Global Functional Safety Market Assessment, By Device Type [Safety Sensors, Safety Controllers, Safety Switches, Emergency Stop Devices, Others], By Safety Systems [Turbomachinery Control Systems, Burner Management Systems, Fire and Gas Monitoring Control Systems, Distributed Control Systems, Emergency Shutdown Systems, Others], By End-user [Pharmaceutical, Power Generation, Oil and Gas, Automotive, Food and Beverage, Others], By Region, Opportunities and Forecast, 2018-2032F

Global functional safety market is projected to witness a CAGR of 7.41% during the forecast period 2025-2032, growing from USD 6.01 billion in 2024 to USD 10.65 billion in 2032. 

Global Functional Safety Market: Trends, Analysis, and Forecast 2032.

Global functional safety market is projected to witness a&nbsp;CAGR of 7.41%&nbsp;during the forecast period 2025-2032, growing from&nbsp;USD 6.01 billion&nbsp;in 2024 to&nbsp;USD 10.65 billion&nbsp;in 2032. The market has experienced significant growth in recent years. It is expected to maintain an expansion in the coming years owing to the growing usage of connected devices, rapid installation of software solutions, ongoing advancements in automation equipment, and increasing industrial safety standards. The global functional safety market demands increasing industrial automation, growing awareness of risk management across various sectors, increasing industrial automation, and stringent safety regulations. Additionally, the increasing focus on industrial automation and the adoption of advanced technologies such as artificial intelligence and the Internet of Things are expected to drive the global functional safety market growth. These technologies enhance system effectiveness and productivity but also introduce new challenges, requiring a greater focus on safety protocols. Additionally, the rising complexity of systems in industries including automotive, where autonomous and semi-autonomous vehicles are prevalent, pushes the demand for functional safety solutions.
Stringent government rules and regulations, and regulatory compliance are another important factor driving the global functional safety market growth significantly. As governments and regulatory entities frame safety standards, industries, and market players are compelled to adopt functional safety measures. For instance, international standards, including ISO 26262 (for the automotive industry) and IEC 61508 (for industrial systems), deliver frameworks to confirm the safety functions meet required standards. Furthermore, companies are significantly investing in technologies and processes that fulfill these standards to avoid financial and legal risks. For instance, in September 2024, Tessolve&nbsp;achieved ISO 26262 certification for functional safety in automotive solutions as it offers complete turnkey embedded and semiconductor solutions for the automotive industry.
Also, the rise of predictive maintenance, helping identify potential hazards before they cause system failures, is another trend influencing the growth of the global functional safety market. Companies in the global market are collaborating to offer industrial automation in safety-critical environments and to ensure that industrial systems meet the standard&rsquo;s safety lifecycle requirements. For instance, in November 2024, BlackBerry Limited announced the expansion of its long-standing collaboration with Intel Corporation to allow manufacturers to design, build, and safety-certify their industrial systems and robotic applications for progression toward Industry 5.0.
<h2>Growth in Autonomous Vehicles and Transportation Safety Drive the Global Market Growth</h2>
The significant rise in autonomous vehicles is projected to drive growth in the global functional safety market as autonomous and semi-autonomous driving systems require a robust safety mechanism. The complexity of autonomous vehicles, including cameras, sensors, control systems, and machine learning algorithms, requires high-performance functional safety protocols to mitigate the risk of failures. Additionally, the demand for functional safety in autonomous vehicles is significantly increasing due to the rising demand for rigorous risk analysis and implementing fail-safe mechanisms to ensure that these vehicles can act according to safety-critical situations. Moreover, in emerging countries, governments are framing different regulatory environments and increasingly introducing laws and guidelines to ensure that autonomous vehicles meet stringent safety standards before they are introduced to the market. For instance, in January 2024, ABLIC Group acquired development process certification for ISO 26262 automotive functional safety standards from a third-party German certification company, SGS-T&Uuml;V Saar GmbH, as a proliferation of Advanced Driver Assistance Systems and autonomous driving systems has increased the requirement for safety features. Furthermore, the constant technological advancement in autonomous vehicles is projected to drive the global functional safety market growth and create different market growth opportunities for companies offering AI-driven, safety-critical software, and compliance services.
<h2>Integration of Artificial Intelligence and Machine Learning in Functional Safety Drive Market Growth</h2>
The integration of artificial intelligence and machine learning into functional safety systems is significantly fostering the global functional safety market growth in the forecast period. In industries including automotive, manufacturing, aerospace, and energy, functional safety ensures that systems operate safely. With ML and AI, these systems are becoming more efficient as ML and AI enhance risk assessment, fault detection, and decision-making procedures. These technologies allow systems to respond to immediate threats and predict potential failures before they occur, preventing accidents, and minimizing downtime. Moreover, ML and AI aid automate compliance monitoring and adjusting procedures to confirm that they fulfill safety regulations and reduce human error. As industries increasingly adopt Industry 4.0 practices, which highlight automation and interconnectedness, the role of ML and AI in functional safety becomes more important, further creating different market growth opportunities for market players.
For instance, in August 2023, Dream Chip Technologies GmbH taped out a 10-TOPS SoC in 22nm with a novel AI accelerator and an automotive functional safety processor to enable efficient AI applications with specific requirements and optimize the efficiency of the machine learning workloads.
<h2>Automotive End-user Segment Dominate the Largest Market Share</h2>
The automotive end-user segment holds a dominant share of the global functional safety market owing to a significant rise in demand for advanced driver assistance systems, stringent government safety regulations, and autonomous vehicles. Functional safety is important in confirming that electric and electronic systems in cars function efficiently and precisely during the safety-critical applications, including powertrain control, braking, and steering. The increase in autonomous and semi-autonomous vehicles drives the integration of sensors, communication systems, and electronic control units, further fostering the demand for functional safety. These vehicles must meet high safety standards to safeguard against system failures that could threaten passengers or pedestrians. In addition, automakers must implement robust safety mechanisms in their designs, complying with global safety standards, including ISO 26262, which specifically addresses functional safety for automotive systems.
