According to our latest study on "Functional Safety Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by System, Offering, and End-Use Industry," the Functional Safety Market size was valued at US$ 7.63 billion in 2024 and is anticipated to reach US$ 12.73 billion by 2031; it is estimated to record a CAGR of 7.9% from 2025 to 2031.

The North America Functional Safety Market is segmented into the US, Canada, and Mexico. In terms of revenue, the US dominated the Functional Safety Market share in 2024. The region is a pioneer in the adoption of advanced technologies. It is also home to well-established manufacturing industries, including automotive, chemical, and oil and gas. The oil and gas industry has a strong need for functional safety systems because of persistent hazardous environments and regulatory mandates for emergency shutdown (ESD) and fire & gas (F&G) systems. According to the International Energy Agency (IEA), the total crude oil production in North America was 48,602,021 Terajoules (TJ) in 2022, recording an increase of 75% from 2000. Various companies in the natural gas industry in the region have undertaken the expansion of their plants. For instance, in March 2025, Venture Global announced plans for an 18 Metric Tonne Per Year (Mt/year) brownfield expansion at its Plaquemines LNG project in Louisiana (US). The 27 Mt/year Plaquemines LNG facility began producing LNG in December 2024, making it the newest LNG export facility in the US and Venture's second. The planned expansion would have 24 trains, extending the facility's capacity by more than 18 Mt/year and bringing the total production capacity to more than 45 Mt/year; the expansion would be backed by an investment of nearly US$ 18 billion. Therefore, the growth of the oil and gas industry fosters the functional safety market growth in North America.

According to a report by Cox Automotive, ~300,000 new electric vehicles were sold in the US in Q1 2025, i.e., an increase of 11.4% compared to Q1 2024. In Q1 2025, General Motors brands sold over 30,000 EVs, which was nearly double the sales volume from 2024, in turn surpassing both Ford Motor Company and Hyundai Group. In addition, Honda and Acura sold more than 14,000 EVs in the US market in Q1 2025. Thus, the mounting sales and production of EVs are expected to fuel the growth of the functional safety market in North America.

Key Findings of Functional Safety Market Study:

The functional safety market is segmented on the basis of system, offering, end-use industry, and geography. Based on system, the functional safety market is segmented into emergency shutdown systems, turbo machinery control systems, fire and gas monitoring systems, high integrity pressure protection systems, and burner management systems (BMS). Based on offering, the market is bifurcated into components and services. Based on end-user industry, the functional safety market is segmented into oil and gas, chemical, power generation, pharmaceutical, food and beverage, automotive, and others. On the basis of geography, the market is divided into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).

The component segment held the largest Functional Safety Market share. Optimal operation of functional safety system components is crucial for assuring the reliability and effectiveness of these systems in a variety of industries. This segment includes critical components such as safety sensors, switches, programmable safety systems, final control elements, and emergency stop devices. Safety sensors and switches are critical for detecting potentially hazardous conditions and establishing safety actions. On the other hand, programmable safety systems provide the logic and control required for carrying out safety activities. Final control elements, such as valves and actuators, are crucial for taking safety measures, while emergency stop devices work as immediate assistance tools in critical situations. As industries embrace automation and align their operations with more stringent safety standards, the need for high-quality, dependable components continues to surge. Advancements in sensor technology and the integration of IoT capabilities further add to the importance of these components by enabling real-time monitoring and data analytics.

Omron Corp, Schneider Electric SE, Rockwell Automation Inc, Siemens AG, Yokogawa Electric Corp, ABB Ltd, Emerson Electric CO, Honeywell International Inc., GE Vernova Inc., Hima Paul Hildebrandt GmbH are among the key players profiled in the Functional Safety Market report. Several other major players were studied and analyzed during the Functional Safety Market analysis to get a holistic view of the market and its ecosystem. The Functional Safety Market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current Functional Safety Market trends and their foreseeable impact during the forecast period.

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