Global Functional Safety Market, by Devices (Access Management, Identity and Data and Application Integration) By System (Android, IOS, Others) By Organization Size (Small, Medium & Large Enterprises) By Application (Health, Retail) – Forecast 2023
Functional safety is a failsafe concept used across industries to shutdown processes in cases of abnormal situations. Various safety standards enforced by nations for its workers to address faults of machines can influence its adoption. The global functional safety market report by Market Research Future (MRFR) comprises estimations and projections for the period of 2017 to 2023 (forecast period) based on market variables of drivers, challenges, opportunities, and trends. The COVID-19 pandemic and its impact on the industry are covered as well.
Competitive Outlook of Global Functional Safety Market:
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 Free Sample at: https://www.marketresearchfuture.com/sample_request/3220
The global functional safety market is expected to grow to USD 8.7 billion by 2023 at 8.64% CAGR over the forecast period.
Massive demand for safety systems which provide ample protection to staff, rise of industry 4.0, and mandates for safety policies for the protection of workers across industries are major drivers of the market. Rise of mobile applications has worked in favor of the market giving birth to mobile backend as a service (MBaaS). The capacity of the application for reaching multiple users, integration with social networking services, and pushing inbox notifications for emergencies can drive the global functional safety market growth. This is supported by the flurry of cloud-based applications launched owing to the popularity of smartphones.
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.
The global functional safety 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.
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 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.
Table of Content:
6 FUNCTIONAL SAFETY MARKET
6.2.1 BY DEVICES
220.127.116.11 SAFETY SENSORS
18.104.22.168 FINAL CONTROL ELEMENTS
22.214.171.124 SAFETY CONTROLLERS/MODULES/RELAYS
126.96.36.199 PROGRAMMABLE SAFETY SYSTEMS
188.8.131.52 EMERGENCY STOP DEVICES
184.108.40.206 SAFETY SWITCHES
6.2.2 BY SYSTEM
220.127.116.11 SAFETY INSTRUMENTED SYSTEMS
18.104.22.168 TURBO MACHINERY CONTROL (TMC)
22.214.171.124 SUPERVISORY CONTROL SYSTEM
126.96.36.199 BURNER MANAGEMENT SYSTEMS (BMS)
188.8.131.52 EMERGENCY SHUTDOWN SYSTEMS (ESD)
184.108.40.206 FIRE & GAS MONITORING CONTROL
220.127.116.11 INDUSTRIAL CONTROL SYSTEMS
18.104.22.168 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEMS (HIPPS)
22.214.171.124 DISTRIBUTED CONTROL SYSTEMS (DCS)
6.2.3 BY END-USER
126.96.36.199 OIL & GAS
188.8.131.52 METAL AND MINING
184.108.40.206 PHARMACEUTICALS AND BIOTECH
220.127.116.11 RETAIL AND WHOLESALE
18.104.22.168 POWER GENERATION
6.2.4 BY REGION
22.214.171.124 NORTH AMERICA
126.96.36.199 ASIA PACIFIC
188.8.131.52 REST OF THE WORLD
List of Figures:
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 FUNCTIONAL SAFETY MARKET: BY DEVICES (%)
FIGURE 3 FUNCTIONAL SAFETY MARKET: BY SYSTEM (%)
FIGURE 4 FUNCTIONAL SAFETY MARKET: BY END-USER (%)
FIGURE 5 FUNCTIONAL SAFETY MARKET: BY REGION (%)
Browse More Details on Report at:
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.
+1 646 845 9312