Functional Safety Market Will Surge to Reach US$ 12.73 billion by 2031

According To The Insight Partners, Global Functional Safety Market size is projected to reach US$ 12.73 billion by 2031 from US$ 7.63 billion in 2024. The market is expected to register a CAGR of 7.9% during 2025-2031.

In September, the functional safety market is gaining momentum as automation expands, regulations tighten, and new safety‑certified components reach volume production across automotive, industrial, and energy ecosystems. Analysts note that the functional safety market is increasingly shaped by AI‑enabled diagnostics, cybersecurity integration, and lifecycle services that keep systems compliant and reliable from design through operation.

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Press announcement

The functional safety market is entering a decisive phase where standards‑driven design (IEC 61508, ISO 26262) converges with Industry 4.0 priorities, elevating safety from a compliance checkbox to a strategic lever for resilience, uptime, and trust. This release shares the latest updates, regional perspectives, and 2031 outlook to help teams plan investments and communications around a rapidly evolving functional safety market.

Why now

Manufacturers and infrastructure operators are modernizing safety loops to meet stringent auditing and certification requirements while embracing connected, software‑defined equipment that must preserve deterministic response under cyber‑aware architectures. This shift is lifting demand for flexible safety PLCs, SIL‑rated sensors, and integrated platforms that pair functional safety with secure boot, authenticated messaging, and remote diagnostics across the functional safety market.

Updated market news

• Epson announced volume production of a functional safety‑compliant IMU designed to IEC 61508, enabling precise, reliable sensing for industrial equipment, unmanned platforms, and navigation systems within the functional safety market.
• NOVOSENSE secured a TÜV Rheinland milestone for its ISO 26262 program at a high assurance level, underscoring advances in wheel speed sensors and isolated gate drivers for critical automotive use in the functional safety market.
• A new global report highlights multi‑industry growth through 2031, citing automation, regulations, and AI/ML adoption as core catalysts in the functional safety market.

Global and regional view

North America continues to emphasize convergence of safety and cybersecurity, with deep experience integrating OT and IT stacks under rigorous audit regimes that favor platforms validated to multiple standards in the functional safety market. Asia‑Pacific is outpacing in deployment speed as manufacturers scale programmable safety systems and smart sensors alongside broader factory upgrades, while Europe’s leadership in machinery and process rules sustains high adoption in the functional safety market.

Technology and standards

IEC 61508 remains the foundational reference for electrical/electronic/programmable safety systems, with guidance increasingly interpreted alongside secure‑by‑design principles and digital engineering practices in the functional safety market. ISO 26262 continues to steer automotive development as ADAS, electrification, and domain controllers expand, pushing vendors to deliver pre‑certified components and software frameworks that accelerate compliance in the functional safety market.

Market drivers and use cases

Operators are prioritizing emergency shutdown, pressure protection, fire‑and‑gas, and burner management systems that provide verifiable audit trails, predictive diagnostics, and seamless Ethernet‑based networking in the functional safety market. Lifecycle services—testing, inspection, certification, training, and remote proof‑testing—are becoming central to procurement, closing skills gaps and ensuring continuous compliance across the functional safety market.

2031 outlook

Independent analyses point to steady expansion through 2031 as multi‑industry adoption offsets cyclicality in any single vertical, with platform strategies and AI‑driven analytics setting the pace for premium tiers in the functional safety market. Expect continued consolidation around ecosystems that unify safety logic, cybersecurity, and digital twins to reduce integration burden and speed validations in the functional safety market.

Global and regional analysis

• North America: Strong adoption in refining, chemicals, pharmaceuticals, and advanced manufacturing where integrated safety‑cyber platforms and certified engineering capacity support large multi‑site rollouts in the functional safety market.
• Europe: Mature enforcement under machinery and process directives sustains broad demand, with leadership in advanced automation and energy applications in the functional safety market.
• Asia‑Pacific: Rapid scaling in discrete and process industries as factories upgrade to programmable safety systems and smarter sensor networks across the functional safety market.
• Middle East & Africa and Latin America: Incremental growth as energy, utilities, and heavy industry standardize on certified shutdown and protection solutions in the functional safety market.

Market size, share, trends, analysis, forecast (by 2031)

• Market size: Expanding across automotive, process industries, factory automation, and smart infrastructure as certified components and platforms become standard practice in the functional safety market.
• Market share: Ecosystem players that bundle certified hardware, software, and lifecycle services are consolidating mindshare with end‑to‑end offerings in the functional safety market.
• Trends: AI‑assisted diagnostics, cybersecurity convergence, pre‑certified software stacks, and Ethernet‑native safety networking are redefining expectations in the functional safety market.
• Analysis: Buyers favor integrated platforms and remote‑ready service models that compress validation cycles and sustain compliance amid complex, connected plants in the functional safety market.
• Forecast by 2031: Sustained growth expected with premiumization in analytics‑rich, security‑hardened, and standards‑aligned solutions across global regions in the functional safety market.

Vendor and ecosystem pulse

Reports and market tracking highlight active competition among major industrial automation and semiconductor leaders, alongside TIC providers and software partners aligning to deliver certification‑ready toolchains in the functional safety market. Partnerships between safety software, silicon, and platform vendors are accelerating time‑to‑compliance and simplifying migrations for brownfield assets in the functional safety market.

Media note

This press update synthesizes recent research and company announcements to inform communications, product positioning, and executive briefings across segments engaging the functional safety market. Further updates will track certifications, platform roadmaps, and deployment best practices as standard revisions and cyber‑physical requirements continue to evolve within the functional safety market.

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