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Functional Safety Market worth $7,896.7 million by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Dec. 6, 2024 /PRNewswire/ — 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 according to a new report by MarketsandMarkets™. 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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Browse in-depth TOC on “Functional Safety Market” 
225 – Tables
78 – Figures
291 – Pages

Functional Safety Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 5,883.4 million

Estimated Value by 2029

$ 7,896.7 million

Growth Rate

Poised to grow at a CAGR of 6.1%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Device, Service, System, Application, industry, and region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Complexities related to designing system that comply with complex safety standards

Key Market Opportunities

Increasing deployment of IIoT technology in industries

Key Market Drivers

Enforcement of stringent safety regulations by the government

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 and output valves for handling signals, alarm and Human-Machine Interface units. Also, industries like oil & gas, chemical, and power been subjected to severe equipment harm, leakage, and blast consequences this has caused the industries to require reliable ESD systems. The implementation of automation in industries makes systems more complex; sophisticated ESDs have to identify deviations that can cause the system to go up and execute the shutdown to safeguard structures, people, and the ecosystems.

Oil & gas industry segment to contribute to the largest market share in the forecast year.

The oil & gas industry’s demand for functional safety is driven by stringent regulatory compliance, high-risk operating conditions, and the complexity of processes across upstream, midstream, and downstream operations. Factors such as increased exploration and production, aging infrastructure, and prioritization of worker safety further emphasize the need for safety systems. In the oil & gas industry, standards such as IEC 61508 and IEC 61511, and the Norwegian Oil & Gas Guideline 070 provide recommended frameworks for the implementation of functional safety. Further, various safety instrumented systems are used in the oil & gas industry to ensure functional safety. ESD is used to minimize the consequences of emergencies by shutting down part systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control, which ensure the required response in case of fire scenarios.

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Europe is expected to hold the largest market share of the functional safety market during the forecast period.

Europe is one of the largest markets for functional safety systems as functional safety standards are strictly followed within the European Economic Area (which comprises all European Union countries). The safety standards and directives present in the region restrict the supply and operations of machinery that do not meet the regulatory requirements. The functional safety and functional safety requirements are stringent in the European region; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. Regulatory standards and EU directives regarding occupational safety have propelled the installation of functional safety systems in industries, which, in turn, is influencing the growth of the functional safety market in Europe. Moreover, the increasing focus of European companies on reducing OPEX and rising environmental concerns have boosted the growth of the functional safety industry in this region.

The key companies in the functional safety companies include 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).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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Industrial Safety Market Size, Share, Trends & Industry Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region – 2027

High-Integrity Pressure Protection System (HIPPS) Market Size, Share, Statistics and Industry Growth Analysis Report by Component (Field Initiator, Logic Solver, Valves, Actuators), Service (Maintenance, TIC), Industry (Oil & Gas, Chemical) and Region (2022-2027)

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LianLian Global and PayPal Power Cross-Border Payouts for Social Commerce, Marketplace, and eCommerce Customers

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Social commerce, marketplaces and eCommerce players served by LianLian Global can now pay creators, influencers, developers, and independent contractors directly to their PayPal and Venmo wallets.

NEW YORK, Oct. 22, 2026 /PRNewswire/ — LianLian Global  today announced it has partnered with PayPal (NASDAQ: PYPL) to enable its social commerce, marketplace and e-commerce clients to send payouts directly to PayPal accounts globally and to Venmo accounts in the U.S.

The creator and gig economy runs on fast, low-friction payouts. Brands are expected to spend $32.6 billion on creators in 2026 and roughly 50 million people worldwide create content professionally or semi-professionally (Gigapay Global Creator Economy Report 2026). Many of these recipients already hold a PayPal or Venmo account: PayPal had over 400 million active accounts across approximately 200 markets at the end of Q2 2026, and Venmo reached 67 million monthly active accounts in Q4 2025.

Paypal Payouts is live in 96 global markets and 24 currencies. It allows merchants to send to any email address, mobile number, or Venmo user handle, with or without an existing PayPal or Venmo account.

To support enterprises expanding globally, LianLian Global provides digital payment services including pay-in, pay-out, acquiring, foreign exchange, virtual cards and payment aggregation. To date, its parent company Lianlian DigiTech has served more than 13.3 million clients. Its services reach more than 200 countries and regions, support transactions and settlement in more than 140 currencies, and connect with more than 180 global e-commerce platforms.

The partnership combines LianLian Global’s cross-border collection, FX and compliance infrastructure with PayPal’s global wallet network. Key offerings include:

Pay to PayPal: Payouts from LianLian Global clients to PayPal account holders in 96 markets, using only the recipient’s email or phone numberPay to Venmo: Domestic U.S. payouts to Venmo users, including creators, influencers and independent contractorsPayPal Payouts for Platforms: Mass disbursements for social commerce, marketplaces and affiliate platforms paying large numbers of sellers, creators and contractorsSpeed to settle: Save time and money by eliminating check runs and postage; no need for routing numbers and bank accounts.

Sandra Lam, Deputy CEO of US at LianLian Global: “Social commerce is creating a new economy, where creators, influencers and independent sellers drive discovery and sales alongside the platforms they sell on. Paying these participants fast, across borders and in small amount is what powers the network effect of social commerce. We see our work with Paypal as a key step in building the payout rails for the global gig economy.”

The collaboration expands LianLian Global’s payout coverage and supports its growth in the U.S. and global markets as cross-border platforms scale their creator and contractor programs.

