Functional Safety Market Size

Functional Safety Market Size

Functional Safety Market was valued at over USD 5.5 billion in 2023 and is anticipated to grow at a CAGR of over 7.5% between 2024 and 2032. The demand for sensors is rising as they are being increasingly used for predictive maintenance and condition monitoring of industrial assets to identify potential equipment failures and safety hazards before they occur. Condition monitoring sensors measure parameters, such as vibration, temperature, and oil quality, to assess the health and performance of machinery & equipment, enabling proactive maintenance and avoiding unplanned downtime.

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For instance, in May 2022, Continental launched two sensors to protect the battery of electrified vehicles, widening its broad sensor portfolio by launching Current Sensor Module (CSM) and the Battery Impact Detection (BID) system. Both solutions focus on protecting the battery and other parameter retention.
 

With the adoption of Industry 4.0 technologies, there is a growing emphasis on the standardization and certification of functional safety solutions to ensure interoperability, reliability, and compliance with industry standards and regulations. Functional safety standards, such as ISO 13849, IEC 61508, and ISO 26262, provide guidelines and requirements for the development, implementation, and validation of safety-related systems in Industry 4.0 environments.
 

Sectors, such as automotive, aerospace, industrial automation, and process industries, have a high demand for skilled functional safety professionals to support product development, system integration, and compliance activities. The limited supply of certified professionals relative to the demand leads to talent shortages and increased competition for qualified candidates. Moreover, obtaining functional safety certification requires a considerable amount of time, money, and resources.