Global functional safety products market is expected to reach USD 18,219.09 million by 2026 from USD 9,540.00 million in 2018, at a CAGR of 8.5% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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The global functional safety products market is a highly concentrated market which includes key players and local players. The market has witnessed increased various strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to strengthening of safety standards and government regulations and increasing demand of non-contact safety switches.
The market has witness developments in terms of merger and acquisitions, partnerships or product launches to enhance the product portfolio to meet the rising demand of innovative technology. In January, Rockwell Automation, Inc. acquired an innovative engineering software developer, Emulate3D. This acquisition will help the company to add acquired company’s digital design portfolio to deliver solutions to automotive, logistics, material handling, and other industrial applications. The company leads in dealing with specialized automotive refinish products. It is primarily used in automotive & other industrial applications. This strategy helped the company to strengthen their position in respective regions and enhance the customer base.
ABB dominated the global functional safety products market and accounts for the highest market share in 2018 which is followed by the Siemens and Honeywell International. The other key players existing in the market includes SICK AG, Yokogawa Electric Corporation, Rockwell Automation, Intel Corporation, Endress+Hauser Management AG, MANGAN SOFTWARE SOLUTIONS, Balluff de México, OMRON Corporation, and others.
ABB headquartered in Zurich, Switzerland was founded in 1988. The company is engaged in providing solutions for digital industries. The company has four operating divisions namely, Electrification Products, Robotics and Motion and Industrial Automation, Corporate and Other. The industrial automation offers a range of solutions for process and hybrid industries. The industrial automation segment has increased its turnover by 7.68% to USD 7,394 Million in 2018 compare to 2017. The R&D Expenditure of the company increased from USD 1,013 million to USD 1,147 million. In February 2016, ABB has announced the partnership with Volvo to provide automated fast charging equipment for public transport in Namur, Belgium, which would help the company as the people are increasing their urban e-mobility investments for improving the air quality. This expanded product portfolio which would help ABB to develop in the market raising its standards in the product field.
It has its global networks through subsidiaries in the Americas, Europe, Asia and Middle East & Africa. The company has few subsidiaries such as ABB SAS (France), ABB AG (Germany), ABB India Limited (India), ABB K.K. (Japan), ABB Inc. (U.S.), ABB Limited (U.K.) and many others.
The Siemens Company headquartered in Munich, Germany was founded in 1847. The company is engaged in the areas of electrification, automation and digitalization with the leading supplier of systems for power generation, transmission and medical diagnosis. The company operates through different business segments which include Siemens Healthineers, Digital Factory, Power and Gas, Energy Management, Siemens Gamesa Renewable Energy, Process Industries and Drives, Mobility and Building Technologies. The Building technologies includes products, solutions, services and software for fire safety, security, building automation and energy management whereas process industries and drives offers a comprehensive product, software, solution and service portfolio for moving, measuring, controlling and optimizing all kinds of mass flows. The Building technologies group sales has been increased by 1.38% i.e., from USD 6,523 million in 2018 to USD 6,613 Million in 2017. The company’s R&D Expenditure increased by 7.63% from USD 6,096.62 million to USD 6,450.61 million.
It has its global networks in Africa, Asia, Australia, Europe, North America and South America. It operates through its subsidiaries such as Adwen Blades GmbH (Germany), Flender GmbH (Austria), Siemens, s.r.o. (Czech Republic), Siemens Mobility A/S (Denmark), Société d’Exploitation du Parc Eolien de Sceaux SARL (France) and many others.
Honeywell International is headquartered in New Jersey, U.S. founded in 1985. The company is engaged in developing and manufactures technologies for electronic, energy, safety, security, productivity, and global urbanization. The company operates through four business segments which include Aerospace, Home and Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solution. The total revenue of the company is USD 43,383.50 million out of which safety and productivity solution segment has the highest share which is 14.89%. In 2018, the revenue of the safety and productivity solution segment has been increased by 3.12% as compared to the previous year. This is due to the growth in organic sales, and a modest impact due to price.
The company has wide geographic presence in U.S., Europe and other international locations. It operates through its subsidiaries such as Hand Held Products, Inc. (DelawarE), Honeywell (China) Co., Ltd., Honeywell Aerospace de México, S. de R.L. de C.V. (Mexico), Honeywell ASCa Inc. (Canada), Honeywell Automation India Limited (India), Honeywell Aerospace Avionics Malaysia Sdn Bhd. (Malaysia), Honeywell Aerospace (UK), Honeywell Pte. Ltd. (Singapore), Honeywell Specialty Chemicals Seelze GmbH (Germany), and among others.
Global Functional Safety Products Market – Industry Trends and Forecast to 2026
Asia-Pacific Functional Safety Products Market – Industry Trends and Forecast to 2026
Europe Functional Safety Products Market – Industry Trends and Forecast to 2026
Middle East - Africa Functional Safety Products Market – Industry Trends and Forecast to 2026
North America Functional Safety Products Market – Industry Trends and Forecast to 2026