Functional safety refers to the part of the overall safety of a system or piece of equipment that depends on electronic/electrical/programmable electronic safety-related systems to work correctly in demand with other safety-related systems to achieve or maintain a safe state for the equipment/machinery and human operators, where a failure could directly or indirectly endanger human life or health. Owing to the rising complexity of industrial equipment and machinery along with stringent regulations regarding safety, the need for functional safety in various industries like automotive, oil & gas, pharmaceuticals and food processing has increased tremendously over the years.
The global Functional Safety Market is estimated to be valued at Us$ 6644.25 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising global demand for functional safety systems emanates directly from the increased complexity of industrial operations and machinery over the past few decades. With more connected, autonomous and software-controlled industrial equipment being introduced each year, the opportunities for failures that could impact human safety have also proliferated. This has pushed industrial equipment manufacturers and operators to implement more robust functional safety measures through integrated safety systems that can promptly detect and respond to operational anomalies and failures. The development of next-generation functional safety technologies focused on Machine Learning, AI and edge computing is therefore likely to remain a major trend over the coming years.
Segment Analysis
The global functional safety market is dominated by the E/E safety segment. This segment accounts for over 60% share of the overall market owing to increasing implementation of functional safety systems in automotive electronics and industrial control systems. With industry 4.0 and factory automation gaining pace, demand for functional safety in machineries and industrial equipment is rising rapidly which is further propelling the growth of this segment.
Key Takeaways
The Global Functional Safety Market Demand is expected to witness high growth over the forecast period driven by increasing safety regulations across industries. The global Functional Safety Market is estimated to be valued at US$ 6644.25 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024-2031.
Regional analysis
Europe presently holds around 35% share of the total market and is expected to continue its dominance owing to presence of major automotive manufacturers complying with ISO 26262 functional safety standards. Asia Pacific is emerging as the fastest growing regional market with China and Japan being the key demand centers. Increasing focus of manufacturers on complying with technical specifications to gain access to European markets is fueling the adoption of functional safety in Asia Pacific.
Key players
Key players operating in the functional safety market are DowDuPont, Inc., Lanxess AG, United Initiators, Ansin Chemical Co Ltd., and Merck KGaA. DowDuPont and Lanxess AG collectively account for over 25% of the global market share. These players are focused on strengthening their product portfolios and geographic presence through acquisitions and expansions.
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