The Functional Safety Market is Predict to reach USD 11.7 Billion by 2031, at a CAGR of 10.1%

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Functional Safety Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Functional Safety Market size is expected to reach $11.7 billion by 2031, rising at a market growth of 10.1% CAGR during the forecast period.

Automotive manufacturers are investing in functional safety solutions to ensure the reliability and redundancy of safety-critical components. Therefore, as the industry expands, the demand for functional safety will increase as well. For instance, the most recent data available (December 2022) from the International Trade Administration (ITA) for Italy indicates that the automotive sector generated €92.7 billion in revenue in 2022. This represents 9.3% of Italy's manufacturing turnover and 5.2% of the country's GDP. Italy produced 782,629 vehicles in 2022 (including 486,111 cars, 234,798 light commercial vehicles, and 61,720 trucks and buses). In 2022, 1,335,487 new cars were registered. The electrification of vehicle platforms requires integrating functional safety solutions to ensure the safety and reliability of electric drivetrains, battery systems, and charging infrastructure.

Functional Safety Market Size - By Region

The Safety Sensors segment is registering a CAGR of 8.6 % during the forecast period. Safety sensors continuously monitor the operating environment for potential hazards such as moving machinery, high temperatures, and hazardous substances. It also detects motion and position in machinery and equipment, ensuring safe operation and preventing collisions, entrapments, and crush injuries.

The Oil & Gas segment led the Global Functional Safety Market by Industry Verticals in 2023; thereby, achieving a market value of $3 billion by 2031. Functional safety systems ensure the safe operation of drilling equipment such as drilling rigs, wellheads, and blowout preventers. Safety systems are employed during well-completion activities to prevent blowouts, gas leaks, and other safety hazards.

The Emergency Shutdown Systems (ESD) segment is growing at a CAGR of 8.4 % during the forecast period. ESD systems provide the capability to shut down industrial processes quickly and safely in emergencies to prevent accidents, injuries, and environmental damage. These systems are designed to provide high reliability and availability, ensuring critical safety functions are performed effectively and efficiently.

Full Report: https://www.kbvresearch.com/functional-safety-market/

The North America region dominated the Global Functional Safety Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4 billion by 2031. The Europe region is anticipated to grow at a CAGR of 10% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 10.7% during (2024 - 2031).

List of Key Companies Profiled

Functional Safety Market Report Segmentation

By Device Type

Safety Sensors
Safety Controllers, Modules & Relays
Programmable Safety Systems
Final Control Elements (Valves, Actuators)
Emergency Stop Devices
Others

By Industry Verticals

By Safety System

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
Fire & Gas Monitoring Control Systems

By Geography

North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA

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The Functional Safety Market is Predict to reach USD 11.7 Billion by 2031, at a CAGR of 10.1%

Special Offering :

Functional Safety Market Growth, Trends and Report Highlights

List of Key Companies Profiled

Functional Safety Market Report Segmentation

North America Functional Safety Market Size & Share to 2031

LAMEA Functional Safety Market Size | Industry Trend - 2031

Europe Functional Safety Market Size | Growth Report - 2031

Asia Pacific Functional Safety Market Size | Trend to 2031