Market Scope
The global Functional Safety Market is expected to reach USD
5,691.0 million by 2026 at a CAGR of 5.33% during the forecast period. Market
Research Future (MRFR), in its report, envelops segmentation and drivers to
provide a better glimpse of the market in the coming years. In the past, walkie
talkie was mainly used for security purposes. The functional safety systems are
also used as fire and gas monitoring control, turbo machinery control, and
burner management systems, among others. In 2017, Exida certified Emerson
Process Management Valve Automation, Inc. for functional safety required for
maintaining safety and integrity.
Competitive Outlook
Rockwell Automation Inc., Schneider Electric SE, Emerson
Electric Co., ABB Ltd., and Siemens AG are prime players of the market. Other
players include Yokogawa Electric Corporation, Omron Corporation, General
Electric Co., TUV Rheinland, Honeywell International Inc., HIMA Paul
Hildebrandt GmbH, and Endress+Hauser Management AG.
Get Sample of Report
@ https://www.marketresearchfuture.com/sample_request/3220
Fiscal policies enforced by governments for sustaining the
manufacturing sector are likely to favor the market despite the COVID-19
pandemic. The pandemic has halted the brakes in production and can hamper the
market growth. But the integration of internet of things (IoT), optimization
for tablets and smartphones, and low complexities in mobile application
development can renew production while protecting workers.
Segmentation
The global Functional
Safety Devices Market is segmented by devices, systems, and end-users.
By devices, it is segmented into safety switches, actuators,
programmable safety systems, emergency stop devices, valves, safety
controllers/modules/relays, safety sensors, and final control elements.
By systems, it is segmented into high-integrity pressure
protection systems (HIPPS), safety instrumented systems, distributed control
systems (DCS), burner management systems (BMS), turbo machinery control (TMC),
industrial control systems, fire & gas monitoring control, emergency
shutdown systems (ESD), and supervisory control and data acquisition (SCADA)
systems.
By end-users, it is segmented into metal and mining, power
generation, pharmaceuticals and biotech, manufacturing, oil & gas, retail
and wholesale, and others. ‘Others’ are further segmented into automotive,
railways, medical, discrete, and others.
Regional Analysis
Europe, Asia Pacific (APAC), North America, and
Rest-of-the-World (RoW) are regions taken into consideration for the future
growth of the market.
North America is expected to lead the global Functional Safety
Devices Market owing to the ease of developing mobile applications and
availability of smartphones. Initiatives by governments for driving the growth
of companies can bode well for the market. Procurement of equipment which have
been certified by safety bodies for safe functionality and operations of
machines can drive regional market growth.
APAC is set to occupy a major share of the market due to
rampant industrialization in India, China, and Japan. It can display a robust
growth rate over the forecast period owing to adherence to international safety
standards, organizational functional safety, and initiative of multinational
companies of introducing new measure for their workers. The large number of
power projects which can compel the need for burner management systems and
automated solutions amid the rise of Industry 4.0 can favor the global
functional safety market.
Get complete Report @
https://www.marketresearchfuture.com/reports/functional-safety-market-3220
At Market
Research Future (MRFR), we enable our customers to unravel the complexity of
various industries through our Cooked Research Report (CRR), Half-Cooked
Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research
(CFR), and Market Research & Consulting Services.
MRFR team
have supreme objective to provide the optimum quality market research and
intelligence services to our clients. Our market research studies by products,
services, technologies, applications, end users, and market players for global,
regional, and country level market segments, enable our clients to see more,
know more, and do more, which help to answer all their most important
questions.
Media Contact:
Market Research Future (Part of Wantstats Research and
Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
No comments:
Post a Comment