Functional Safety Market

Functional Safety - Global Market Outlook (2018-2027)

4.7 (20 reviews)
Published: February 2020 ID: SMRC18901
4.7 (20 reviews)
Published: February 2020 ID: SMRC18901

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Functional Safety Market is accounted for $4.21 billion in 2018 and is expected to reach $10.61 billion by 2027 growing at a CAGR of 10.8% during the forecast period. Increasing strict mandates for safety regulations and surging demand for safety systems in the oil & gas industry are the major factors driving the market growth. However, high financing required for placing in helpful insurance structures and absence of ability and the multifaceted nature of models are limiting commercial centre increment.

Functional safety is the part of the general safety of a device or piece of device that is predicated upon automatic safety strolling efficiently in reaction to its inputs or failure in a predictable manner (fail-secure). The computerized safety system should be designed to correctly manage possibly human errors, hardware screw-united states and operational/environmental pressure.

Based on the offering, the service segment is likely to have a huge demand due to increasing adoption of safety instrumented systems (SIS) by manufacturing companies and growing demand for functional safety, especially in oil & gas and chemical industries. By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to high potential for installation of functional safety in the oil & gas, chemicals, and power generation industries and increasing industrialization in emerging economies such as China and India.

Some of the key players profiled in the Functional Safety Market include ABB, GE, Yokogawa, Siemens Ag, Schneider Electric, Hima Paul, Omron, Honeywell, Emerson Electric, Rockwell, TUV SUD and Johnson Controls.   

Systems Covered:
• Industrial Control Systems
• Safety Instrumented Systems (SIS)

Offerings Covered:
• Service
• Component

Applications Covered:
• Process Industry
• Discrete Industries

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

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