Selbyville, Delaware , Sept. 11, 2024 (GLOBE NEWSWIRE) -- Functional Safety Market is estimated to reach USD 11.2 billion by 2032, as per a recent study by Global Market Insights Inc.
Advancements in automotive safety technologies and increased investments in safety R&D will propel industry growth over 2024–2032. As automotive systems incorporate sophisticated features like Advanced Driver Assistance Systems (ADAS) and autonomous driving technologies, the need for robust functional safety solutions becomes critical. The continuous evolution of these technologies demands ongoing R&D investment to develop cutting-edge safety measures. This focus on enhancing safety and performance in vehicles fuels market growth as manufacturers seek to ensure compliance with stringent safety standards and improve overall vehicle safety.
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For instance, in October 2023, the IEC and ISO's AI joint committee, SC 42, initiated efforts to develop a new standard aimed at enhancing the functional safety of AI systems. As AI systems become increasingly integrated into critical applications across various industries, ensuring their reliability and safety is paramount. This development highlights the rising importance of functional safety in the AI domain, potentially driving demand for advanced safety solutions and encouraging more companies to adopt stringent safety practices, thereby expanding the market.
Safety Instrumented Systems (SIS) to garner a modest valuation
Functional safety market from safety instrumented systems (SIS) segment will secure considerable market share between 2024 and 2032, attributed to its critical role in protecting industrial processes and preventing hazardous events. SIS is essential in high-risk industries such as oil and gas, chemicals, and power generation, where the failure of safety systems could have severe consequences. Increasing regulatory requirements, in line with growing awareness of safety standards, are driving the adoption of SIS, making it a dominant segment in the market.
Automotive to secure substantial gains
Functional safety market size from automotive segment will experience marked growth by 2032, owing to the increasing integration of advanced safety features in vehicles. With the rise of autonomous driving and the demand for safer vehicles, functional safety standards are becoming crucial in the automotive industry. Safety systems such as advanced driver-assistance systems (ADAS), electronic stability control, and automated braking are driving the need for functional safety solutions, ensuring that automotive systems operate reliably and reduce the risk of accidents, thereby dominating the market.
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North America to gain a substantial share
North America functional safety market will expand at a noteworthy market CAGR from 2024 to 2032, driven by the region's strong presence in industries such as oil and gas, automotive, and manufacturing, which demand high safety standards. The adoption of advanced technologies and stringent regulatory requirements further fuel the demand for functional safety solutions in North America. Additionally, the growing emphasis on industrial automation and safety in sectors like aerospace and defense reinforces the region's market dominance, making it a significant contributor to global market growth.
Functional Safety Market Players
Companies including Rockwell Automation Inc., Schneider Electric, Honeywell International Inc., Siemens, Emerson Electric Co., Yokogawa Electric Corporation, and ABB are working in the market.
These companies are augmenting their share through strategic initiatives such as mergers and acquisitions, product innovations, and expanding their global footprint. By developing advanced safety systems and solutions that comply with stringent regulatory standards, these companies are catering to the growing demand across various industries, including automotive, oil and gas, and manufacturing. Also, they are investing in R&D to enhance their offerings with cutting-edge technologies like AI and IoT, further solidifying their position in the competitive market.
In February 2024, IAR released version 9.50.3 of its IAR Embedded Workbench for Arm, Functional Safety edition, enhancing support for developing safe, compliant embedded applications across industries like automotive, medical devices, and industrial automation.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
