North America Functional Safety Market Databank

North America Functional Safety Market Databank

The North America Functional Safety market was valued at $1,702.4 Million in 2020, and is projected to reach $2,604.4 Million by 2029 growing at a CAGR of 4.87% from 2021 to 2029. Safety Sensors segment is expected to be the highest contributor to this market, with $395.9 Million in 2020, and is anticipated to reach $558.8 by 2029, registering a CAGR of 3.94%. Programmable Safety Systems segment is anticipated to reach $333.9 Million by 2029 with the highest CAGR of 7.29%. Safety Sensors and Safety Controllers/ Modules/ Relays segments collectively expected to account for about 39.0% share of the North America Functional Safety market in 2020, with the former constituting around 23.3% share. Programmable Safety Systems and Safety Switches segments are expected to witness significant growth rates at a CAGR of 7.29% and 7.22% respectively, during the forecast period. Presently, share of these two segments is estimated to be around 19.8% in the overall North America Functional Safety market in 2020, and is anticipated to reach 24.3% by 2029. The report provides market intelligence on various market segments and geography, including market size and forecast information. Its primary goals are to deliver a thorough global market intelligence report by providing detailed segmentation, growth rates, market dynamics, industry structure and developments, market situation, and trends. To determine the market size and forecast, we conducted extensive secondary research to gain a comprehensive understanding of the market in each region. In addition, we carried out extensive primary research by conducting interviews with key executives in the industry. These interviews helped us to fill any data gaps identified during the secondary research. We used various secondary sources such as encyclopedias, directories, and databases to gather relevant information for this extensive techno-commercial study. We interviewed selected experts from manufacturers and suppliers to obtain and verify critical information, as well as to assess future prospects. The research team evaluated the reliability of the obtained information before using it. In some cases, a combination of multiple sources was used. Sprout Intelligence conducted an in-depth analysis of the market segmentation, which is a crucial component of our market intelligence reports.