Allied Market Research, titled, “Functional Safety Market by Device Type, Safety System, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2023-2032", The functional safety market was valued at $5.5 billion in 2022, and is estimated to reach $14.7 billion by 2032, growing at a CAGR of 10.52% from 2023 to 2032. Functional safety includes automatic protection...

The global functional safety market size was estimated at USD 6.12 billion in 2023 and is projected to reach USD 9.21 billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030. The increasing demand for industrial automation, coupled with growing awareness regarding workplace safety, is a key factor propelling market expansion. Functional safety involves the development,...