Functional Safety Market Set to Surpass $7,896.7 Million by 2029 Amid Rising Demand for Risk Mitigation
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 12 2025
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Source: Globenewswire
Market Growth: The global functional safety market is projected to grow from USD 5,883.4 million in 2024 to USD 7,896.7 million by 2029, driven by factors such as increased industrial automation, stringent safety regulations, and advancements in technology.
Key Players and Segments: Major players include Schneider Electric, ABB, and Honeywell, with the oil & gas industry expected to dominate the market due to high regulatory compliance needs and complex operational conditions, particularly in Europe where strict safety standards are enforced.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
