Functional Safety - Global Market Outlook (2018-2027)
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.
• Industrial Control Systems
• Safety Instrumented Systems (SIS)
• Process Industry
• Discrete Industries
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
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