Functional Safety Market to cross USD 11.2 billion by 2032, Says Global Market Insights inc.
Functional Safety Industry size is expected to register 7.5% CAGR between 2024 and 2032 propelled by increasing emphasis on safety.
Selbyville, Delaware , Sept. 11, 2024 (GLOBE NEWSWIRE) — Functional Safety Market is estimated to reach USD 11.2 billion by 2032, as per a
North America to gain a substantial share
North America functional safety market will expand at a noteworthy market CAGR from 2024 to 2032, driven by the region’s strong presence in industries such as oil and gas, automotive, and manufacturing, which demand high safety standards. The adoption of advanced technologies and stringent regulatory requirements further fuel the demand for functional safety solutions in North America. Additionally, the growing emphasis on industrial automation and safety in sectors like aerospace and defense reinforces the region’s market dominance, making it a significant contributor to global market growth.
Functional Safety Market Players
Companies including Rockwell Automation Inc., Schneider Electric, Honeywell International Inc., Siemens, Emerson Electric Co., Yokogawa Electric Corporation, and ABB are working in the market.
These companies are augmenting their share through strategic initiatives such as mergers and acquisitions, product innovations, and expanding their global footprint. By developing advanced safety systems and solutions that comply with stringent regulatory standards, these companies are catering to the growing demand across various industries, including automotive, oil and gas, and manufacturing. Also, they are investing in R&D to enhance their offerings with cutting-edge technologies like AI and IoT, further solidifying their position in the competitive market.
In February 2024, IAR released version 9.50.3 of its IAR Embedded Workbench for Arm, Functional Safety edition, enhancing support for developing safe, compliant embedded applications across industries like automotive, medical devices, and industrial automation.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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