Functional Safety products help ensure safety instrumentation systems protect employees and equipment within industrial processes. They play a vital role in monitoring equipment functions, preventing equipment failures, and minimizing adverse consequences of failures. Growing emphasis on regulatory compliances related to workplace safety is propelling demand for functional safety systems across various industries including oil & gas, chemical, food processing, and automotive. 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 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth in the functional safety market is the increasing demand for automation across various industries. With growing need to minimize production downtimes and improve operational efficiency, industrial facilities are increasingly automating their processes which necessitates deployment of functional safety systems to ensure safety of both humans and machinery. Advanced robots, computer controlled machineries, and autonomous vehicles have enhanced productivity but also introduced new safety risks which is propelling the need for functional safety systems. These systems play a vital role in risk reduction by preventing failures and mitigating adverse consequences of malfunctions in automated industrial operations through continuous monitoring, thereby fueling the market growth over the forecast period.

Segment Analysis:

The functional safety market is segmented into safety sensors, ESD/EMC, functional safety ICs, laser scanners, safety switches and others. The functional safety IC dominated the market and accounted for over 20% market share in 2023. Functional safety ICs are integrated circuits that are used as controllers for monitoring, controlling and protecting systems from possible faults that may cause harm. They are used extensively across industries like automotive, healthcare, manufacturing and others where failure could cause injury or loss of life. Emergence of safety standards like ISO 26262 for automotive has propelled the demand for functional safety ICs.

Key Takeaways:

The Global Functional Safety Market Size is expected to witness high growth during the forecast period.

Regional analysis: Europe dominated the global functional safety market with over 30% share in 2023. Strict implementation of ISO 26262 and other safety standards across industries has boosted the adoption of functional safety solutions in the region. Germany being the automotive hub witnessed higher demand. Asia Pacific is expected to witness fastest growth during the forecast period due to rising automotive production and growing electronics industry in countries like China and India.

Key players operating in the functional safety market are DowDuPont, Inc., Lanxess AG, United Initiators, Ansin Chemical Co Ltd., Shangyu Jie Hua Chemical Co., Ltd. Merck KGaA, and Lonza. DowDuPont is a leading producer of functional safety sensors used in automotive and industrial applications. Lanxess offers wide range of functional safety solutions like epoxy based safety switches and sensors for different industries. United Initiators provides functional safety additives for compounds and polymers used in wiring and cables. Ansin Chemical focusses on functional safety photopolymerization initiators and ESD/EMC compounds.

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