North America Functional Safety Market Size, Share & Trends Analysis Report By Device Type, By Industry Verticals, By Safety System, By Country and Growth Forecast, 2024

List of Tables

The North America Functional Safety Market would witness market growth of 9.6% CAGR during the forecast period (2024-2031).

The US market dominated the North America Functional Safety Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,840.4 million by 2031. The Canada market is experiencing a CAGR of 12% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 11.1% during (2024 - 2031).

Functional safety refers to a system's capability to ensure that it operates correctly in response to its inputs, preserving safety for its users, environment, and equipment. It involves implementing safety measures and protocols to prevent or mitigate hazards that could arise from malfunctioning or failing a system, machinery, or equipment. Safety standards, such as ISO 26262 standard for automotive applications or IEC 61508 for general industrial use, provide guidelines and requirements for developing and implementing safety-related systems to reduce risks and enhance overall safety performance.

The automotive industry integrates advanced safety features such as adaptive cruise control, lane departure warning, and automatic emergency braking to improve vehicle safety. The shift towards electric and connected vehicles is increasing the complexity of automotive systems, driving the demand for safety solutions. Safety solutions are used in safety-critical automotive components such as braking systems, steering systems, and airbag systems.

The demand for electric vehicles in Mexico is increasing due to factors such as government incentives, environmental concerns, and advancements in EV technology. Automotive manufacturers in Mexico are expanding their production capacity to meet the growing demand for electric vehicles. With 21 million residents and 33.4 million cars, Mexico metropolis is the seventh most populated metropolis in the world, according to the International Trade Administration. Mexico saw a 68 percent rise in EV sales in 2018 and a sales peak of 17,800 hybrid vehicles in comparison to 2017. In 2019, 955,393 electric and hybrid vehicles were sold between January and September. Moreover, Canada's healthcare industry is witnessing significant growth, driven by rising healthcare expenditure and an aging population. The expansion of hospitals, clinics, and healthcare facilities is driving the demand for functional safety solutions to ensure the safety and reliability of medical equipment and systems in Canada. According to information released by the Canadian government in 2023, provinces and territories will receive an additional $46.2 billion in financing as part of a $196.1 billion ten-year investment by the government to enhance health care services for all Canadians. Therefore, the automotive and healthcare industries drive the growth of the market in North America.

Based on Device Type, the market is segmented into Safety Sensors, Safety Controllers, Modules & Relays, Programmable Safety Systems, Final Control Elements (Valves, Actuators), Emergency Stop Devices, and Others. Based on Industry Verticals, the market is segmented into Oil & Gas, Power Generation, Automotive, Pharmaceutical, Food & Beverage, and Others. Based on Safety System, the market is segmented into Emergency Shutdown Systems (ESD), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC) Systems, Supervisory Control and Data Acquisition (SCADA) Systems, and Fire & Gas Monitoring Control Systems. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

List of Key Companies Profiled

ABB Ltd.
General Electric Company
Siemens AG
Rockwell Automation, Inc.
Schneider Electric SE
Mitsubishi Electric Corporation
Emerson Electric Co.
Honeywell International, Inc.
Omron Corporation
Yokogawa Electric Corporation

North America Functional Safety Market Report Segmentation

By Device Type

Safety Sensors
Safety Controllers, Modules & Relays
Programmable Safety Systems
Final Control Elements (Valves, Actuators)
Emergency Stop Devices
Others

By Industry Verticals

Oil & Gas
Power Generation
Automotive
Pharmaceutical
Food & Beverage
Others

By Safety System

Emergency Shutdown Systems (ESD)
Burner Management Systems (BMS)
High-Integrity Pressure Protection Systems (HIPPS)
Turbomachinery Control (TMC) Systems
Supervisory Control and Data Acquisition (SCADA) Systems
Fire & Gas Monitoring Control Systems

By Country

US
Canada
Mexico
Rest of North America

Chapter 1. Market Scope & Methodology

1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
- 1.4.1 North America Functional Safety Market, by Device Type
- 1.4.2 North America Functional Safety Market, by Industry Verticals
- 1.4.3 North America Functional Safety Market, by Safety System
- 1.4.4 North America Functional Safety Market, by Country
1.5 Methodology for the research

Chapter 2. Market at a Glance

2.1 Key Highlights

Chapter 3. Market Overview

3.1 Introduction
- 3.1.1 Overview
  - 3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges

Chapter 4. Competition Analysis - Global

4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
- 4.3.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2020, Nov - 2024, Mar) Leading Players
4.4 Porter's Five Forces Analysis

