Functional Safety Market – Global Forecast To 2029
The global functional safety market was valued at USD 5,883.4 million in 2024 and is projected to reach USD 7,896.7 million by 2029; it is expected to register a CAGR of 6.1% during the forecast period. Mounting adoption of advanced safety solutions to prevent accidents in industrial facilities is driving the functional safety market. Whereas high installation and maintenance costs is restraining the growth of the functional safety market.
世界の機能安全市場は、2024 年に 58 億 8,340 万米ドルと評価され、2029 年までに 78 億 9,670 万米ドルに達すると予測されています。予測期間中に 6.1% の CAGR を記録すると予想されます。

The functional safety market is dominated by a few globally established players such as Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), General Electric (US), Siemens (Germany), Siemens (Germany), Stratasys (US), Omron Corporation (Japan), Yokogawa Electric Corporation (Japan), Endress+Hauser Group Services AG (Switzerland). The study includes an in-depth competitive analysis of these key players in the functional safety market, with their company profiles, recent developments, and key market strategies.
Key Benefits to Buy the Report:
- Analysis of key drivers (Enforcement of stringent safety regulations by the government, Increasing investment in oil and gas plants to meet energy demand, Mounting adoption of advanced safety solutions to prevent accidents in industrial facilities, Rapid digital transformation to revolutionize traditional manufacturing), Restraint (High installation and maintenance costs, Complexities associated with development and integration), Opportunity (Rising emphasis on workplace safety in developed countries, Increasing deployment of IIoT technology in industries), Challenges (Complexities related to designing systems that comply with complex safety standards
- Requirement of functional safety systems specialized expertise for Implementation and maintenance)
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the functional safety market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the functional safety market across varied regions
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the functional safety market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), General Electric (US), Siemens (Germany), Siemens (Germany), Stratasys (US), Omron Corporation (Japan), Yokogawa Electric Corporation (Japan), among others in the functional safety market.