For instance, in September 2024, Imagination Technologies Limited announced the release of Imagination DXS GPU with FuSa advancement, its latest automotive GPU IP for in-vehicle intelligence and interaction. DXS is a flexible and scalable GPU IP designed to process graphics and compute workloads in infotainment, cockpit, and advanced driver assistance systems.
<h2>Asia-Pacific Holds the Largest Market Share in the Global Market</h2>
Asia-Pacific holds the largest market share in the global functional safety market owing to rapid industrialization, a growing automotive sector, and a significant rise in the adoption of advanced technologies. The region is a hub of some of the world&rsquo;s largest automotive manufacturers, which heavily invest in functional safety systems to address stringent government safety regulations and support the development of advanced driver assistance systems and autonomous vehicles. The growth of the automotive industry in emerging countries is one of the main reasons for Asia-Pacific functional safety market growth in the forecast period, as these countries are significantly investing in next-generation technologies, including autonomous driving, connected car systems, and electric vehicles. In addition, the development of smart cities and connected infrastructure also contributes to fostering the demand for safety-critical systems, specifically in mobility and transportation applications. Moreover, government regulations and safety standards in APAC are becoming more stringent, propelling the need for functional safety solutions. Furthermore, companies are improving the functioning of automobiles to receive certification for functional safety and meet rigid safety standards throughout the product development process.
For instance, in April 2023, NexCOBOT Co., Ltd., a leading company in Asia-Pacific, presented a new functional safety robot control solution at Hannover Messe 2023 to shorten customers' overall development life cycle and provide faster time-to-market solutions.
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<h2>Future Market Scenario (FY2025&ndash;FY2031F)</h2>
<ul>
<li>Growing awareness of workplace safety and the need to reduce industrial accidents are compelling companies to invest in functional safety solutions. This trend is driven by the desire to create safer working environments and improve productivity.</li>
<li>Increasingly strict safety regulations across various industries are compelling companies to adopt functional safety solutions to comply with legal requirements and avoid penalties.</li>
<li>The rise of industrial automation and the integration of advanced technologies like IoT and AI drive the need for robust functional safety systems to prevent accidents and protect human operators and machinery.</li>
<li>The adoption of Industry 4.0 principles, which emphasize digital transformation and smart manufacturing, is driving the integration of functional safety systems into industrial processes. This trend enhances operational efficiency and reduces the risk of accidents.</li>
</ul>
Report Scope
&ldquo;Functional Safety Market Assessment, Opportunities and Forecast, FY2018-FY2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global functional safety market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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FY2024
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Historical Period
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FY2018-FY2023
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Forecast Period
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FY2025-FY2032
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Projected Growth Rate
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CAGR of 7.41% between FY2025 and FY2032
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Revenue Forecast in FY2032
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USD 10.65 billion
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Segments Covered
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Device Type, Safety Systems, End-user
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Schneider Electric, Siemens AG, Johnson Control International plc, Honeywell International Inc., ABB Group, Emerson Electric Co., Rockwell Automation Inc.,&nbsp;T&Uuml;V Rheinland, OMRON Corporation
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global functional safety market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Device Type
<ul>
<li>Safety Sensors</li>
<li>Safety Controllers</li>
<li>Safety Switches</li>
<li>Emergency Stop Devices</li>
<li>Others</li>
</ul>
</li>
<li>By Safety Systems
<ul>
<li>Turbomachinery Control Systems</li>
<li>Burner Management Systems</li>
<li>Fire and Gas Monitoring Control Systems</li>
<li>Distributed Control Systems</li>
<li>Emergency Shutdown Systems</li>
<li>Others</li>
</ul>
</li>
<li>By End-user
<ul>
<li>Pharmaceutical</li>
<li>Power Generation</li>
<li>Oil and Gas</li>
<li>Automotive</li>
<li>Food and Beverage</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Companies in the global functional safety market are expanding their market portfolios by investing in advanced technologies and forming strategic partnerships. Key players are focusing on developing innovative safety solutions that cater to various industries, including automotive, aerospace, and industrial automation. By integrating cutting-edge technologies such as AI and IoT, these companies enhance the effectiveness and reliability of their safety systems. Collaborations with technology providers and industry partners enable them to introduce new features and stay ahead of market trends. Additionally, active participation in government initiatives and compliance with stringent safety regulations help solidify their market presence. These efforts collectively contribute to their market growth and competitiveness.
For instance, in April 2024, Johnson Controls International plc announced the commercial availability of its Security Operations Centers service offering in the North American market to improve business continuity and help reduce risk at a predictable as-a-service fee.
Key Players Operating in Global Functional Safety Market are:
<ul>
<li>Schneider Electric</li>
<li>Siemens AG</li>
<li>Johnson Control International plc</li>
<li>Honeywell International Inc.</li>
<li>ABB Group</li>
<li>Emerson Electric Co.</li>
<li>Rockwell Automation Inc.</li>
<li>T&Uuml;V Rheinland</li>
<li>OMRON Corporation</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul>
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Functional Safety Market Assessment, Opportunities and Forecast, 2018-2032F

Global functional safety market is expected to experience growth due to stringent government safety rules and regulatory standards, industrial automation, rising awareness of workplace safety, ongoing advancements in safety technologies, and integration with Industry 4.0.

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