Chapter 5. North America Functional Safety Market by Device Type

5.1 North America Safety Sensors Market by Country
5.2 North America Safety Controllers, Modules & Relays Market by Country
5.3 North America Programmable Safety Systems Market by Country
5.4 North America Final Control Elements (Valves, Actuators) Market by Country
5.5 North America Emergency Stop Devices Market by Country
5.6 North America Others Market by Country

Chapter 6. North America Functional Safety Market by Industry Verticals

6.1 North America Oil & Gas Market by Country
6.2 North America Power Generation Market by Country
6.3 North America Automotive Market by Country
6.4 North America Pharmaceutical Market by Country
6.5 North America Food & Beverage Market by Country
6.6 North America Others Market by Country

Chapter 7. North America Functional Safety Market by Safety System

7.1 North America Emergency Shutdown Systems (ESD) Market by Country
7.2 North America Burner Management Systems (BMS) Market by Country
7.3 North America High-Integrity Pressure Protection Systems (HIPPS) Market by Country
7.4 North America Turbomachinery Control (TMC) Systems Market by Country
7.5 North America Supervisory Control and Data Acquisition (SCADA) Systems Market by Country
7.6 North America Fire & Gas Monitoring Control Systems Market by Country

Chapter 8. North America Functional Safety Market by Country

8.1 US Functional Safety Market
- 8.1.1 US Functional Safety Market by Device Type
- 8.1.2 US Functional Safety Market by Industry Verticals
- 8.1.3 US Functional Safety Market by Safety System
8.2 Canada Functional Safety Market
- 8.2.1 Canada Functional Safety Market by Device Type
- 8.2.2 Canada Functional Safety Market by Industry Verticals
- 8.2.3 Canada Functional Safety Market by Safety System
8.3 Mexico Functional Safety Market
- 8.3.1 Mexico Functional Safety Market by Device Type
- 8.3.2 Mexico Functional Safety Market by Industry Verticals
- 8.3.3 Mexico Functional Safety Market by Safety System
8.4 Rest of North America Functional Safety Market
- 8.4.1 Rest of North America Functional Safety Market by Device Type
- 8.4.2 Rest of North America Functional Safety Market by Industry Verticals
- 8.4.3 Rest of North America Functional Safety Market by Safety System

Chapter 9. Company Profiles

9.1 ABB Ltd.
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.4 Research & Development Expense
- 9.1.5 Recent strategies and developments:
  - 9.1.5.1 Product Launches and Product Expansions:
- 9.1.6 SWOT Analysis
9.2 General Electric Company
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Segmental and Regional Analysis
- 9.2.4 Research & Development Expense
- 9.2.5 SWOT Analysis
9.3 Siemens AG
- 9.3.1 Company Overview
- 9.3.2 Financial Analysis
- 9.3.3 Segmental and Regional Analysis
- 9.3.4 Research & Development Expense
- 9.3.5 Recent strategies and developments:
  - 9.3.5.1 Product Launches and Product Expansions:
- 9.3.6 SWOT Analysis
9.4 Rockwell Automation, Inc.
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.4.3 Segmental and Regional Analysis
- 9.4.4 Research & Development Expenses
- 9.4.5 Recent strategies and developments:
  - 9.4.5.1 Acquisition and Mergers:
- 9.4.6 SWOT Analysis
9.5 Schneider Electric SE
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Segmental and Regional Analysis
- 9.5.4 Research & Development Expense
- 9.5.5 SWOT Analysis
9.6 Mitsubishi Electric Corporation
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental and Regional Analysis
- 9.6.4 Research & Development Expense
- 9.6.5 Recent strategies and developments:
  - 9.6.5.1 Partnerships, Collaborations, and Agreements:
  - 9.6.5.2 Product Launches and Product Expansions:
- 9.6.6 SWOT Analysis
9.7 Emerson Electric Co.
- 9.7.1 Company Overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Research & Development Expense
- 9.7.5 Recent strategies and developments:
  - 9.7.5.1 Acquisition and Mergers:
- 9.7.6 SWOT Analysis
9.8 Honeywell International, Inc.
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Segmental and Regional Analysis
- 9.8.4 Research & Development Expenses
- 9.8.5 Recent strategies and developments:
  - 9.8.5.1 Partnerships, Collaborations, and Agreements:
  - 9.8.5.2 Product Launches and Product Expansions:
  - 9.8.5.3 Acquisition and Mergers:
- 9.8.6 SWOT Analysis
9.9 Omron Corporation
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Segmental and Regional Analysis
- 9.9.4 Research & Development Expenses
- 9.9.5 Recent strategies and developments:
  - 9.9.5.1 Partnerships, Collaborations, and Agreements:
  - 9.9.5.2 Product Launches and Product Expansions:
- 9.9.6 SWOT Analysis
9.10. Yokogawa Electric Corporation
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Segmental and Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.10.5 Recent strategies and developments:
  - 9.10.5.1 Product Launches and Product Expansions:
- 9.10.6 SWOT Analysis

