Materials & Chemicals Market Research News

New report shares details about the Global functional safety market that is projected to grow at a highest CAGR to 2024

Materials & Chemicals Research

The Global Functional Safety Market accounted for USD 4.22 billion in 2016 growing at a CAGR of 8.5% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Functional safety is defined as the process of standardization of performance and safety requirements to protect risks associated with damage to machinery and harm to human health. Functional safety systems are composed of electrical and electronic elements that are used for the fulfillment of safety function in most of the related sectors having its application in industries such as oil & gas, power generation, chemicals, food & beverages, water & wastewater, pharmaceuticals, biotech, metal & mining, automotive, railways, medical, and others as there is a high risk of related injuries.

The Global Functional Safety Market accounted for USD 4.22 billion in 2016 growing at a CAGR of 8.5% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Major Market Drivers:

  • Rising standards of industrial safety
  • Increasing adoption of functional safety systems in wide range of industries
  • Increasing demand for proactive safety systems
  • High installation costs

Market Segmentation:

On the basis of system, the global functional safety market is segmented into safety instrumented systems, and industrial control systems. The safety instrumented system segment is further segmented into emergency shutdown systems (ESD), fire & gas monitoring control, turbo machinery control (TMC), burner management systems (BMS), and high-integrity pressure protection systems (HIPPS).

The industrial control systems segment further segmented into supervisory control and data acquisition (SCADA) Systems, distributed control systems (DCS).

The global functional safety market is segmented on the basis of device which is segmented into safety sensors, safety switches, safety controllers/modules/relays, programmable safety systems, emergency stop devices, final control elements, and others. The final control elements segment is further segmented into valves, and actuators.

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On the basis of end user, the global functional safety market is segmented into process industry and discrete industry. The process industry segment is further segmented into oil & gas, power generation, chemicals, food & beverages, water &wastewater, pharmaceuticals, biotech, metal &mining, and others.

The discrete industry segment is further segmented into automotive, railways, medical, and others.

On the basis of geography, global functional safety market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

In 2017, North America is expected to dominate the market.

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The report for functional safety market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others.

The report also measures technology life line curve and market time line to analyze and do more affective investments.

Major Market Competitors:

Some of the major players of the global functional safety market ABB, Ametek, Eaton, Emerson Electric, Honeywell, Rockwell Automation, Schneider Electric, Siemens, General Electric Co., HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG, TUV Rheinland, Omron Corporation, Yokogawa Electric Corporation, Intel Corporation, Balluf Inc., Mangan Software Solutions, TE Connectivity, DEKRA Group, and others.

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