The global Functional Safety Market is expected to reach USD 5,691.0 million by 2026 at a CAGR of 5.33% during the forecast period. Market Research Future (MRFR), in its report, envilops segmentation and drivers to provide a better glimpse of the market in the coming years. In the past, walkie talkie was mainly used for security purposes. The functional safety systems are also used as fire and gas monitoring control, turbo machinery control, and burner management systems, among others. In 2017, Exida certified Emerson Process Management Valve Automation, Inc. for functional safety required for maintaining safety and integrity.
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.
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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 Devices 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.
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