Global Functional Safety Industry To Reach $8,990.6 Million by 2030

In 2021, the market stood at $4,839.2 million, and it is predicted to touch $8,990.6 million by 2030, growing at a 7.1% CAGR from 2021 to 2030.
 
NEW YORK - Sept. 12, 2022 - PRLog -- The major driver in the global functional safety market is the dire need to reduce the hazardous impact on physical assets in facilities, including onshore and offshore oil & gas fields, refineries, and chemical plants, the environment, and people. In 2021, the market stood at $4,839.2 million, and it is predicted to touch $8,990.6 million by 2030, growing at a 7.1% CAGR from 2021 to 2030. Its application is extended to several industries including sectors where modern technology in safety-related systems must be implemented. These products are risk-averse for personnel safety.

The swift adoption of technologically advanced devices will provide lucrative opportunities to the functional safety market players to gain a competitive edge. The advancements in science are reflected by the existence of numerous technologies including ML, IIoT, and AI. Moreover, the manual or traditional control will be outweighed by these technological advances. They will pave the way for integrating such solutions with the latest technologies. Because IIoT assists in offering and controlling practical management of physical systems, IIoT is increasingly required in enhancing the performance of the system.

From 2021 to 2030, the automotive and transportation industry is predicted to develop at the highest CAGR, of more than 7.5%, in the functional safety market (https://www.psmarketresearch.com/market-analysis/function...). Numerous technical advancements in automobiles, particularly in terms of safety, have been made in the automotive sector. The growing count of sensor-dependent characteristics has compelled engineers to develop more accurate sensors for automotive applications. Lane departure warning, forward collision warning, blind-spot detection, as well as other driving functions gain from the introduction of safety sensors in automobiles.

APAC will rule the functional safety market in the coming years, and it is projected to attain a $2,000 million figure by 2030, advancing at the highest CAGR in the forecast period. In 2021, China had approximately one-third of the regional market share. These factors act as accelerators for the country's automation sector. Investments are being planned to ensure growth and quality, solve environmental challenges, and reduce overcapacity. Because China is one of the most advanced countries in terms of automation, it is expected to benefit from market growth.

Hence, swift adoption of technologically advanced devices will drive the market.

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