Latest news with #FunctionalSafety
Yahoo
3 days ago
- Automotive
- Yahoo
Market to Reach $11.5 Billion by 2033 - AI Integration in Safety Systems Fuels Expansion
The Functional Safety Market presents opportunities driven by increased adoption of autonomous systems, AI integration, and smart manufacturing. Strong demand in automotive and industrial sectors, stringent safety regulations, and emphasis on cybersecurity offer growth potential. Challenges include complex integration and costs. Functional Safety Market Dublin, Aug. 15, 2025 (GLOBE NEWSWIRE) -- The "Functional Safety: Market Share, and Growth Analysis by Product Type (Hardware, Software, Services), Application, End User, Technology" has been added to offering. The Functional Safety Market is forecasted to grow from USD 7 billion in 2025 to USD 11.5 billion by 2033, with a CAGR of 6.41% As firms prioritize safety and system reliability across sectors like automotive, industrial automation, healthcare, and aerospace, the market is seeing substantial expansion. Safety Instrumented Systems (SIS), safety controllers, and management solutions are pivotal for meeting international standards such as ISO 26262 and IEC 61508. Industry 4.0, smart manufacturing, and autonomous vehicles prominently drive demand for functional safety systems. The year 2024 saw crucial developments primarily in automotive, manufacturing, and energy sectors. The automotive industry, with its adoption of advanced driver-assistance systems (ADAS), electric vehicles (EVs), and autonomous vehicles, has increased requirements for functional safety to comply with stringent regulations like ISO 26262. The spike in investments in industrial automation has led manufacturers to integrate safety features for autonomous robots and machinery. Predictive safety solutions, facilitated by IoT and AI, now forecast potential failures, providing real-time insights that enhance system performance. Noteworthy advancements in 2024 include heightened regulatory enforcement, especially in Europe and North America, mandating industries meet elevated safety standards. Despite these advancements, integrating functional safety into complex systems continues to pose challenges due to the rapidly evolving tech landscape. Key Market Insights: Rise of Autonomous Systems: Autonomous vehicles and robots necessitate reliable functional safety for safe operations. AI and Machine Learning Integration: Predictive safety monitoring enhances risk management and system performance. Industry 4.0 and Smart Manufacturing: The shift towards smart factories increases demand for integrated safety solutions. Electric Vehicles: Growing EV sector pushes demand for safety solutions addressing battery management and reliability challenges. Cybersecurity Emphasis: As connectivity grows, robust cybersecurity becomes crucial in functional safety systems to combat cyber threats. Market Segmentation: Product Type: Hardware, Software, Services. Application: Automotive, Industrial, Healthcare, Aerospace. End User: Manufacturers, System Integrators, Service Providers. Technology: Certified Safety Software, Safety Instrumented Systems, Electronic Control Units. Distribution Channel: Direct Sales, Distributors, Online Sales. Geography: North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. Key Attributes: Report Attribute Details No. of Pages 150 Forecast Period 2025 - 2033 Estimated Market Value (USD) in 2025 $7 Billion Forecasted Market Value (USD) by 2033 $11.5 Billion Compound Annual Growth Rate 6.4% Regions Covered Global For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Functional Safety Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Functional Safety Market Set to Surpass $7,896.7 Million by 2029 Amid Rising Demand for Risk Mitigation
Delray Beach, FL, Aug. 12, 2025 (GLOBE NEWSWIRE) -- According to the new market research report "Functional Safety Market by Safety Sensors (Emergency Stop, Temperature, Pressure, Gas), Safety Light Curtain, Safety Controller, Programmable Safety System, Safety Switches, TIC Analysis Type (Fault & Event Analysis), Robotics – Global Forecast to 2029" The global functional safety market will USD 7,896.7 million by 2029 from USD 5,883.4 million by 2024, at a CAGR of 6.1% during the forecast period. Several key factors are driving the functional safety market, including mounting adoption of advanced safety solutions to prevent accidents in industrial facilities, rapid digital transformation to revolutionize traditional manufacturing, increasing industrial automation, stringent safety regulations, and advancements in technology. Furthermore, rising workplace safety awareness, infrastructure development, and the integration of AI and IoT in critical systems further fuel demand. Download PDF Brochure: Major Key Players in the Functional Safety Industry: Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), Yokogawa Electric Corporation (Japan), HIMA (Germany), Omron Corporation (Japan), Siemens (Germany), and General Electric (US). Functional Safety Market Segmentation: Emergency shutdown system segment is expected to account for the largest share of the functional safety market during the forecast period. An emergency shutdown (ESD) system is designed to minimize risks associated with emergencies, particularly those involving the escape of hydrocarbons, uncontrolled flooding, or fire outbreaks in areas containing hazardous materials. These emergencies can cause the shutdown of a plant, unit, or equipment. The ESD system in its broad and general sense can be made up of field mounted sensors, trip relays, input and output valves for handling signals, alarm and Human-Machine Interface units. Oil & gas industry segment to contribute to the largest market share in the forecast year. The oil & gas industry's demand for functional safety is driven by stringent regulatory compliance, high-risk operating conditions, and the complexity of processes across upstream, midstream, and downstream operations. Factors such as increased exploration and production, aging infrastructure, and prioritization of worker safety further emphasize the need for safety systems. In the oil & gas industry, standards such as IEC 61508 and IEC 61511, and the