Functional Safety Market Size 2017 and Industry Estimated to Rise Profitably with CAGR 8.64% during 2017-2023

MRFR
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 Global Market – Overview

The global functional safety Market is growing with the rapid pace is mainly due to advancement in driver assistance systems, robotics and autonomous machines which is propelling the functional safety market growth to the large extent. According to a recent study report published by the Market Research Future, The global market of functional safety is expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).

 

The global Functional Safety Market is driven due to the increasing demand of high performance functional safety with real-time operating system and increasing need of identifying requirements for risk, safety requirements specification and others. The safety instrument systems, alarm systems, basic process control systems and others are gaining huge demand due to growing requirement of safety measures in the company. It consists of sensor, logic functions which detects hazardous condition and offer risk reduction against accident hazards.

 

The increasing demand of high performance functional safety with real-time operating system is boosting the market growth of functional safety. The functional safety system includes performance levels, safety integrity levels, failure modes and effects analysis, and others which is used for the calculation and analysis. The functional safety is used to automate safety system to protect people, products, from any kind of operational damage.

 

Functional Safety Market Players:

Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co. (US). The other prominent players in this market include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric Corporation (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global  Functional Safety Market.

 

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Industry News

In 2016 – Intel Corporation has acquired YOGITECH S.p.A. for the internet of things functional safety. These functional safety includes advanced driver assistance systems, robotics and autonomous machines. These functional safety are widely used in the industries including transportation, automotive, and others to mitigate risk and protection against any hazardous condition.

 

In 2016– HIMA has linked information security and functional safety with cyber security which is considered as the best solution for industries including oil & gas, railways, automotive, medical and others.

 

22-Nov-2017 – Siemens has extended its product portfolio based on IP65-protected Panel Human Machine Interface devices for machine-related, and Panel PC for user-friendly operator control and monitoring. It offers high performance and functionality as well as a large number of integrated interfaces. The new operator control and monitoring devices are suitable for high-end applications and powerful visualization tasks.

 

Functional Safety Global Market – Competitive Analysis

The Market of Functional Safety appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on latest technology and, most of all, in acquiring other firms.

 

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Functional Safety Global Market – Segmentation

The Functional Safety Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Devices: Comprises Safety Sensors, Safety Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, Valves, Actuators and others.

Segmentation by System: Comprises 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 & Data Acquisition (SCADA) Systems, and, Distributed Control Systems (DCS) among others.

Segmentation by End Users: Comprises Process Industry, Oil & Gas, Power Generation, Chemicals, Food & Beverages, Water & Wastewater, Pharmaceuticals and Biotech, Metal & Mining, Discrete Industry, Automotive, Railways, Medical among others.

Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

 

Functional Safety Global Market – Regional Analysis

North-America is dominating the Global  Functional Safety Market with the largest market share is due to the technological advancements and major players such as include General Electric Co. (US), Honeywell International Inc. (US), and others and is expected to grow over its previous growth records by 2023.  Functional Safety Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2016 to 2023 due to increasing demand of safety integrity achieved by the safety instrumented system in this region. The European market for Functional Safety Market is expected to grow at a considerable CAGR (2017-2023).

 

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