Functional Safety Market is predicted to reach USD 22.0 billion at a CAGR of 6.20% during the forecast period

Market Research Future (MRFR) has published a Cooked Research Report on the "Global Functional Safety Market".

MRFR recognizes the following companies as the key players in the global Functional Safety market— Honeywell International Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc, and Yokogawa Electric Corporation.

Market Highlights

The global Functional Safety market is accounted to register a CAGR of 6.20% during the forecast period and is estimated to reach USD 22.0 billion by 2032.

The functional safety market refers to the industry focused on providing safety solutions and technologies for various applications, particularly in sectors like automotive, industrial automation, and healthcare. It involves the development and implementation of systems that ensure products and processes operate safely, minimizing risks to people and the environment.

Segment Analysis

The global Functional Safety market has been segmented based on Device, System and End-Users.

On the basis of Device, the market is segmented into actuators, safety sensors, final control elements, safety controllers, modules, relays and programmable safety systems. Due to its capacity to alert users in the event of a dangerous condition, safety controllers are anticipated to hold the largest market share during the projection period. Stereoscopic vision technology has been gaining market traction over the last few years as a result of its capacity to accurately extract information from massive amounts of traffic data.

Based on System, the global Functional Safety market has been segmented into Safety Instrumented Systems, Turbo Machinery Control (TMC), Supervisory Control System, Burner Management Systems (BMS) and Emergency Shutdown Systems (ESD). Due to growing efforts by governments around the world to reinforce functional safety measures in sectors and accident-prone areas, the emergency shutdown systems (ESD) category accounted for the largest revenue share in 2022.

Based on End User, the global Functional Safety market has been segmented into oil & gas, metal and mining, pharmaceuticals and biotech, retail and wholesale and others. Due to the increased focus on efficiency and cost reduction along the whole supply chain by businesses in this sector, oil and gas are predicted to dominate the global market over the projection period.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Functional Safety Market Research Report

Regional Analysis

The global Functional Safety market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Functional Safety market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Functional Safety market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Functional Safety market comprises of Middle East, Africa, and Latin America.

The North American Functional Safety Market dominated this market in 2022. The largest revenue share will come from the North American market. This is because industry 4.0 is developing quickly, significant technologies and innovations are being created, there are more oil and gas projects underway, and there is a growing need for functional safety solutions.

Due to tight government regulations regarding safety and security, Europe holds the second-largest market share for functional safety. Additionally, the UK functional safety market grew the fastest in the European region, while the German functional safety market had the biggest market share.

From 2023 to 2032, the Asia-Pacific Functional Safety Market is anticipated to experience the quickest CAGR growth. This is a result of the automotive and food and beverage (F&B) industries' fast expansion. Additionally, the functional safety market in India was expanding at the quickest rate in the Asia-Pacific region, while the functional safety market in China had the greatest market share.

Key Findings of the Study

• The global Functional Safety market is expected to reach USD 22.0 billion by 2032, at a CAGR of 6.20% during the forecast period.


• The North American Functional Safety Market dominated this market in 2022. The largest revenue share will come from the North American market.


• Based on End User, Due to the increased focus on efficiency and cost reduction along the whole supply chain by businesses in this sector, oil and gas are predicted to dominate the global market over the projection period.


• Honeywell International Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc, and Yokogawa Electric Corporation.