LIST OF TABLES

TABLE 1 North America Functional Safety Market, 2020 - 2023, USD Million
TABLE 2 North America Functional Safety Market, 2024 - 2031, USD Million
TABLE 3 Partnerships, Collaborations and Agreements- Functional Safety Market
TABLE 4 Product Launches And Product Expansions- Functional Safety Market
TABLE 5 Acquisition and Mergers- Functional Safety Market
TABLE 6 North America Functional Safety Market by Device Type, 2020 - 2023, USD Million
TABLE 7 North America Functional Safety Market by Device Type, 2024 - 2031, USD Million
TABLE 8 North America Safety Sensors Market by Country, 2020 - 2023, USD Million
TABLE 9 North America Safety Sensors Market by Country, 2024 - 2031, USD Million
TABLE 10 North America Safety Controllers, Modules & Relays Market by Country, 2020 - 2023, USD Million
TABLE 11 North America Safety Controllers, Modules & Relays Market by Country, 2024 - 2031, USD Million
TABLE 12 North America Programmable Safety Systems Market by Country, 2020 - 2023, USD Million
TABLE 13 North America Programmable Safety Systems Market by Country, 2024 - 2031, USD Million
TABLE 14 North America Final Control Elements (Valves, Actuators) Market by Country, 2020 - 2023, USD Million
TABLE 15 North America Final Control Elements (Valves, Actuators) Market by Country, 2024 - 2031, USD Million
TABLE 16 North America Emergency Stop Devices Market by Country, 2020 - 2023, USD Million
TABLE 17 North America Emergency Stop Devices Market by Country, 2024 - 2031, USD Million
TABLE 18 North America Others Market by Country, 2020 - 2023, USD Million
TABLE 19 North America Others Market by Country, 2024 - 2031, USD Million
TABLE 20 North America Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
TABLE 21 North America Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
TABLE 22 North America Oil & Gas Market by Country, 2020 - 2023, USD Million
TABLE 23 North America Oil & Gas Market by Country, 2024 - 2031, USD Million
TABLE 24 North America Power Generation Market by Country, 2020 - 2023, USD Million
TABLE 25 North America Power Generation Market by Country, 2024 - 2031, USD Million
TABLE 26 North America Automotive Market by Country, 2020 - 2023, USD Million
TABLE 27 North America Automotive Market by Country, 2024 - 2031, USD Million
TABLE 28 North America Pharmaceutical Market by Country, 2020 - 2023, USD Million
TABLE 29 North America Pharmaceutical Market by Country, 2024 - 2031, USD Million
TABLE 30 North America Food & Beverage Market by Country, 2020 - 2023, USD Million
TABLE 31 North America Food & Beverage Market by Country, 2024 - 2031, USD Million
TABLE 32 North America Others Market by Country, 2020 - 2023, USD Million
TABLE 33 North America Others Market by Country, 2024 - 2031, USD Million
TABLE 34 North America Functional Safety Market by Safety System, 2020 - 2023, USD Million
TABLE 35 North America Functional Safety Market by Safety System, 2024 - 2031, USD Million
TABLE 36 North America Emergency Shutdown Systems (ESD) Market by Country, 2020 - 2023, USD Million
TABLE 37 North America Emergency Shutdown Systems (ESD) Market by Country, 2024 - 2031, USD Million
TABLE 38 North America Burner Management Systems (BMS) Market by Country, 2020 - 2023, USD Million
TABLE 39 North America Burner Management Systems (BMS) Market by Country, 2024 - 2031, USD Million
TABLE 40 North America High-Integrity Pressure Protection Systems (HIPPS) Market by Country, 2020 - 2023, USD Million
TABLE 41 North America High-Integrity Pressure Protection Systems (HIPPS) Market by Country, 2024 - 2031, USD Million
TABLE 42 North America Turbomachinery Control (TMC) Systems Market by Country, 2020 - 2023, USD Million
TABLE 43 North America Turbomachinery Control (TMC) Systems Market by Country, 2024 - 2031, USD Million
