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Functional Safety Market Trends

Report ID: GMI8988
Published Date: Apr 2024
Report Format: PDF

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Functional Safety Market Trends

The adoption of wireless sensor networks for gas detection is increasing due to their flexibility, and scalability. Wireless sensors enable rapid deployment, easy expansion, and remote monitoring of gas detection systems in diverse industrial environments including oil and gas facilities, chemical plants, and manufacturing facilities. For instance, in August 2022, MSA launched a HazardWatch FX-12 Fire & Gas System with next-generation capabilities. It combines the proven expertise of the industry’s leaders in safety and automation and is a powerful & flexible total safety solution designed to protect people, equipment, facilities, and nearby communities.

The shift toward automation and the rising adoption of software services for functional safety requirements is showing a greater demand. Organizations are building and innovating to address safety issues in various domains. For instance, in March 2024, Lattice Semiconductor released its Lattice Radiant design software, featuring expanded functional safety and reliability capabilities. By integrating with the latest Synopsys Synplify FPGA synthesis tool with TMR, Lattice Radiant offers an advanced design automation flow solution that enables designers to develop Lattice FPGA-based applications more easily with robust functional safety features.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for functional safety recorded USD 5.5 billion in revenue in 2023 and will grow at a 7.5% CAGR between 2024 and 2032 owing to the increasing adoption of automation across industries and a rising focus on workplace safety.

The automotive segment in the functional safety industry will secure 9.9% CAGR up to 2023, attributed to the rapid integration of autonomous driving systems, electrification, and advanced driver-assistance technologies.

Asia Pacific industry will register 9.5% CAGR from 2024 to 2032, driven by rapid industrialization, stringent safety regulations, and the adoption of advanced technologies across sectors like automotive, manufacturing, and oil & gas.

Prominent leaders operating in the functional safety industry are ABB, Schneider Electric, Siemens, Rockwell Automation Inc., Emerson Electric Co., Honeywell International Inc., Yokogawa Electric Corporation among others.