Functional Safety is moving away from being an industry requirement to become normality within products; more of those solutions are incorporating complex embedded hardware and software that relies on a specific execution of commands and safety-related functions. Functional Safety systems are helping to mitigate the risk of damage or physical injury to the health of people caused by first- and second-hand hazards; Functional Safety systems detect those hazardous conditions and provide danger reduction against accidental threats to protect people and products from any operational damage.
Engineers are nowadays capturing and experimenting with ongoing process improvements and also with new and advanced products to ensure the volume-driven growth in the sector. The Functional Safety market overgrows almost 9% of CAGR and ultimately will reach USD 8.7 billion by the end of 2023, according to the Future Global Functional Safety Market Research Report- Forecast 2023 by Market Research.
This Functional Safety global market is growing because: - the demand for high-performance Internet of Things (IoT), modern robotics, Advanced Driver-Assistance Systems (ADAS), and autonomous machines applications. - the definition of product performance levels & security concerns, risks requirements, and safety specifications; using defined process and certified systems like Safety Integrity Levels (SIL), failure modes & effects analysis. - the investment in the sector pushed by some safety & security interested buyers.
However, it worths the effort to pay attention to the sector restrains: - The number of players in the market, even when new companies are starting to participate. - The lack of awareness around the industry about the benefits of implementing safety systems in products. - The reduced levels of effective Functional Safety R&D, to enable a continued upward growth trend.