Norwegian Oil & Gas Guideline 070 provide recommended frameworks for the implementation of functional safety. Further, various safety instrumented systems are used in the oil & gas industry to ensure functional safety. Europe is expected to hold the largest market share of the functional safety market during the forecast period. Europe is one of the largest markets for functional safety systems as functional safety standards are strictly followed within the European Economic Area (which comprises all European Union countries). The safety standards and directives present in the region restrict the supply and operations of machinery that do not meet the regulatory requirements. The functional safety and functional safety requirements are stringent in the European region; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. Regulatory standards and EU directives regarding occupational safety have propelled the installation of functional safety systems in industries, which, in turn, is influencing the growth of the functional safety market in Europe. Ask for Sample Report: Opportunities and Challenges in the Functional Safety Market Opportunity: Increasing deployment of IIoT technology in industries The Industrial Internet of Things (IIoT) introduces new concepts of integrated safety and compliance services. IIoT gathers data from sensors, which include pressures, levels, flow, temperature, and vibration data, and feeds this information to monitors. The data is transmitted through conductive and non-conductive networks, processed in real time, and can be alerted and even perhaps solved in an emergency. Through IIoT, companies can link their processes with safety systems, and the results can be observed in real time. IIoT provides the features of low cost, low power consumption of microprocessors, and increased security, convenience, and efficiency, besides satisfying the requirement of industrial security and stability. Challenge: Complexities related to designing systems that comply with safety standards Because the rising number of applications in recent times as well as a variety of factors including types of industries, installation location and operational needs such as less downtime, and absence of fire design of safety functional systems have become relatively challenging for designers. Design of safety systems involves different stages, limits, and above all, necessity for smooth communication of the intended end users' system. CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445, USA: +1-888-600-6441 Email: sales@ Visit Our Website: in to access your portfolio
Zawya
25-06-2025
- Automotive
- Zawya
Trina Storage achieves Industry-First IEC 61508 Functional Safety Certification with Entire Safety Commitment
Recently, UL Solutions, a leading safety science authority, awarded Trina Storage the energy storage industry's first IEC 61508 Functional Safety Process Certificate – a milestone validated by ANAB (U.S.) and IAF (International Accreditation Forum) multilateral recognition. Dr. Sheng Yun, VP of Trina Storage's Product Research Institute, and Sam Wei, UL Solutions' Global & Strategic Accounts Director for Greater China, attended the certification ceremony. Standard - driven: Redefining Safety Benchmarks As the foundational international standard for functional safety, IEC 61508 regulates the safety requirements for electronic devices throughout the entire process, from design and development to operation and maintenance. IEC 61508 lays the foundation for industry specific standards such as ISO 26262 (automotive) and IEC 61511 (industrial) which have had a profound impact on global industries. By quantifying Safety Integrity Levels, the standard empowers Trina Storage to deploy proactive safeguards against critical risks – from thermal runaway prevention to battery management system (BMS) failure mitigation. Amid growing system complexity, Trina Storage's certification demonstrates unparalleled competency in risk control. Leveraging its vertically integrated R&D and manufacturing capabilities, the company has established a world-class functional safety framework spanning design, production, and operation & maintenance – significantly enhancing product reliability. Authoritative Certification: Powering the Industry Future Dr. Sheng Yun emphasized: "This certification validates our holistic functional safety management system and reflects Trina Storage's engineering excellence. We'll continue advancing safety practices aligned with global leading methodologies and contributing to the development of the industry.' Sam Wei of UL Solutions noted: "The energy storage sector relies on functional safety to maintain safe operating conditions for energy storage, whether through the use of a battery management system, charging station, inverters or other control systems for safe operation. We at UL Solutions are honored Trina Storage turned to us to apply our testing expertise to confirm their mitigation of potential safety risks." As a global leader in energy storage solutions, Trina Storage is always committed to creating extremely safe products and a reliable service. In the future, Trina Storage will continue to collaborate closely with international authoritative institutions such as UL Solutions, leveraging innovation to empower clients with state-of-the-art energy solutions. About Trinasolar (688599. SH) Founded in 1997, Trinasolar Co Ltd (stock symbol: Trinasolar; stock code: 688599) is engaged mainly in PV products, PV systems and smart energy. PV products include R&D, production and sales of PV modules. PV systems consist of power stations and system products. Smart energy comprises mainly PV power generation and operations and maintenance, smart solutions for energy storage, smart microgrid, and development and sales of multi-energy systems. We are committed to leading the way in smart PV and energy storage solutions and facilitating the transformation of new power systems for a net-zero future. On June 10, 2020, Trinasolar was listed on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange (SSE). It was the first PV and energy storage company to go public on the STAR Market providing PV products and systems, as well as smart energy.