View original content:https://www.prnewswire.com/news-releases/lianlian-global-and-paypal-power-cross-border-payouts-for-social-commerce-marketplace-and-ecommerce-customers-302917635.html

SOURCE LianLian Global

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Crab2B Debuts as Hong Kong’s First Dedicated B2B Platform for Mobile Electronics

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HONG KONG, Oct. 23, 2026 /PRNewswire/ — With the global population surpassing 8 billion, mobile electronics have become essential to modern life, with smartphones now used by billions of people. Across approximately 13,861 cities worldwide, electronics wholesalers play a vital role in the supply chain. Among the world’s three major wholesale hubs for digital electronics, Dubai serves the Middle East and Africa, Miami connects markets across Latin America, and Hong Kong draws strength from its unique position linking mainland China with global markets. According to Hong Kong Customs data, re-exports of used mobile phones from Hong Kong reached 51.5 million units in 2025, while the total value of electronics exports hit HK$3.9216 trillion. Yet despite its value running into the trillions of Hong Kong dollars, it has long lacked a dedicated online platform.

Crab2B was created to fill this gap as Hong Kong’s first B2B platform dedicated to mobile electronics. Inspired by Alibaba’s online B2B marketplace model, the platform focuses on consumer electronics, bringing together hundreds of thousands of buyers and sellers worldwide and enabling them to connect directly.

Crab2B covers a broad range of products, including smartphones, tablets, laptops and other smart devices. Listings span brand-new and used devices, as well as certified pre-owned (CPO) and as-is products. The platform also connects buyers and suppliers with service providers offering product inspection, international logistics and repair services. Users can search for products by brand and model, while all merchants undergo rigorous verification before joining the platform. With these safeguards in place, Crab2B is designed to meet the needs of businesses across the value chain, protect the interests of both buyers and sellers, and facilitate mutually beneficial transactions.

Building on Hong Kong’s established trading network, Crab2B made its debut at the HKICEC Global Mobile Exchange Pavilion during the Global Sources Hong Kong Shows, held at AsiaWorld-Expo from October 18 to 21, 2026, where it also launched the Crab2B app. Looking ahead, Crab2B will remain firmly rooted in Hong Kong while expanding its global reach, continuing to refine the platform to deliver a smarter, more comprehensive digital marketplace for mobile electronics. By helping international buyers identify suitable suppliers, simplifying cross-border sourcing and reducing transaction costs, Crab2B aims to support the continued growth of Hong Kong’s digital trade sector and contribute to the city’s long-term prosperity and stability.

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SOURCE CRAB 2B TECHNOLOGY INVESTMENT CO., LIMITED

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AiMOGA Launches Global Robot Innovation: Mobo Debuts from Wuhu, Empowering Homes and Businesses

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KUALA LUMPUR, Malaysia, Oct. 23, 2026 /PRNewswire/ — AiMOGA Robotics has officially launched Mobo, its first consumer-grade humanoid family companion robot, marking a new chapter in intelligent living for Malaysian households and enterprises. Unveiled globally from AiMOGA’s headquarters in Wuhu, China, during a joint international users summit with its sister brands, this groundbreaking product reflects the company’s commitment to worldwide innovation and technological excellence.

Standing 0.9 meters tall with 22 degrees of freedom, Mobo supports over 20 languages—including Bahasa Malaysia—and delivers rich, personalized interactions. Designed for family life, it offers children interactive learning, storytelling, and object recognition, while providing elders with conversational companionship and customizable reminders. Powered by MoAgent, AiMOGA’s embodied intelligence system, Mobo features a dual-brain architecture enabling real-time responses, multi-tasking capabilities, and adaptive learning through facial recognition and secure MogaCloud integration.

Peng Xia, AiMOGA Robotics Executive Vice President, said Mobo’s spatial perception, interaction, execution, decision-making, and cognition layers form a perception-decision-execution-feedback loop. Spatial memory enables object retrieval, while social navigation recognizes pedestrian paths and interaction zones. Multimodal technologies coordinate language, facial expressions, and movement for natural interaction.

Beyond home use, Mobo shows strong potential in professional settings—from customer service to logistics—supporting AiMOGA’s vision of integrating robotics into everyday workflows.

Since its debut in August 2026, Mobo has attracted over 10,000 prospective users. Thirty-five were selected as Global User Experience Officers, receiving one year of complimentary use to help shape future improvements.

At the event, Guibin Zhang, AiMOGA Robotics General Manager, outlined strategies in R&D, cost optimization, sales and leasing. The “Platform Institute + Scenario Institute” model drives validation for bipedal, quadruped, and wheeled robots. Plans include 300 global experience centers and “Jia Tian Xia”, a robot leasing brand launching in Wuhu. Leveraging Chery’s manufacturing and platform resources enhances cost efficiency and scalability.

Notably, AiMOGA’s impact in Malaysia is amplified through strategic collaboration with sister brands Chery, OMODA & JAECOO, iCAUR, and LEPAS. Their partnership extends far beyond vehicle showrooms and daily operations—jointly developing integrated smart ecosystems that span mobility, retail, smart offices, and connected living.

As part of a global rollout with over 3,000 units deployed across 60+ markets, this initiative aims to bring intelligent, accessible robotics to more Malaysian families and businesses—enhancing productivity, convenience, and quality of life.

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SOURCE AiMOGA Robotics

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