Global Functional Safety Market Growth (Status and Outlook) 2023-2029

Global Functional Safety Market Growth (Status and Outlook) 2023-2029

The key factors driving the growth of the this market include mandatory functional safety standards and government policies, rising emphasis on proactive functional safety systems, and increasing demand for safety instrumented systems in the chemical and oil & gas industries.

LPI (LP Information)' newest research report, the “Functional Safety Industry Forecast” looks at past sales and reviews total world Functional Safety sales in 2022, providing a comprehensive analysis by region and market sector of projected Functional Safety sales for 2023 through 2029. With Functional Safety sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Functional Safety industry.

This Insight Report provides a comprehensive analysis of the global Functional Safety landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Functional Safety portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Functional Safety market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Functional Safety and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Functional Safety.

The global Functional Safety market size is projected to grow from US$ 5711.7 million in 2022 to US$ 9980.2 million in 2029; it is expected to grow at a CAGR of 8.3% from 2023 to 2029.

Safety sensors to hold the largest share of the functional safety.

This report presents a comprehensive overview, market shares, and growth opportunities of Functional Safety market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Emergency shutdown System
Turbomachinery Control
Fire and Gas Monitoring Control
High Integrity Pressure Protection Systems
Battery Management Systems
Supervisory Control and Data Acquisition
Distributed Control Systems

Segmentation by application
Chemical
Food And Drink
Water And Sewage
Pharmaceuticals
Biotechnology
Metals & Mining
Other

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Siemens
ABB
Honeywell
General Electric
Schneider Electric
Rockwell Automation
Emerson Electric
Honeywell International
HIMA Paul Hildebrandt
Endress+Hauser Management
TUV Rheinland
Omron
Yokogawa Electric
DEKRA

Please note: The report will take approximately 2 business days to prepare and deliver.