The strict safety standards and policies set by the government to ensure the protection of personnel, as well as assets, are the primary aspect of the growth of the Functional Safety Market.
JERSEY CITY, N.J., July 11, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Functional Safety Market" By System (Safety Instrumented Systems, Industrial Control Systems), By Device (Safety Sensors, Safety Switches), By End-User (Process Industry, Discrete Industries), and By Geography. According to Verified Market Research, the Functional Safety Market size was valued at USD 4.2 Billion in 2021 and is projected to reach USD 9.8 Billion by 2030, growing at a CAGR of 11.2% from 2022 to 2030.
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Browse in-depth TOC on "Functional Safety Market"
202 - Pages
126 - Tables
37 - Figures
Global Functional Safety Market Overview
Functional Safety is a high standard and is most typically utilized in the economic sectors due to the provision of various plants and growing activities. Additionally, the rising demand for safety systems within the oil & gas business to forestall industrial disasters is the major issue projected to drive the global Functional Safety Market throughout the forecast period. Moreover, the implementation of the varied restrictive standards to safeguard the operators and therefore the instrumentality is propulsive to the market growth. However, the massive initial investment associated with it is expected to limit the market growth.
Strict obligatory safety standards and government policies associated with the protection of the systems and personnel concerning are the most important factors chargeable for the expansion of the global Functional Safety Market. Additionally, the rising awareness and considerations relating to the protection of people also are expected to spice up the expansion of this market. moreover, an increasing range of producing industries and activities in conjunction with a growing demand for reliable safety systems to make sure personnel and plus protection, and an increase in the implementation of operational safety systems within the oil and gas sector is additionally propulsive to the expansion of the market. Moreover, a rise in the acceptance of geographical point safety standards in developing nations and usage of the economic Internet of Things is probably going to make profitable opportunities for this market.
Key Developments
- On June 2021, ABB Ltd., announced distributed control system 800xA, improving collaboration with several new features, including simplified, faster commissioning of greenfield projects and brownfield expansions with a new and improved Ethernet I/O Field Kit.
Key Players
The major players in the market are Schneider Electric SE, Hima Paul Hildebrandt GmbH, ABB Ltd., TUV Rheiland AG, Siemens AG, General Electric Co, Honeywell International Inc, Emerson Electric Co, Rockwell Automation, Inc, and Omron Corporation
Verified Market Research has segmented the Global Functional Safety Market On the basis of System, Device, End-User, and Geography.
- Functional Safety Market, By System
- Safety Instrumented Systems
- Industrial Control Systems
- Emergency Shutdown Systems
- Turbomachinery Control
- Others
- Functional Safety Market, By Device
- Safety Sensors
- Safety Controllers/Modules/Relays
- Programmable Safety Systems
- Safety Switches
- Others
- Functional Safety Market, By End-User
- Process Industry
- Discrete Industries
- Power Generation
- Food & Beverages
- Others
- Functional Safety Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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Leading Functional Safety Companies safeguarding against unforeseen circumstances
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