Functional Safety Market Analysis

Functional Safety Market Analysis

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Based on device type, the market is segmented into safety sensors, safety controllers/modules/relays, safety switches, Programmable Safety Systems (PSS), emergency stop devices, actuators, and others. In 2023, the safety sensors segment dominated the market with a share of over 25%.
 

• The trend toward miniaturization and compact design in safety sensors are gaining traction with their integration into smaller and more space-constrained equipment and machinery. Miniaturized safety sensors are particularly well-suited for applications in robotics, wearable devices, and portable equipment where size, weight, and form factor are critical considerations. For instance, in November 2023, Baumer, a global sensor and encoder solutions manufacturer, released its latest product, the absolute encoder EAM580RS. The EAM580RS is designed to deliver safety and performance in harsh applications, including in mobile machinery and in outdoor environments. Additionally, the safety-certified encoder is set to provide safe automation while being cost-effective and easy to implement.
   

Based on vertical industry, the market is divided into oil & gas, power generation, food & beverage, pharmaceutical, automotive, chemicals & petrochemical, and others. The automotive segment is the fastest growing and is anticipated to expand at a CAGR of over 9.9% between 2024 and 2032.
 

• The automotive industry adheres to ISO 26262, a functional safety standard specifically tailored for automotive applications. Compliance with ISO 26262 requires rigorous risk assessments, safety analyses, and validation activities throughout the development lifecycle of automotive systems and components. With the rising need for safety, the automotive sector witnesses increased demand for functional safety measures. For instance, in September 2020, Jama Software, the leading requirements management solution for building complex products and integrated systems, introduced Jama Connect for Automotive, designed specifically to accelerate product development for automotive engineering teams in the autonomous, electric, and traditional vehicle space. This solution assists engineering teams in improving development lifecycles and to optimize requirements, risk, hazard analysis & test management while simplifying alignment with safety-critical standards including ISO 26262.
   

The Asia Pacific functional safety market is poised to sustain a robust CAGR exceeding 9.5% from 2024 to 2032. 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. The safety standards practiced in countries including Japan are strict and focused on the safety of workers in various industries. Asia Pacific is one of the major industrial markets in the world. Advancements in sensor technologies, automation, Artificial Intelligence (AI), and data analytics are driving innovation in functional safety solutions. Manufacturers in the region are investing in R&D to develop advanced systems, intelligent sensors, and predictive maintenance solutions that enhance the safety, efficiency, and reliability of industrial processes and equipment.