Functional safety is a particular element of security management that refers to the proper functioning of a specific device or item of machinery. It examines the prospective hazards resulting from the system failure of the device or part of the machinery. It then includes implementing back-up security policies to solve the system failure. Functional safety depends on effective structures, rather than inactive structures.
Global Functional safety market is to register a Substantial CAGR of 8.76 % in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. The rise in the market value can be attributed to standard safety norms and rules, increasing focus on aggressive security systems and increased requirement for functional security-certified ESD
Major Market Competitors/Players
Few of the major competitors currently working in the global Functional safety market are Renesas Electronics Corporation., Mangan Software Solutions, Intel Corporation, Balluff GmbH, PHOENIX CONTACT, Pepperl+Fuchs Factory Automation Pvt. Ltd., Moore Industries., Bosch Rexroth AG, Mouser Electronics, Inc., UL LLC, Pilz GmbH & Co. KG, OMRON Corporation, Mitsubishi Electric Corporation, HIMA, GENERAL ELECTRIC, exida.com LLC, Endress+Hauser Management AG, Yokogawa Electric Corporation, TÜV Rheinland, Siemens, Schneider Electric, Rockwell Automation, Inc., Honeywell International Inc., Emerson Electric Co., ABB amongst others.
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Segmentation: Global Functional Safety Market
- By Device (Safety Sensors, Safety Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, Others)
- By System (Safety Instrumented Systems (SIS), Industrial Control Systems)
- By Application (Process Industry, Discrete Industries)
- By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
- Standard safety norms and rules is driving the growth of the market
- Increasing focus on aggressive security systems is propelling the growth of the market
- Rising implementation of operational safety systems in oil and gas sector is boosting the growth of the market
- Increased requirement for functional security-certified ESD in method and separate sectors is contributing to the growth of the market
- High capital expenditure in the implementation of functional safety systems is hindering the growth of the market
- Growing difficulty of functional safety systems is hampering the growth of the market
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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