Yahoo
06-06-2025
- Business
- Yahoo
Functional Safety Market Size expected to reach US$ 13.00 billion by 2031, Experiences Growth Owing to Increased Automation Across Industries
The report, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities. US & Canada, June 06, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global Functional Safety market is observing significant growth owing to increased automation across industries and stricter regulatory requirements. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Functional Safety are applicable in a vast array of end user industries that are expected to register strength during the coming years. To explore the valuable insights in the Functional Safety Market report, you can easily download a sample PDF of the report – Overview of Report Findings Market Growth: The Functional Safety market is expected to reach US$ 13.00 billion by 2031 from US$ 7.63 billion in 2024, at a CAGR of 7.9% during the forecast period. The need for sophisticated safety systems to reduce risks is being driven by the increase in automation in sectors like manufacturing, automotive, and energy. Businesses are being compelled to invest in strong, practical safety solutions due to strict government laws and safety standards. The need for advanced safety measures is growing as a result of the deployment of Industry 4.0 technologies, such as artificial intelligence (AI) and the Internet of Things (IoT). Increased Automation Across Industries: As automation systems become more complex and interconnected, the potential for system failures and associated risks also increases. Industries such as manufacturing, oil and gas, and automotive require robust safety mechanisms to monitor and control these automated processes. Automated systems, while reducing human intervention, can still pose risks if not properly managed. Functional safety systems help mitigate these risks by ensuring machinery operates within safe limits and triggering protective actions when deviations occur. Governments and regulatory bodies impose strict safety requirements to protect workers, consumers, and the environment. Standards such as ISO 26262 for automotive systems and IEC 61508 for industrial applications mandate the integration of functional safety principles in system design. Compliance with these regulations reduces legal liabilities and improves product reliability. Integration of AI and Machine Learning: The incorporation of AI and machine learning in safety systems is a significant trend. These technologies enable real-time data analysis and predictive maintenance, enhancing fault detection accuracy and decision-making in complex environments like autonomous vehicles and smart factories. For example, AI-driven safety solutions can predict potential failures before they occur, allowing for proactive maintenance and reducing downtime. Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period. For Detailed Functional Safety Market Insights, Visit: Market Segmentation Based on offering, the functional safety market is segmented into component and services. The component segment held the largest share in the functional safety market in 2024. Based on system, the functional safety market is segmented into emergency shutdown system (ESD), turbo machinery control (TMC), fire and gas monitoring, high integrity pressure protection system (HIPPS), burner management system (BMS). The emergency shutdown system (ESD) segment held the largest share in the functional safety Market in 2024. Based on end-user industry, the functional safety market is segmented into oil and gas, chemicals, power generation, pharmaceuticals, food and beverages, automotive, and others. The functional safety market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America. Stay Updated on The Latest Functional Safety Market Trends: Competitive Strategy and Development Key Players: A few major companies operating in the Functional Safety market include XXXX Trending Topics: Integration of AI, ML, and IoT, Cybersecurity, among others. Global Headlines on Functional Safety " ABLIC acquires development process certification for ISO 26262 Automotive Functional Safety standards from a third-party German certification company " " Murata Obtains ISO 26262 Certification for Functional Safety in Automotive Applications " " Red Hat Reaches Key Milestone in Push to Functional Safety Certification for Red Hat In-Vehicle Operating System " Purchase Premium Copy of Global Functional Safety Market Size and Growth Report (2025-2031) at: Conclusion The functional safety market is poised for significant growth driven by increasing automation, stringent regulations, and the adoption of advanced technologies. Opportunities abound across various industries, regions, and market segments, offering immense potential for companies to innovate, collaborate, and expand their presence. As industries continue to evolve, the demand for robust, integrated, and intelligent safety solutions will only intensify, making functional safety a critical enabler for sustainable and reliable operations in the future. Talk to Us Directly: Trending Related Reports: About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials. Contact Us: If you have any queries about this report or if you would like further information, please contact us: Contact Person: Ankit Mathur E-mail: Phone: +1-646-491-9876 Home - in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
