According to the recent study published by P&S Intelligence, the functional safety market accounted for $4,839.2 million revenue in 2021, which is set to reach $8,990.6 million by 2030, growing at a 7.1% CAGR between 2021 and 2030.
The report categorises the functional safety concept is applicable to a variety of businesses where modern technology in safety-related systems is vital. It ensures that the systems provide the necessary risk reduction to ensure equipment and worker protection.
- The APAC market revenue will be over $2,000 million in 2030, which is also expected to advance at the highest rate in the coming years. With the growth of the strictly regulated industries, such as oil and gas and electricity, the demand for functional safety is surging in developing countries, mainly in China and India.
- Because of its extraordinarily high rate of industrial output, China has a share of over 30% in the regional market. Such factors act as catalysts for the automation sector in the country. Funding is being planned to ensure growth and quality, as well as to address environmental issues and reduce overcapacity.
- From 2021 to 2030, the automotive and transportation sector is expected to develop at the highest rate, of more than 7.5%, in the market. Numerous technical advancements in automobiles have been made in recent years, particularly in terms of safety.
- By SIL type, systems compatible with SIL3 have the biggest share of the functional safety market, and this category will also expand at the quickest rate in the coming years. Most industrial enterprises can afford systems based on this level of safety compliance.
- During 2021–2030, safety sensor demand is expected to expand at a CAGR of more than 7.5%. Machine safety, people security, body part protection, high-risk zone safety, and perimeter monitoring are all areas where safety sensors are employed.
Modern technologies, including AI, ML, and IIoT, are both reflections of scientific progress and enablers of further scientific progress. Such technical capabilities might provide the much-needed benefits that surpass the advantages of the manual mode, as well as a new route for the adoption of solutions based on such technologies.
IIoT is enabling safety and compliance services by facilitating analysis, monitoring, and control, as well as the practical management of physical processes, all of which aid in enhancing system performance.