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.
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).
By Device Type
By Industry Verticals
By Safety System
Unique Offerings 
