Functional Safety Market to Witness Huge Growth by Key Players: Emerson, Honeywell, Rockwell, ABB, Schneider and Others.

According to Market Study Report, Functional Safety Market provides a comprehensive analysis of the Functional Safety Market segments, including their dynamics, size, growth, regulatory requirements, competitive landscape, and emerging opportunities of global industry.

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The Functional Safety Market is estimated to grow from USD 4.6 Billion in 2019 to USD 7.1 Billion by 2024, at a CAGR of 8.8%. This report spread across 198 Pages, Profiling 10 Companies and Supported with 156 Tables and 39 figures are now available in this research.

Top Key Players Profiled in the Functional Safety Market:
• Emerson (US)
• Honeywell (US)
• Rockwell (US)
• ABB (Switzerland)
• Schneider (France)
• Yokogawa (Japan)
• General Electric (US)
• Hima Paul (US)
• Omron (Japan)
• Siemens (Germany)

The fire and gas monitoring system market is estimated to grow at the highest CAGR from 2019 to 2024. Fire and gas safety systems continuously monitor fire or combustible/toxic gas leakages and provide early warning to prevent escalations. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements.

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The oil & gas industry is expected to hold the majority market share from 2019 to 2024. The oil & gas industry faces different types of risks and hazards, thereby giving rise to serious accidents that might have an adverse impact on people, assets, and environment. In avoiding such incidents, functional safety becomes a matter of utmost importance.

Breakdown of primary participants’ profile:
• By Company Type – Tier 1 = 52%, Tier 2 = 31%, and Tier 3 = 17%
• By Designation – C-level = 47%, Director-level = 31%, and Manager-level = 22%
• By Region – North America = 44%, Europe =25%, APAC = 21%, South America = 5%, and MEA = 5%

Competitive Landscape of Functional Safety Market:
1 Overview
2 Market Ranking Analysis: Functional Safety Market
3 Competitive Leadership Mapping
3.1 Visionaries
3.2 Innovators
3.3 Dynamic Differentiators
3.4 Emerging Companies
4 Strength of Product Portfolio
5 Business Strategy Excellence
6 Competitive Situation & Trends
6.1 Contracts, Agreements, and Partnerships
6.2 Product Launches & Developments
6.3 Acquisitions

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Research Coverage:
The global functional safety market is segmented into offering, system, industry, and geography. The market, by system, is segmented into emergency shutdown system (ESD), fire & gas monitoring system, high integrity pressure protection system (HIPPS), burner management system (BMS), and turbomachinery control (TMC).

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