The Latin America, Middle East and Africa Functional Safety Market would witness market growth of 11.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $231.2 million by 2031. The Argentina market is showcasing a CAGR of 12.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 11.5% during (2024 - 2031).
AI and ML technologies are being integrated into functional safety systems to analyse large volumes of data, detect patterns, and identify potential safety risks. AI-driven algorithms enable predictive maintenance, anomaly detection, and risk assessment, helping to prevent safety incidents before they occur. With the rise of electric and autonomous vehicles, there's an increased focus on automotive functional safety to ensure the safety and reliability of vehicle systems. The automotive industry is adopting the ISO 26262 standard for functional safety to address the safety requirements of electrical and electronic systems in vehicles.
Furthermore, with the increasing connectivity of industrial systems, there's a growing focus on cybersecurity to protect safety systems from hacking, malware, and data breaches. Safety solutions are integrated with cybersecurity measures to ensure the integrity, confidentiality, and availability of safety-critical systems and data. Industries with high-risk operations such as oil & gas, chemical, and nuclear are increasingly adopting SIL 3 and SIL 4-rated safety systems to mitigate the risk of catastrophic accidents. There's a growing demand for safety solutions that provide the highest safety and reliability in high-risk environments.
Oil and gas facilities contain safety-critical systems that require safety solutions to ensure the safety of workers, protect the environment, and prevent accidents in UAE. The United Arab Emirates is projected to be one of the top 10 oil producers in the world in 2022 by the International Trade Administration (ITA). Abu Dhabi, ranked sixth globally, is home to almost 96% of the country's estimated 100 billion barrels of proven oil reserves. The United Arab Emirates produces 3.2 million barrels of liquid and petroleum products per day on average. Similarly, automotive manufacturers in Saudi Arabia are required to adhere to stringent safety standards to ensure the safety and reliability of vehicles. Safety solutions are integrated into electric vehicles to ensure the safety and reliability of vehicle systems, including battery management systems (BMS) and charging systems in Saudi Arabia. Around 52% of all cars sold in the Gulf Cooperation Council (GCC) and 35% in the Middle East and North Africa (MENA) in 2020 were sold in Saudi Arabia, according to the International Trade Administration. 2019 had 556,000 cars sold in Saudi Arabia, compared to 436,000 in 2020. By 2025, sales are expected to reach 543,000 units, of which only 32,000 will be electric cars. Thus, the expanding market in LAMEA is driven by the growth in oil and gas facilities and the significant automotive manufacturing in the region.
Free Valuable Insights: The Worldwide Functional Safety Market is Projected to reach USD11.7 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Device Type
By Industry Verticals
By Safety System
By Country
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