systems, rely on safety to ensure the safe operation of aircraft. Medical devices such as ventilators, anaesthesia machines, and infusion pumps provide life support to patients. Safety is crucial to ensure these devices' safe and reliable operation. Medical diagnostic equipment, including MRI machines, CT scanners, and X-ray machines, rely on safety to ensure accurate and reliable test results.
The UK government claims that the European region has helped the UK because of its intricately linked supply chains and significant demand for automobiles made in the UK throughout the region. Automotive sector with its varied products, encompassing volume, premium, and niche vehicles. The UK automotive industry is witnessing significant growth, driven by increasing vehicle demand and technological advancements. Additionally, France is known for its leadership in healthcare innovation and medical research. Functional safety solutions ensure the safety and reliability of innovative medical devices developed in France. According to International Trade Administration, the French medical device industry was estimated to bring in €36.7 billion in sales by 2022. Medical device exports from France generated €9.4 billion in revenue, or 26% of the entire industry. The industry is predicted to increase at a 2% yearly rate over the next several years. Moreover, the consumer electronics industry in Hungary is witnessing significant growth, driven by increasing demand for electronic devices such as smartphones, tablets, laptops, and wearable devices. Consumer electronics manufacturers in Hungary are expanding their production capacity to meet the growing demand for electronic devices. Thus, Europe's expanding market is driven by the growth in the automotive industry, the development of advanced electronic devices, and the significant healthcare innovation and medical research in the region.
Free Valuable Insights: The Global Functional Safety Market will Hit USD 11.7 Billion by 2031, at a CAGR of 10.1%
Based on Device Type, the market is segmented into Safety Sensors, Safety Controllers, Modules & Relays, Programmable Safety Systems, Final Control Elements (Valves, Actuators), Emergency Stop Devices, and Others. Based on Industry Verticals, the market is segmented into Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others. Based on Safety System, the market is segmented into Emergency Shutdown Systems (ESD), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC) Systems, Supervisory Control and Data Acquisition (SCADA) Systems, and Fire & Gas Monitoring Control Systems. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Device Type
By Industry Verticals
By Safety System
By Country
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 