The North America Functional Safety Market would witness market growth of 9.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,840.4 million by 2031. The Canada market is experiencing a CAGR of 12% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 11.1% during (2024 - 2031).
Functional safety refers to a system's capability to ensure that it operates correctly in response to its inputs, preserving safety for its users, environment, and equipment. It involves implementing safety measures and protocols to prevent or mitigate hazards that could arise from malfunctioning or failing a system, machinery, or equipment. Safety standards, such as ISO 26262 standard for automotive applications or IEC 61508 for general industrial use, provide guidelines and requirements for developing and implementing safety-related systems to reduce risks and enhance overall safety performance.
The automotive industry integrates advanced safety features such as adaptive cruise control, lane departure warning, and automatic emergency braking to improve vehicle safety. The shift towards electric and connected vehicles is increasing the complexity of automotive systems, driving the demand for safety solutions. Safety solutions are used in safety-critical automotive components such as braking systems, steering systems, and airbag systems.
The demand for electric vehicles in Mexico is increasing due to factors such as government incentives, environmental concerns, and advancements in EV technology. Automotive manufacturers in Mexico are expanding their production capacity to meet the growing demand for electric vehicles. With 21 million residents and 33.4 million cars, Mexico metropolis is the seventh most populated metropolis in the world, according to the International Trade Administration. Mexico saw a 68 percent rise in EV sales in 2018 and a sales peak of 17,800 hybrid vehicles in comparison to 2017. In 2019, 955,393 electric and hybrid vehicles were sold between January and September.
Moreover, Canada's healthcare industry is witnessing significant growth, driven by rising healthcare expenditure and an aging population. The expansion of hospitals, clinics, and healthcare facilities is driving the demand for functional safety solutions to ensure the safety and reliability of medical equipment and systems in Canada. According to information released by the Canadian government in 2023, provinces and territories will receive an additional $46.2 billion in financing as part of a $196.1 billion ten-year investment by the government to enhance health care services for all Canadians. Therefore, the automotive and healthcare industries drive the growth of the market in North America.
Free Valuable Insights: The Functional Safety Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
By Device Type
By Industry Verticals
By Safety System
By Country
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