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.
Within the device segment, safety sensors will grow at a 7.5% CAGR from 2021 to 2030. Safety sensors are utilized in a variety of applications, including high-risk zone safety, body part protection, personnel security, and machinery protection. As a result, a vital role in manufacturing facilities by processing, assessing, measuring, and detecting is served by safety sensors for a wide range of changes that occur on production sites. They also help manufacturers by giving real-time data about the equipment they utilize, such as system performance, failure likelihood, and system health.
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.
