The functional safety market size is predicted to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027, at a CAGR of 6.8%.
Industry 4.0 involves new digital industrial technologies in which sensors, machines, and IT systems are connected along the value chain. The concept of Industry 4.0 evolved in Europe and is widely used in the manufacturing sector worldwide. The wide adoption of Industry 4.0 by manufacturing companies requires the integration of functional safety and cybersecurity to reduce risks associated with hazardous events caused by the malfunctioning of programmable electronic devices.
Key Players:
Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US) are among a few top functional safety companies in the market
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The safety sensors market for functional safety is projected to grow at a higher CAGR during the forecast period
The safety sensors market for functional safety is projected to grow at a higher CAGR during forecast period. The stereoscopic vision technology has been gaining traction in the market for the past few years as it gathers accurate information from high-volume traffic data. Sensors deployed in a safety system are developed and designed to ensure a safe output based on the logic in case of a measurement or signal transmission does not occur. These safety sensors include the elements of redundancy wherein if any one element fails, then another takes control over the operation, and thus avoids productivity losses resulting from shutdown.
Automotive is expected to grow at the highest CAGR from 2022 to 2027
Automotive is expected to grow at the highest CAGR from 2022 to 2027, owing to key growth trends in the automotive industry such as electrification, autonomous driving, and vehicle connectivity features, which are driving the demand for vehicles across the world. Functional safety systems play a vital role in the automotive industry. Machine safety systems used in the automotive industry detect unsafe conditions and trigger actions to reduce unsafe conditions. Safety devices such as safety sensors, safety PLCs, and emergency stop devices are widely used to mitigate the impact of the risks associated with dangerous processes.
The market in Asia Pacific projected to grow at the highest CAGR from 2022 to 2027
The market in Asia Pacific is projected to grow at the highest CAGR during forecast period. The economic growth of heavily regulated industries such as oil & gas and power has increased the demand for functional safety industry in developing economies, particularly in China and India. Japan is a smaller country in terms of land size but is responsible for huge production output and energy consumption.
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