As stated by a report by P&S Intelligence, the total size of the functional safety market in 2021 was USD 4,839.2 million, and it will power at a rate of 7.1% by the end of this decade, to reach USD 8,990.6 million by 2030.
Safety sensor demand will grow at the highest rate, of over 7.5%, in the years to come. Safety sensors are put to use for machinery protection, perimeter monitoring, personnel security, body part protection, and high-risk zone safety. They regulate the incidence of humans within a specific region and decrease the probability of accidents.
IIoT is generating prospects for safety and compliance services, as it enables examination, monitoring, and control and provides practical management of physical systems, helping in improving the system performance. The requirement for functional safety will grow in the future because of the acceptance of IIoT in factory systems.
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Systems compliant with SIL3 had the largest share in the recent past, and they will also grow the fastest, by SIL type. Systems on the basis of this safety compliance are feasible for most industrial processes. Furthermore, systems that fulfil with SIL3 carry a lower chance of failure.
The automotive and transportation industry will have the highest CAGR, of over 7.5%, by the end of this decade. The automotive industry has seen the integration of many technical developments in vehicles, particularly in terms of safety. The surge in the count of sensor-dependent features has encouraged engineers for creating more-specific sensors for automotive applications.
The revenue of the APAC functional safety market in 2030 will be in excess of USD 2000 million, and it will grow at the highest rate in the coming years. The necessity for functional safety has augmented in India and China, since the tightly regulated industries, such as power and oil and gas, have grown.
It is because of the acceptance of AI, ML and IoT across industries, the demand for functional safety solutions will increase all around the world.
