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| Global Functional Safety Market Size |
The global Functional Safety Market is estimated to be valued at US$ 5767.57 Mn in 2023 and is expected
to exhibit a CAGR of 11.% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The functional safety market consists of products such as emergency stop
devices, pressure relief valves, safety sensors, and safety switches. These
products are essential for applications across industries requiring high-level
safety compliance. They help in maintaining safety of equipment and personnel
by preventing the occurrence of hazardous situations.
Market key trends:
One of the major trends in the functional safety market is the growing adoption
of AI and machine learning technologies. AI assisted technologies are being
integrated with functional safety systems to enhance their capabilities. For
instance, AI is helping in predictive maintenance of equipment by analyzing
sensor data in real-time to identify potential failures or anomalies. It is
also being used to reduce the operators' workload by assisting in risk
assessment, equipment monitoring, and instant incident reporting. Various
companies are focusing on developing functional safety certified AI platforms
to leverage the full potential of AI while complying with industry standards
for functional safety. This is expected to drive the demand for AI integrated
functional safety systems in the coming years.
Segment Analysis
The global functional safety market is segmented into safety sensors, safety
switches, emergency stop devices, and others. The safety sensors segment
dominated the market in 2022 and is expected to remain dominant during the
forecast period. Safety sensors help monitor the industrial environment and
operations and are crucial for early detection of hazardous situations. Their
various advantages such as real-time monitoring, enhanced productivity, and
reduced human errors have increased their adoption across industries.
Key Takeaways
The Global
Functional Safety Market Size is expected to witness high growth,
exhibiting a CAGR of 11% over the forecast period, due to increasing
concerns about worker and industrial safety.
Regional analysis:
North America dominated the global market in 2022 and is expected to maintain
its dominance during the forecast period. Stringent regulatory standards such
as OSHA requirements for workplace safety drive the demand for functional
safety solutions in the region. Asia Pacific is expected to witness the fastest
growth with a CAGR of around 12.5% during the forecast period. Rapid
industrialization and growth of manufacturing sector in China and India boost
the functional safety market in Asia Pacific.
Key players:
Key players operating in the functional safety market are Banner Engineering
Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE, Emerson Electric
Company, Panasonic Industry Europe GmbH (Panasonic Corporation), Honeywell
International Inc., Sick AG, Yokogawa Electric Corporation, Omron Corporation,
ABB Ltd., General Electric Company, Schneider Electric SE, and Siemens AG.
Banner Engineering Corporation offers a wide range of safety sensors and
switches to provide functional safety in industrial applications. Rockwell
Automation Inc. provides integrated safety solutions and services to help
manufacturers meet machinery safety standards.
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