PUBLISHER: Grand View Research | PRODUCT CODE: 1493445
PUBLISHER: Grand View Research | PRODUCT CODE: 1493445
The global functional safety market size is anticipated to reach USD 9.21 billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising regulatory requirements for safety in industries are driving market growth. Additionally, the growing need for risk mitigation and liability concerns is promoting the demand for functional safety solutions.
With the rise of Industry 4.0 and the Internet of Things (IoT), businesses are adopting automation to streamline processes, improve accuracy, and boost overall productivity. However, as automation systems become more complex and interconnected, the importance of functional safety standards grows. Implementing robust safety measures safeguards employees & assets and also helps companies comply with regulatory requirements and industry standards.
As regulatory bodies worldwide impose stringent safety standards and guidelines, companies are increasingly investing in functional safety solutions to ensure compliance and mitigate operational risks. Industries such as manufacturing, oil and gas, automotive, and pharmaceutical are facing increasing pressure to adhere to safety regulations to protect personnel, assets, and the environment. This heightened focus on regulatory compliance is a key driver shaping the growth of the market for functional safety as businesses seek to meet safety standards and avoid penalties or legal implications.