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.
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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 …