Key Competitors are:
The prominent players in the Functional Safety Market are – Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co. (US). The other prominent players in this market include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric Corporation (Japan) among others.
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Observing the current changing trends in the field of application development, it can be confidently said that the future looks pretty bright for the global functional safety market. The market is anticipated to earn a whopping revenue of USD 7.65 billion during the forecast period of 2018-2022. In terms of CAGR, the market will tread forward at a moderate rate of 7.89%.
This market is indebted to numerous growth factors for its success and development. The rapid increase in the demand and creation of mobile applications is the first and most crucial development driver for this market. Another important aspect that adds to the growth is higher acceptance of novel technologies like MBaaS in the SMEs and other set-ups. This is one factor that opens door to many future opportunities for the market.
Secondary growth drivers can be listed as higher need for internet of things and requirement for features that can offer benefits by the use of minimal resources.
In the 21st century everything has been digitalized, this is especially true for information technology enterprises (IT) out there. This instance has brought about a lot of advancements to safeguard the important & confidential data of these organizations. One of the most recent and notable innovations in this field has been the introduction of functional safety. Since its discovery, more and more companies have started to invest in it owing to its beneficial features. Resultantly, the global functional safety market has started gaining momentum.
The worldwide functional safety market has been divided into four equal parts – end users, devices, geographies and systems.
The end users segment comprises of oil & gas, railway, process industry, metal and mining, food & beverages, discrete industry, medical, power generation, water & wastewater, automotive and chemicals.
On account of devices, the market is fragmented into safety switches, actuators, emergency stop devices, final control elements, safety controllers/modules/rays, valves and programmable safety systems.
Geographically, the market is spread across various regions like North America, Asia Pacific, Europe and Rest of the World.
Finally, based on systems the market has been segmented into emergency shutdown system, distributed control system, industrial control systems, safety instrumented systems, supervisory control and data acquisition systems, turbo machinery control, fire & gas monitoring system, burner management systems and high-integrity pressure protection systems.
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.
With the entry of new industry players in the global functional safety segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Effective planning is essential in terms of R&D which will enable to continue the upward growth trends.
Table of Content:
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
Continued. . .
List of Figures:
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 FUNCTIONAL SAFETY MARKET: BY DEVICES
FIGURE 3 FUNCTIONAL SAFETY MARKET: BY SYSTEM
FIGURE 4 FUNCTIONAL SAFETY MARKET: BY END-USER
FIGURE 5 FUNCTIONAL SAFETY MARKET: BY REGION
Continued. . .
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