TABLE 44 North America Supervisory Control and Data Acquisition (SCADA) Systems Market by Country, 2020 - 2023, USD Million
TABLE 45 North America Supervisory Control and Data Acquisition (SCADA) Systems Market by Country, 2024 - 2031, USD Million
TABLE 46 North America Fire & Gas Monitoring Control Systems Market by Country, 2020 - 2023, USD Million
TABLE 47 North America Fire & Gas Monitoring Control Systems Market by Country, 2024 - 2031, USD Million
TABLE 48 North America Functional Safety Market by Country, 2020 - 2023, USD Million
TABLE 49 North America Functional Safety Market by Country, 2024 - 2031, USD Million
TABLE 50 US Functional Safety Market, 2020 - 2023, USD Million
TABLE 51 US Functional Safety Market, 2024 - 2031, USD Million
TABLE 52 US Functional Safety Market by Device Type, 2020 - 2023, USD Million
TABLE 53 US Functional Safety Market by Device Type, 2024 - 2031, USD Million
TABLE 54 US Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
TABLE 55 US Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
TABLE 56 US Functional Safety Market by Safety System, 2020 - 2023, USD Million
TABLE 57 US Functional Safety Market by Safety System, 2024 - 2031, USD Million
TABLE 58 Canada Functional Safety Market, 2020 - 2023, USD Million
TABLE 59 Canada Functional Safety Market, 2024 - 2031, USD Million
TABLE 60 Canada Functional Safety Market by Device Type, 2020 - 2023, USD Million
TABLE 61 Canada Functional Safety Market by Device Type, 2024 - 2031, USD Million
TABLE 62 Canada Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
TABLE 63 Canada Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
TABLE 64 Canada Functional Safety Market by Safety System, 2020 - 2023, USD Million
TABLE 65 Canada Functional Safety Market by Safety System, 2024 - 2031, USD Million
TABLE 66 Mexico Functional Safety Market, 2020 - 2023, USD Million
TABLE 67 Mexico Functional Safety Market, 2024 - 2031, USD Million
TABLE 68 Mexico Functional Safety Market by Device Type, 2020 - 2023, USD Million
TABLE 69 Mexico Functional Safety Market by Device Type, 2024 - 2031, USD Million
TABLE 70 Mexico Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
TABLE 71 Mexico Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
TABLE 72 Mexico Functional Safety Market by Safety System, 2020 - 2023, USD Million
TABLE 73 Mexico Functional Safety Market by Safety System, 2024 - 2031, USD Million
TABLE 74 Rest of North America Functional Safety Market, 2020 - 2023, USD Million
TABLE 75 Rest of North America Functional Safety Market, 2024 - 2031, USD Million
TABLE 76 Rest of North America Functional Safety Market by Device Type, 2020 - 2023, USD Million
TABLE 77 Rest of North America Functional Safety Market by Device Type, 2024 - 2031, USD Million
TABLE 78 Rest of North America Functional Safety Market by Industry Verticals, 2020 - 2023, USD Million
TABLE 79 Rest of North America Functional Safety Market by Industry Verticals, 2024 - 2031, USD Million
TABLE 80 Rest of North America Functional Safety Market by Safety System, 2020 - 2023, USD Million
TABLE 81 Rest of North America Functional Safety Market by Safety System, 2024 - 2031, USD Million
TABLE 82 Key Information - ABB Ltd.
TABLE 83 Key Information - General Electric Company
TABLE 84 Key Information - Siemens AG
TABLE 85 Key Information - Rockwell Automation, Inc.
TABLE 86 Key Information - Schneider Electric SE
TABLE 87 Key Information - Mitsubishi Electric Corporation
TABLE 88 Key Information - Emerson Electric Co.
TABLE 89 Key Information - Honeywell International, Inc.
TABLE 90 Key Information - Omron Corporation
TABLE 91 Key Information - Yokogawa Electric Corporation

North America Functional Safety Market Size, Share & Trends Analysis Report By Device Type, By Industry Verticals, By Safety System, By Country and Growth Forecast, 2024 - 2031

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