Functional Safety Market Report - Trends, Top Key Players Profiles to 2023

Market Research Future (MRFR) projects that the functional safety market 2020 can be valued at USD 8.7 Billion by 2023-end. MRFR adds that the market is expected to achieve a growth rate of 8.64% between 2017 and 2023 (appraisal period).

Market Segmentation

The functional safety market has been considered for devices, system and end users.

Devices-based market segments are Safety Switches, Safety Sensors, Actuators, Programmable Safety Systems, Valves, Final Control Elements, Safety Controllers /Modules / Relays, Emergency Stop Devices, and more.

The system-wise market segmentation comprises High-Integrity Pressure Protection Systems (HIPPS), Emergency Shutdown Systems (ESD), Safety Instrumented Systems, Supervisory Control And Data Acquisition (SCADA) Systems, Turbo machinery Control (TMC), Distributed Control Systems (DCS), Burner Management Systems (BMS), Fire & Gas Monitoring Control, Industrial Control Systems,

The significant end users in the function safety market are Water & Wastewater, Pharmaceuticals and Biotech, Chemicals, Discrete Industry, Process Industry, Railways, Medical, Metal & Mining, Oil & Gas, Power Generation, Food & Beverages, Automotive, and others. Functional Safety Automotive refers to IEC 61508 being adapted for the automotive industry. It states what is needed to prevent any kind of risk owing to hazards by the malfunctioning of E/E systems.

Regional Study

The regional study of Functional Safety Market Report includes Asia Pacific (APAC), Europe, North America, and Rest of the World (ROW).

The fastest growth will be observed by the APAC market, because of the rising use of functional safety solutions in discrete and process industries. With the continuous expansion of the automotive and manufacturing sectors, China has materialized into one of the best markets for functional safety solutions within the region. With India and China being significant manufacturing hubs in the world, the governments are concentrating on smart manufacturing methods, by boosting automation as well as industrial control systems (ICS), such as distributed control system (DCS), programmable logic controller (PLCs) and supervisory control and data acquisition (SCADA). This can increase the uptake of functional safety solutions across the manufacturing sector in these countries and also in the region.

The North American market can emerge as the top market, thanks to the government policies with regard to the safety of the systems as well as personnel coupled with the prevalence of mandatory safety standards. The top trend in the market can be the increasing deployment of digital communication systems and programmable logic controllers for functional safety.

Top Vendors

Top companies in the functional safety industry include Siemens AG (Germany), Emerson Electric Co. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), Rockwell Automation Inc. (US), and more.

Some other leading contenders in the global market include Yokogawa Electric Corporation (Japan), HIMA Paul Hildebrandt GmbH (Germany), Omron Corporation (Japan), TUV Rheinland (Germany), Honeywell International Inc. (US), Endress+Hauser Management AG (Switzerland), General Electric Co. (US), to mention a few.

About Market Research Future:

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.

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