The Global Functional Safety Market Size is expected to reach USD 12.97 billion by 2030, at a CAGR of 11.94% during the forecast period 2021 to 2030.
What is Functional Safety?
Functional safety refers to the part of overall safety that depends on a system or equipment operating correctly in response to its inputs. It ensures that safety-related systems function as intended, minimizing risks in industrial processes, automotive systems, medical devices, and more.
Key standards governing functional safety include:
- IEC 61508 (General industry standard)
- ISO 26262 (Automotive)
- IEC 62061 & ISO 13849 (Machinery safety)
Leading players of Functional Safety including:
- ABB Ltd.
- Balluff
- SICK AG
- Siemens AG
- Emerson Electric Co.
- Schneider Electric
- Johnson Controls
- General Electric Company
- Proserv Ingenious Simplicity
- Honeywell International Inc.
- Rockwell Automation Inc.
- Omron Corporation
- TÜV Rheinland
- Banner Engineering Corporation
- Yokogawa Electric Corporation
Request To Download Free Sample copy of the report @ https://www.sphericalinsights.com/request-sample/1663
Market Growth Drivers
According to Spherical Insights, the functional safety market is expanding due to:
- Increasing Industrial Automation – With Industry 4.0 and smart manufacturing, the demand for fail-safe systems is rising.
- Stringent Government Regulations – Compliance with safety standards is mandatory in sectors like oil & gas, automotive, and healthcare.
- Rise in Automotive Safety Systems – Advanced driver-assistance systems (ADAS) and autonomous vehicles rely on functional safety mechanisms.
- Growing Awareness of Workplace Safety – Companies are investing in safety solutions to prevent accidents and ensure operational continuity.
Key Segments in the Functional Safety Market
The market is segmented by:
- Component (Hardware, Software, Services)
- System (Emergency Shutdown Systems, Fire & Gas Monitoring, High-Integrity Pressure Protection)
- Industry (Oil & Gas, Automotive, Manufacturing, Healthcare, Energy & Power)
Check discount for this report: https://www.sphericalinsights.com/request-discount/1663
- On January 2023, TÜV Rheinland agreed to purchase ABB's UK technical engineering consulting business, which is part of ABB's Energy Industries division. The combined company will be a scalable, broad-based technical engineering provider with a full-service offering to high-risk industries, assisting customers with energy transition and energy security.
Access full Report with Table of Content @ https://www.sphericalinsights.com/reports/functional-safety-market
Future Outlook
With advancements in AI, IoT, and machine learning, functional safety systems are becoming smarter and more predictive. The market is expected to grow further as industries adopt more automated and safety-critical technologies.
For a detailed analysis, check out the full report here: Functional Safety Market Report by Spherical Insights.
Conclusion
Functional safety is no longer optional—it's a necessity for modern industries. As technology evolves, so do the risks, making robust safety systems indispensable. Stay informed and invest in the right solutions to ensure compliance, efficiency, and most importantly, safety.
Related URL;
https://www.sphericalinsights.com/fr/reports/aerospace-fasteners-market
https://www.sphericalinsights.com/fr/reports/aerospace-fluoropolymers-market
https://www.sphericalinsights.com/fr/reports/spain-squalene-market
https://www.sphericalinsights.com/fr/reports/aerospace-foam-market
https://www.sphericalinsights.com/fr/reports/spain-nitrogen-market
https://www.sphericalinsights.com/fr/reports/north-america-amber-glass-packaging-market
https://www.sphericalinsights.com/fr/reports/germany-biofertilizers-market
https://www.sphericalinsights.com/fr/reports/south-korea-automotive-parts-zinc-die-casting-market
About the Spherical Insights
Spherical Insights is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
Contact Us:
Company Name: Spherical Insights
Email: [email protected]
Phone: +1 303 800 4326 (US)
Follow Us: LinkedIn | Facebook | Twitter