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Functional Safety Market Analysis by GE, ABB Ltd., Schneider Electric, Rockwell Automation, Emerson Electric, Honeywell, Siemens, HIMA Paul Hildebrandt, Endress+Hauser, TUV Rheinland, Omron
Global Functional Safety Market, by Devices (Access Management, Identity and Data and Application Integration) By System (Android, IOS, Others) By Organization Size (Small, Medium & Large Enterprises) By Application (Health, Retail) - Forecast 2023Key Players:
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.
Market Scenario
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%.
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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.
Furthermore, upsurge in the demand for development of Backend as a service market, rising usage of smart phones, necessity for devices for rapid deployment and heightened need for development of cloud-based applications can all be termed as additional growth propellers for the market.
Functional Safety Market
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.
For the uninitiated, functional safety is a phenomenon that enhances the process of web development. It enables the web and mobile app developers to align their applications to the backend cloud storage. It also provides beneficial features like push notifications, integration with social networking services and user management.
At its heart functional safety is a mobile based application that works towards improving the quality of communication. Furthermore, it can also fulfill the demand for web, computer and mobile apps. This technology will definitely change the way how people develop and build websites. Looking at its rapid progress, it will not be incorrect to say that this market will achieve new heights of success very soon!
Market Segmentation
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.
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Innovations
The global functional safety market has observed many innovations in the past decade, one of the most noteworthy of them has been the concept of functional safety in automobiles. This innovation was devised with a purpose to enhance the driver’s and passenger’s safety while on the go.
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