Functional safety products help ensure the safety of processes and operations in automated machinery and plants. Functional safety systems include emergency stop functions, temperature monitors, pressure sensors and other devices that prevent hazardous situations.
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 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing level of automation globally is driving demand for functional safety products. As more industrial processes become automated and rely on networked machines and IoT technologies, there is a greater need to prevent system failures that could lead to accidents. Functional safety systems help machinery detect errors and take corrective actions to avoid dangerous conditions. Their implementation ensures automated systems interact safely with human operators as well. The functional safety market is thus propelled by the growth of automation across sectors like manufacturing, oil & gas, automotive and others seeking to improve productivity through increased use of robotics, PLCs and other smart technologies.
SWOT Analysis
Strength: The functional safety market has seen increased adoption across various industries like automotive, healthcare, energy & power, manufacturing due to stringent regulations for product safety.
Weakness: High initial costs involved in ensuring functional safety of systems and products. Lack of expertise or skilled workforce in some regions.
Opportunity: Growing automation and connected devices offer huge scope for functional safety solutions. Increased R&D investments to develop innovative and cost-effective functional safety solutions.
Threats: Economic slowdowns impacting discretionary spending adversely affects the market. Competition from open-source and in-house developed solutions.
Key Takeaways
The Global Functional Safety Market Demand is expected to witness high growth over the forecast period from 2024 to 2031. 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 to 2031.
Regional analysis comprising –
North America dominates currently due to stringent regulations like IEC 61508 and ISA 84 in process industries in the region. The Asia Pacific is expected to witness fastest growth due to increased manufacturing activities and advancing automotive industry in countries like China and India.
Key players operating in the functional safety market are DowDuPont, Inc., Lanxess AG, United Initiators, Ansin Chemical Co Ltd., Shangyu Jie Hua Chemical Co., Ltd. Merck KGaA, and Lonza. The key players are focusing on new product launches and partnerships to expand their functional safety solutions portfolio and geographical presence. For instance, Lanxess AG launched flame retardants certified for functional safety applications in automotive sector in 2021.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it