Global Functional Safety Products Market 2020 Detail Analysis focusing on Key Players like Yokogawa Electric Corporation, Siemens, Endress+Hauser Management AG, MANGAN SOFTWARE SOLUTIONS

The Global Functional Safety Products Market business research document studies the key factors affecting the market and various opportunities in the market. Moreover, the report aims to examine the overall size of the market and infer the key trends from it. To inspect the market based on market share, product, and product share. Market instructions provided in this market analysis report are very specific and research-backed. They have been created to help players move in the right direction during their journey to achieve success in the market. This Global Functional Safety Products Market report also evaluates the market on the basis of end-users and applications and focus on the growth rate of each application.

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Global functional safety products market is projected to register a healthy CAGR of 8.5% in the forecast period of 2019 to 2026. Some of the major players operating in this market are Yokogawa Electric Corporation, Siemens, Endress+Hauser Management AG, MANGAN SOFTWARE SOLUTIONS, Balluff de Mexico, ABB, OMRON Corporation, Honeywell International, Inc., Rockwell Automation, Inc., SICK AG, Pilz GmbH & Co. KG, K.A. Schmersal GmbH & Co. KG, HYDAC, Schneider Electric, Cadence Design Systems, Inc., Hitex GmbH, TUV Rheinland, Intel Corporation, UL LLC.

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The companies are developing the functional safety products manufacturing by taking certain initiatives in terms of expanding the business growth, revenue generation and establishment of the market globally. For instance, in February 2019, UL LLC introduced a new chamber of 10 meter for RF and EMC testing which will allow a larger array of equipment and will also give accurate results. This location will give the facility to test more product types and sizes at one location.

Market Trends:

Global functional safety products market is segmented into three notable segments which are product, solution & service and industry vertical.

On the basis of the product, market is segmented into safety switches, safety sensor, functional safety controllers, emergency stop devices, pressure transmitters, camera systems, functional safety valves and others. Safety switches are further sub-segmented into electro-mechanical safety switches, safety locking devices, non-contact safety switches. Safety sensor is further sub-segmented into fluid sensor, fiber-optic sensor, distance sensor, angle sensor and others. Fluid sensor is segmented into level sensor, flow sensor, pressure sensor and temperature sensor. Distance sensor is segmented into mid-range, long range, ultrasonic and others. Safety switches segment is growing with the highest CAGR of 6.1% in the forecast period of 2019 to 2026.
On the basis of solution & service, the market is segmented into solution and service. Solution is further sub-segmented into turbomachinery control, fire & gas monitoring control, burner management system, emergency shutdown systems, high-integrity pressure protection systems, distributed control system, supervisory control and data acquisition systems, others. Service is further sub-segmented into consulting & design, verification and optimization and training & education. In 2019, solution segment is projected to lead with 78.63% shares in global functional safety products market.
On the basis of industry vertical, the market is segmented into oil & gas, chemical, railways, pulp and paper, automotive, power generation, food and beverages, pharmaceutical, mining and others. Oil & gas is further sub-segmented into onshore and offshore. Chemical is further sub-segmented into organic chemicals, inorganic chemicals and specialty chemicals. Mining is further sub-segmented into coal mining, metal mining and non-metallic mineral mining. Oil and gas segment is growing with the highest CAGR of 9.5% in the forecast period of 2019 to 2026.

The major factor driving the growth of this market is the strengthening of safety standards and government regulations. Work, Health and Safety (WHS) regulatory frameworks aim upon securing the health and safety of workers and the workplaces around them. As these sensors are smaller and smarter and so can be integrated into fixed and portable devices. Various regulatory frameworks help in safety and security of places that consume functional safety products which acts as a driver for the growth of the market.

The standard ISO 26262 is considered to be the best practice framework for achieving functional safety in road vehicles. Safety is considered as the key aspect in the automotive industry and the importance with which it is regarded in recent times has become far greater. ISO 26262 sets Automotive Safety Integrity Levels (ASILs) for manufacturers of the electronic systems in automobiles. This demand of ISO 26262 to be used in automotive drives the growth of the market.

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Segmentation: Global Functional Safety Products Market

The global functional safety products market is segmented into three notable segments which are product, solution & service and industry vertical.

On the basis of product, the market is segmented into safety switches, safety sensor, functional safety controllers, emergency stop devices, pressure transmitters, camera systems, functional safety valves and others. Safety switches are further sub-segmented into electro-mechanical safety switches, safety locking devices, non-contact safety switches. Safety sensor is further sub-segmented into fluid sensor, fiber-optic sensor, distance sensor, angle sensor and others. Fluid sensor is segmented into level sensor, flow sensor, pressure sensor and temperature sensor. Distance sensor is segmented into mid-range, long range, ultrasonic and others.
In October 2018, Intel Corporation has collaborated with the institute on its new artificial intelligence (AI) research center. This will feature technion's computer science, electrical engineering, industrial engineering and management departments so that they can implement AI solutions and demonstrate real value.

On the basis of solution & service, the market is segmented into solution and service. Solution is further sub-segmented into turbo machinery control, fire & gas monitoring control, burner management system, emergency shutdown systems, high-integrity pressure protection systems, distributed control system, supervisory control and data acquisition systems, others. Service is further sub-segmented into consulting & design, verification and optimization and training & education.

In March 2018, Siemens AG has invested in the new technology which is additive manufacturing to produce gas turbines. It will enable highly precise solutions from powered high performance materials.

On the basis of industry vertical, the market is segmented into oil & gas, chemical, railways, pulp and paper, automotive, power generation, food and beverages, pharmaceutical, mining and others. Oil & gas is further sub-segmented into onshore and offshore. Chemical is further sub-segmented into organic chemicals, inorganic chemicals and specialty chemicals. Mining is further sub-segmented into coal mining, metal mining and nonmetallic mineral mining.
In September 2017, Balluff de M�xico extending its digitalization by acquiring two companies the Stuttgart software company and Matrix Vision GmbH (MV). This will bring the strategic alignment and improve their capability for supplying integrated automation solutions from one provider.

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Business Expansions

In March 2018, Yokogawa Electric Corporation establishes a subsidiary in Norway in the name of Yokogawa Norge to provide sale of control products and related services. The region has become the growth opportunity for the company in pharmaceuticals, and foods. That's why the company is focusing in the Europe region. This will not only accelerate growth in the existing markets but also in the renewable energy and food industries.
In December 2018, Siemens AG opened a new production building to use Building Information Modelling for design and construction. The building is equipped with automation, security and fire safety technology which will emphasis on sustainability and energy efficiency of the buildings. The total investment was done of CHF 250 Million.
In October 2018, Endress+Hauser Management AG invested more than 10.4 million euros 11.77 million USD in the new production facility at Nesselwang, Germany. In addition to that, the company has made technology and common rooms. This expansion will help them in sustainable growth and increasing production efficiency.

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