Global Functional Safety Market, By System (Safety Instrumented Systems, Emergency Shutdown Systems (ESD), Fire and Gas Monitoring Control, Turbo machinery Control (TMC), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Industrial Control Systems, Supervisory Control and Data Acquisition (SCADA) Systems, Distributed Control Systems (DCS)), Offering (Component, Service), End User (Oil and Gas, Power Generation, Chemicals, Food and Beverages, Water and Wastewater, Pharmaceuticals, Metal and Mining, Discrete Industry, Automotive, Railways, Medical, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights : Global Functional Safety Market
Functional safety market size is valued at USD 6.46 billion by 2028 is expected to grow at a compound annual growth rate of 6.87% in the forecast period of 2021 to 2028. Data Bridge Market Research report on functional safety provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Functional safety is the type of a safety system for automation protection. Functional safety is appropriate for checking on inputs and breakdown responses to foretell the error in a fail-safe manner.
The strict mandate for safety regulations is expected to influence the growth of functional safety market over the forecast period of 2021 to 2028. Also the rapid demand for safety systems in oil and gas industry and the rise in the requirement for reliable safety systems to ensure personnel and asset protection are also anticipated to flourish the growth of the functional safety market. Furthermore, the increase in the industrial revolution 4.0 and financial policy steps taken by regional financial institutions to keep manufacturing facilities floating amid COVID-19 crisis are also likely to positively impact the growth of the market. Moreover, the rise in the awareness and concerns regarding the safety of individuals and the increase in the number of manufacturing industries are also expected create a huge demand for functional safety as well as lifting the growth of the functional safety market.
However, the high investment required for installing functional safety systems and the dearth of awareness and complexity of standards are expected to act as the major limitations for the growth of functional safety in the above mentioned forecasted period, whereas the lack of functional safety certified workforce and the high complexity of safety applications can challenge the functional safety market growth in the forecast period of 2021 to 2028.
Likewise, the rapid rise in the acceptance of workplace safety standards in emerging economies, rapid technological advancements and increase in the usage of industrial internet of things are expected to create various new opportunities that will lead to the growth of the functional safety market in the above mentioned forecasted period.
This functional safety market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on functional safety market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Functional Safety Market Scope and Market Size
Functional safety market is segmented on the basis of system, offering and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of system, the functional safety market is segmented into safety instrumented systems, emergency shutdown systems (ESD), fire and gas monitoring control, turbo machinery control (TMC), burner management systems (BMS), high-integrity pressure protection systems (HIPPS), industrial control systems, supervisory control and data acquisition (SCADA) systems and distributed control systems (DCS).
- Based on offering, the functional safety market is segmented into component and service. Component has further been segmented into safety sensor, programmable safety system, safety controller/module/relay, safety switch, emergency stop device and final control elements. Service has further been segmented into testing, inspection, and certification, maintenance and training and consulting.
- The end user segment of the functional safety market is segmented into oil and gas, power generation, chemicals, food and beverages, water and wastewater, pharmaceuticals, metal and mining, discrete industry, automotive, railways, medical and others.
Functional Safety Market Country Level Analysis
Functional safety market is analyzed and market size, volume information is provided by country, system, offering and end user as referenced above.
The countries covered in the functional safety market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).
U.S. dominates the market in North America due to the number of oil and gas projects. Asia-Pacific is expected to expand at a significant growth rate of over the forecast period of 2021 to 2028 owing to the rapid industrialization in emerging economies such as China and India and rapid rise in the acceptance of international functional safety standards.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Functional Safety Market Share Analysis
Functional safety market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to functional safety market.
The major players covered in the functional safety market report are Renesas Electronics Corporation, MANGAN SOFTWARE SOLUTIONS, Intel Corporation, Johnson Controls, Balluff Automation India Pvt. Ltd., MOGAS Industries, Inc., PHOENIX CONTACT, Pepperl+Fuchs (India) Pvt. Ltd., Moore Industries., Bosch Rexroth AG, UL LLC, Pilz GmbH & Co. KG, OMRON Corporation, Mitsubishi Electric Corporation, HIMA, General Electric, Yokogawa Electric Corporation, Siemens, Schneider Electric, Rockwell Automation, Inc., Honeywell International Inc., Emerson Electric Co., and ABB among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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