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Functional Safety Market Is Projected To Grow At A 6.20% Rate Through The Forecast Period Featured

Sep 27, 2023 9:00 PM ET

Functional Safety Market Is Projected To Grow At A 6.20% Rate Through The Forecast Period Featured

Functional Safety Market Insights:

In 2022, the Functional Safety Market Size was estimated to be worth USD 12.8 billion. The functional safety market industry is anticipated to see a compound annual growth rate (CAGR) of 6.20% from 2023 to 2032, rising from USD 13.6 billion in 2023 to USD 22.0 billion by that time. The primary market drivers accelerating market expansion are the rising use of automated devices, loT, and industrial automation.

When compared to the usage of best engineering design practises in the past, the inclusion of rigorous methodologies in many international and regional industrial safety standards has improved the overall safety of a system. Industrial safety requirements are thus being embraced by more industries.

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Key Players:

  • Siemens AG
  • ABB Ltd.
  • Honeywell
  • General Electric Co.
  • Schneider Electric SE
  • Rockwell Automation inc.
  • Emerson Electric Co.
  • Honevwell International inc.
  • HIMA Paul Hildebrandt GmbH
  • Endress+Hauser Management AG
  • TUV Rheinland
  • Omron Corporation
  • Yokogawa Electric Corporation
  • DEKRA Group,

are the notable vendors in the Functional Safety market.

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Functional Safety Market Regional Analysis:

The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. The North American market will command the largest revenue share in 2022. This is because industry 4.0 is developing quickly, significant technologies and innovations are being created, there are more oil and gas projects underway, and there is a growing need for functional safety solutions.

Due to tight government regulations regarding safety and security, Europe holds the second-largest market share for functional safety. Additionally, the UK functional safety market was expanding at the highest rate in the European region, while the German functional safety market had the largest market share. From 2023 to 2032, the Asia-Pacific Functional Safety Market is anticipated to experience the quickest CAGR growth. This is a result of the automotive and food and beverage (F&B) industries’ fast expansion. Additionally, the functional safety market in India was expanding at the quickest rate in the Asia-Pacific region, while the functional safety market in China had the greatest market share.

Functional Safety Market Segmentation:

Actuators, safety sensors, final control elements, safety controllers, modules, relays, and programmable safety systems are included in the functional safety market segmentation based on devices. Safety controllers are anticipated to hold the largest market share during the forecasted period.

Safety Instrumented Systems, Turbo Machinery Control (TMC), Supervisory Control System, Burner Management Systems (BMS), and Emergency Shutdown Systems (ESD) are among the system-based segments of the functional safety market. The category for emergency shutdown systems (ESD) had the largest revenue share in 2022.

Based on end-users, the functional safety market is segmented into oil & gas, metal & mining, pharmaceuticals & biotech, retail & wholesale, and others. Over the forecast period, oil and gas are anticipated to rule the world market.

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The demand for functional safety has also increased as a result of the growth in the number of dangerous places and the frequency of incidents in these regions. Therefore, during the course of the forecast period, the Functional Safety Market is anticipated to develop due to rising industrial safety norms.

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