Functional Safety Market Forecast (2021-2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Coverage: by Offering (Component and Services), System (Emergency Shutdown System (ESD), High Integrity Pressure Protection System (HIPPS), B

The Functional Safety Market size was valued at US$ 7.63 billion in 2024 and is anticipated to reach US$ 12.73 billion by 2031; it is estimated to record a CAGR of 7.9% from 2025 to 2031.

The Functional Safety Market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific is expected to grow with highest CAGR in forecasted period. The chemical industry in the region is expanding significantly. For instance, China accounted for 55% of the global capacity for acetic acid, 50% of carbon black capacity, and 45% of titanium dioxide capacity in 2023. As per the India Brand Equity Foundation (IBEF), India ranks sixth and third among the largest producers of chemicals in the world and Asia, respectively. The Indian chemical industry is valued at US$ 220 billion and is predicted to grow to US$ 300 billion by 2030 and US$ 1 trillion by 2040.

As per the IEA, in 2022, the domestic natural gas production in Asia Pacific was 23,802,667 TJ. Out of this, China accounted for 33.2%, Australia 22.9%, Malaysia 11.3%, Indonesia 8.7%, and India 5%. Furthermore, the growing investment in the oil & gas industry is propelling oil and gas production. As per the Shell LNG Outlook 2021, the global LNG demand is expected to reach 700 million tons by 2040, while the demand for natural gas continues to grow strongly in Asia Pacific, generating the demand for gas production. Thus, the growing oil and gas production is expected to fuel the functional safety market growth in Asia Pacific in the coming years.

Japan has experienced a rapid rise in commercial vehicle production in its automobile industry. The industry excels in terms of quality and innovation. Japan is home to some of the top automotive brands, including Toyota and Mitsubishi. In January 2024, Honda Motor Co., Ltd. commenced the sales of a new commercial-use mini-EV in Japan. Also, in November 2023, Mitsubishi Motors Corporation announced the launch of the new Minicab EV, a kei-car1 class electric commercial vehicle with a monobox design. Thus, the production scale-up of commercial vehicles is expected to fuel the growth of the functional safety market in Japan.

The Global Functional Safety Market, by End-user Industry, is segmented into Power Generation, Oil and Gas, Chemicals, Pharmaceutical, Food and Beverages, and Others. The Power Generation segment held the largest Functional Safety Market share. Functional safety systems play a crucial role in the power generation industry owing to the high importance of reliable and safe operations in energy production facilities. Functional safety solutions are critical for addressing the risks associated with power generation processes, including those in renewable energy generation. The main objective of the system is to ensure operational safety while increasing efficiency and lowering emissions. Furthermore, regulatory compliance and the need to reduce risk are encouraging investments in advanced safety systems. The integration of IoT and real-time monitoring capabilities further improves the effectiveness of safety systems, allowing for faster response to possible threats.

Omron Corp, Schneider Electric SE, Rockwell Automation Inc, Siemens AG, Yokogawa Electric Corp, ABB Ltd, Emerson Electric CO, Honeywell International Inc., GE Vernova Inc., Hima Paul Hildebrandt GmbH are among the key players profiled during this market study. Several other essential market players were also studied and analyzed to get a holistic view of the global Functional Safety Market and its ecosystem.

The overall Functional Safety Market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Functional Safety Market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Functional Safety Market.

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