New York, November 25, 2021 – The global functional safety market size is expected to reach USD 6.55 Billion in 2028 and register a revenue CAGR of 4.6% over the forecast period, according to the latest report by Reports and Data. Increasing functional safety requirements for industry 4.0 in smart factories, ongoing technological advancements, rapid industrialization, and higher adoption of connected devices are some key factors expected to drive market revenue growth over the forecast period.
Functional safety is a key part of an overall safety program that relies on systems or pieces of equipment operating correctly to inputs. Industry 4.0 is a new all-encompassing approach for modern manufacturing. In modern factories, importance of safety cannot be underestimated, which, in turn, is propelling demand for functional safety as it is needed to assure that a component of equipment can fulfil its safe operation during industrial processes.
Increasing functional safety requirements for industry 4.0 in smart factories and higher adoption of connected devices are some key factors driving market revenue growth
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Integrated circuits are vital to deployment of functional safety and through implication, industry 4.0. Functional safety is much more than simply taking into consideration a process to make it safer. It also refers to the level of confidence within a safety system’s ability to respond as needed whenever the requirement arises. Demand for functional safety is growing at a fast pace, owing to increasing use of connected devices and high potential to install any software through Over-the-Traffic (OTA). In addition, advent of industry 4.0 has led to increasing need for efficient safety systems to protect people and property. Such factors are expected to contribute to market revenue growth in the near future.
However, concerns regarding increasing complexity of safety applications and high set-up cost of functional safety systems are expected to limit adoption and restrain market revenue growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- Fire and gas monitoring system segment is expected to account for a significantly steady revenue share during the forecast period due to increasing use of fire and gas monitoring systems in the oil & gas sector.
- Service segment is expected to register a significant revenue CAGR over the forecast period. Increasing usage of safety instrumented systems by manufacturing organizations and rising demand for functional safety services, especially in oil & gas and process sectors are some factors expected to boost growth of this segment.
- Energy and power segment is expected to expand at a significant revenue CAGR over the forecast period. Power plants are very hazardous to both humans and environment. As a result, such plants must maintain a high level of functional safety, which is expected to boost growth of this segment.
- Asia Pacific is expected to register fastest revenue CAGR over the forecast period. Rapid industrial growth, increasing focus of organizations on functional safety, and growing influence of international firms adopting safety systems are anticipated to propel demand for functional safety in this region.
- Some major companies profiled in the market report are Honeywell International Inc., Rockwell Automation, Inc., Emerson Electric Co., Schneider Electric SE, Yokogawa Electric Corporation, ABB Ltd, General Electric Company, Omron Corporation, Siemens AG, and Balluff GmbH.
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For the purpose of this report, Reports and Data has segmented global functional safety market based on system, offering, end-use, and region:
System Outlook (Revenue, USD Billion; 2018-2028)
- Fire & Gas Monitoring System
- Burner Management System
- Emergency Shutdown System
- High Integrity Pressure Protection System
- Turbomachinery Control
Offering Outlook (Revenue, USD Billion; 2018-2028)
- Safety Switch
- Safety Controller
- Safety Sensor
- Emergency Stop Device
- Programmable Safety System
- Final Control Elements
- Training & Consulting
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Food & Beverage
- Energy & Power
- Oil & Gas
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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