North America Functional Safety Market Size, Share & Trends Analysis Report By Device Type, By Industry Verticals (Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others), By Safety System, By Country and Growth Forecast, 2024 - 2031
The North America Functional Safety Market would witness market growth of 9.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,840.4 million by 2031. The Canada market is experiencing a CAGR of 12% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 11.1% during (2024 - 2031).
Functional safety refers to a system's capability to ensure that it operates correctly in response to its inputs, preserving safety for its users, environment, and equipment. It involves implementing safety measures and protocols to prevent or mitigate hazards that could arise from malfunctioning or failing a system, machinery, or equipment. Safety standards, such as ISO 26262 standard for automotive applications or IEC 61508 for general industrial use, provide guidelines and requirements for developing and implementing safety-related systems to reduce risks and enhance overall safety performance.
The automotive industry integrates advanced safety features such as adaptive cruise control, lane departure warning, and automatic emergency braking to improve vehicle safety. The shift towards electric and connected vehicles is increasing the complexity of automotive systems, driving the demand for safety solutions. Safety solutions are used in safety-critical automotive components such as braking systems, steering systems, and airbag systems.
The demand for electric vehicles in Mexico is increasing due to factors such as government incentives, environmental concerns, and advancements in EV technology. Automotive manufacturers in Mexico are expanding their production capacity to meet the growing demand for electric vehicles. With 21 million residents and 33.4 million cars, Mexico metropolis is the seventh most populated metropolis in the world, according to the International Trade Administration. Mexico saw a 68 percent rise in EV sales in 2018 and a sales peak of 17,800 hybrid vehicles in comparison to 2017. In 2019, 955,393 electric and hybrid vehicles were sold between January and September. Moreover, Canada's healthcare industry is witnessing significant growth, driven by rising healthcare expenditure and an aging population. The expansion of hospitals, clinics, and healthcare facilities is driving the demand for functional safety solutions to ensure the safety and reliability of medical equipment and systems in Canada. According to information released by the Canadian government in 2023, provinces and territories will receive an additional $46.2 billion in financing as part of a $196.1 billion ten-year investment by the government to enhance health care services for all Canadians. Therefore, the automotive and healthcare industries drive the growth of the market in North America.
Based on Device Type, the market is segmented into Safety Sensors, Safety Controllers, Modules & Relays, Programmable Safety Systems, Final Control Elements (Valves, Actuators), Emergency Stop Devices, and Others. Based on Industry Verticals, the market is segmented into Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others. Based on Safety System, the market is segmented into Emergency Shutdown Systems (ESD), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC) Systems, Supervisory Control and Data Acquisition (SCADA) Systems, and Fire & Gas Monitoring Control Systems. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- ABB Ltd.
- General Electric Company
- Siemens AG
- Rockwell Automation, Inc.
- Schneider Electric SE
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Honeywell International, Inc.
- Omron Corporation
- Yokogawa Electric Corporation
By Device Type
- Safety Sensors
- Safety Controllers, Modules & Relays
- Programmable Safety Systems
- Final Control Elements (Valves, Actuators)
- Emergency Stop Devices
- Others
- Oil & Gas
- Power Generation
- Automotive
- Pharmaceutical
- Food & Beverage
- Others
- Emergency Shutdown Systems (ESD)
- Burner Management Systems (BMS)
- High-Integrity Pressure Protection Systems (HIPPS)
- Turbomachinery Control (TMC) Systems
- Supervisory Control and Data Acquisition (SCADA) Systems
- Fire & Gas Monitoring Control Systems
- US
- Canada
- Mexico
- Rest of North America
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Functional Safety Market, by Device Type
- 1.4.2 North America Functional Safety Market, by Industry Verticals
- 1.4.3 North America Functional Safety Market, by Safety System
- 1.4.4 North America Functional Safety Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Top Winning Strategies
- 4.3.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2020, Nov – 2024, Mar) Leading Players
- 4.4 Porter’s Five Forces Analysis
- Chapter 5. North America Functional Safety Market by Device Type
