The study reveals that the market of Functional Safety is trending in North America region. The Functional Safety market is driven by the advantage of the services, UL product safety with greater efficiencies of instrument has speed up the market. A recent trend of safety sensors is boosting the Functional Safety market.
The study also signifies that The Functional Safety Market is expected to grow at a high rate as safety system and plays an important role in maintaining functional safety. Whereas, the low cost acts as an advantage to the Functional Safety market.
The Functional Safety market is growing rapidly over 8.6% of CAGR and is expected to reach at USD 8.7 billion by the end of forecast period.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Functional Safety Market – Forecast to 2023”.
Major Key Players:
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Emerson Electric Co. (US)
- Siemens AG (Germany)
- Honeywell International Inc. (US)
- HIMA Paul Hildebrandt GmbH (Germany)
- Endress+Hauser Management AG (Switzerland)
- TUV Rheinland (Germany)
- Rockwell Automation Inc. (US)
- General Electric Co. (US)
- Omron Corporation (Japan)
- Yokogawa Electric Corporation (Japan)
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Functional Safety Market Segmentation
The Functional Safety Market has been segmented on the basis of Service type, Operating System, Organization Size, end-user and region. Looking through the end-user segment it has been observed that metal and mining has shown a tremendous functional safety and holds the largest market share.
The analysis indicates that the other sectors like Pharmaceuticals and Biotech would be considering Functional Safety for their regular use and would show a positive growth in the Functional Safety market.
Market Research Analysis:
On geographic basis, Functional Safety market is studied in different regions as North Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading in the Functional Safety market and is expected to grow with a high rate. It also holds the largest market share in the Functional Safety market as safety systems are widely adopted in power generation plants, which is contributing to market growth.
The study shows that Europe region is also showing a positive curve in growth of the Functional Safety market as Europe follows safety standards such as EN 61508, EN 61511, and EN 62061. The developing economies in Asia-pacific regions like China, Japan, India and others are showing high adoption in the Functional Safety.
The regional analysis of Functional Safety Market is being studied for region such as Asia pacific, North Americas, Europe and Rest of the World. Technological advancements in ease of smart mobile usage to develop the mobile applications has driven the market of Functional Safety in North America.
The study reveals that Europe region is also showing the positive sign towards mobile application at a very rapid pace in the Functional Safety Market during the forecast period as MBaaS is updating various applications and security to the smart mobile and devices. Asia-Pacific countries like China, Japan and India have shown considerably fair share in the Functional Safety Market but will be growing fast in coming time.
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- System Security
- Functional safety devices and systems manufacturers
- Safety equipment suppliers
- Functional safety certification providers
- Semiconductor product designers and fabricators
- Functional safety lifecycle service providers
- Governments, financial institutions, and investment communities
- Original equipment manufacturers (OEMs)
- Product manufacturers
- Suppliers for chemical and oil & gas industries
- Research organizations
- Technology investors
- Technology standards organizations, forums, alliances, and associations
- Research/Consultancy firms
Table of Contents
1 Market introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure:
1.3.1 Global Functional Safety Market: By Devices
1.3.2 Global Functional Safety Market: By System
1.3.3 Global Functional Safety Market: By End User
1.3.4 Global Functional Safety Market: By Region
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
List of Tables
Table 1 Functional Safety Market, By Service
Table 2 Functional Safety Market, By System
Table 3 Functional Safety Market, By End-User
List of Figures
Figure 1 Research Methodology
Figure 2 Functional Safety Market: By Devices (%)
Figure 3 Functional Safety Market: By System (%)
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