The report of global functional safety market by Devices (Safety Sensors, Safety Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, Valves, Actuators, Other) System (Safety Instrumented Systems, Emergency Shutdown Systems (ESD), Fire & 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)) End User (Process Industry, Oil & Gas, Power Generation, Chemicals, Food & Beverages, Water & Wastewater, Pharmaceuticals and Biotech, Metal & Mining, Discrete Industry, Automotive, Railways, Medical, Others) Region (North America, Europe, Asia Pacific, South America, Middle East and Africa) is expected to reach US$ XX Bn by 2027, at a CAGR of 8.8% during a forecast period.
Functional safety detects a potentially hazardous condition and causes. Functional safety standards are widely used in almost all industries such as on oil and gas, power generation, automotive and more. Every industry has their own functional safety standards, for instance, automotive industry has ISO 26262, and manufacturing industry has IEC 62061 and more, which ultimately leading to the growth of market.
Asia Pacific is witnessing the fastest growth at CAGR of XX%.
Asia pacific held the largest market share in 2018 and is expected to witness high growth at CAGR of XX% during forecast Period. The developing countries such as China, India, Japan and South Korea are major key contributors behind the growth of market. These four countries have one of the most dynamic oil and gas downstream sectors in the region and they together are accounted for over 78% of the oil refining capacity, which results into the growth of market.
North America followed by Europe is expected to witness fast growth during forecast period. The US, Canada, UK, Germany and France are dominating the market. This is owing to the adoption of advanced functional safety standards in well established automotive industries.
In June 2018, Siemens have entered into an agreement to acquire Austin, Texas-based Austemper Design Systems Inc, a start-up software company that offers analysis, auto-correction and simulation technology. This technology allows customers to test and harden IC designs for functional safety in applications such as automotive, industrial and aerospace systems where functional safety and high reliability are mandatory for compliance to safety standards like ISO 26262.
Key Players in global functional safety market are Siemens AG, Rockwell Automation Inc, ABB Ltd, Schneider Electric SE, Emerson Electric Co, General Electric Co, Honeywell International Inc, HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG, TUV Rheinland, Omron Corporation and Yokogawa Electric Corporation.
Maximize Market Research, India market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Functional Safety Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Functional Safety Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Functional Safety Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Functional Safety Market”.
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