- 5.1 North America Safety Sensors Market by Country
- 5.2 North America Safety Controllers, Modules & Relays Market by Country
- 5.3 North America Programmable Safety Systems Market by Country
- 5.4 North America Final Control Elements (Valves, Actuators) Market by Country
- 5.5 North America Emergency Stop Devices Market by Country
- 5.6 North America Others Market by Country
- Chapter 6. North America Functional Safety Market by Industry Verticals
- 6.1 North America Oil & Gas Market by Country
- 6.2 North America Power Generation Market by Country
- 6.3 North America Automotive Market by Country
- 6.4 North America Pharmaceutical Market by Country
- 6.5 North America Food & Beverage Market by Country
- 6.6 North America Others Market by Country
- Chapter 7. North America Functional Safety Market by Safety System
- 7.1 North America Emergency Shutdown Systems (ESD) Market by Country
- 7.2 North America Burner Management Systems (BMS) Market by Country
- 7.3 North America High-Integrity Pressure Protection Systems (HIPPS) Market by Country
- 7.4 North America Turbomachinery Control (TMC) Systems Market by Country
- 7.5 North America Supervisory Control and Data Acquisition (SCADA) Systems Market by Country
- 7.6 North America Fire & Gas Monitoring Control Systems Market by Country
- Chapter 8. North America Functional Safety Market by Country
- 8.1 US Functional Safety Market
- 8.1.1 US Functional Safety Market by Device Type
- 8.1.2 US Functional Safety Market by Industry Verticals
- 8.1.3 US Functional Safety Market by Safety System
- 8.2 Canada Functional Safety Market
- 8.2.1 Canada Functional Safety Market by Device Type
- 8.2.2 Canada Functional Safety Market by Industry Verticals
- 8.2.3 Canada Functional Safety Market by Safety System
- 8.3 Mexico Functional Safety Market
- 8.3.1 Mexico Functional Safety Market by Device Type
- 8.3.2 Mexico Functional Safety Market by Industry Verticals
- 8.3.3 Mexico Functional Safety Market by Safety System
- 8.4 Rest of North America Functional Safety Market
- 8.4.1 Rest of North America Functional Safety Market by Device Type
- 8.4.2 Rest of North America Functional Safety Market by Industry Verticals
- 8.4.3 Rest of North America Functional Safety Market by Safety System
- Chapter 9. Company Profiles
- 9.1 ABB Ltd.
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.4 Research & Development Expense
- 9.1.5 Recent strategies and developments:
- 9.1.5.1 Product Launches and Product Expansions:
- 9.1.6 SWOT Analysis
- 9.2 General Electric Company
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Segmental and Regional Analysis
- 9.2.4 Research & Development Expense
- 9.2.5 SWOT Analysis
- 9.3 Siemens AG
- 9.3.1 Company Overview
- 9.3.2 Financial Analysis
- 9.3.3 Segmental and Regional Analysis
- 9.3.4 Research & Development Expense
- 9.3.5 Recent strategies and developments:
- 9.3.5.1 Product Launches and Product Expansions:
- 9.3.6 SWOT Analysis
- 9.4 Rockwell Automation, Inc.
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.4.3 Segmental and Regional Analysis
- 9.4.4 Research & Development Expenses
- 9.4.5 Recent strategies and developments:
- 9.4.5.1 Acquisition and Mergers:
- 9.4.6 SWOT Analysis
- 9.5 Schneider Electric SE
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Segmental and Regional Analysis
- 9.5.4 Research & Development Expense
- 9.5.5 SWOT Analysis
- 9.6 Mitsubishi Electric Corporation
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental and Regional Analysis
- 9.6.4 Research & Development Expense
- 9.6.5 Recent strategies and developments:
- 9.6.5.1 Partnerships, Collaborations, and Agreements:
- 9.6.5.2 Product Launches and Product Expansions:
- 9.6.6 SWOT Analysis
- 9.7 Emerson Electric Co.
- 9.7.1 Company Overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Research & Development Expense
- 9.7.5 Recent strategies and developments:
- 9.7.5.1 Acquisition and Mergers:
- 9.7.6 SWOT Analysis
- 9.8 Honeywell International, Inc.
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Segmental and Regional Analysis
- 9.8.4 Research & Development Expenses
- 9.8.5 Recent strategies and developments:
- 9.8.5.1 Partnerships, Collaborations, and Agreements:
- 9.8.5.2 Product Launches and Product Expansions:
- 9.8.5.3 Acquisition and Mergers:
- 9.8.6 SWOT Analysis
- 9.9 Omron Corporation
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Segmental and Regional Analysis
- 9.9.4 Research & Development Expenses
- 9.9.5 Recent strategies and developments:
- 9.9.5.1 Partnerships, Collaborations, and Agreements:
- 9.9.5.2 Product Launches and Product Expansions:
- 9.9.6 SWOT Analysis
- 9.10. Yokogawa Electric Corporation
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Segmental and Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.10.5 Recent strategies and developments:
- 9.10.5.1 Product Launches and Product Expansions:
- 9.10.6 SWOT Analysis
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