Press release
Functional Safety Market Size, Industry Shares, Global Growth, Development And Analysis 2022 to 2030
Browse full report at: https://www.psmarketresearch.com/market-analysis/functional-safety-market
The swift adoption of technologically advanced devices will provide lucrative opportunities to the functional safety market players to gain a competitive edge. The advancements in science are reflected by the existence of numerous technologies including ML, IIoT, and AI. Moreover, the manual or traditional control will be outweighed by these technological advances. They will pave the way for integrating such solutions with the latest technologies. Because IIoT assists in offering and controlling practical management of physical systems, IIoT is increasingly required in enhancing the performance of the system.
Within the device segment, safety sensors will grow at a 7.5% CAGR from 2021 to 2030. Safety sensors are utilized in a variety of applications, including high-risk zone safety, body part protection, personnel security, and machinery protection. As a result, a vital role in manufacturing facilities by processing, assessing, measuring, and detecting is served by safety sensors for a wide range of changes that occur on production sites. They also help manufacturers by giving real-time data about the equipment they utilize, such as system performance, failure likelihood, and system health.
From 2021 to 2030, the automotive and transportation industry is predicted to develop at the highest CAGR, of more than 7.5%, in the functional safety market. Numerous technical advancements in automobiles, particularly in terms of safety, have been made in the automotive sector. The growing count of sensor-dependent characteristics has compelled engineers to develop more accurate sensors for automotive applications. Lane departure warning, forward collision warning, blind-spot detection, as well as other driving functions gain from the introduction of safety sensors in automobiles.
Electrification and automation are now the two most significant breakthroughs in the automobile industry, driving the functional safety market. The rise of electric cars has had a long-term influence on sensor demand. The rising trend of replacing conventional automobiles with electric vehicles is expected to raise automotive demand even further. By 2026, as per the government source, the Indian EV market would grow at a CAGR of at least 30%. These modifications have skyrocketed the demand for automobile security and safety, which is expected to raise the bars of market development potential.
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APAC will rule the functional safety market in the coming years, and it is projected to attain a $2,000 million figure by 2030, advancing at the highest CAGR in the forecast period. In 2021, China had approximately one-third of the regional market share. These factors act as accelerators for the country's automation sector. Investments are being planned to ensure growth and quality, solve environmental challenges, and reduce overcapacity. Because China is one of the most advanced countries in terms of automation, it is expected to benefit from market growth.
Major players in the functional safety market are:
1- Schneider Electric SE
2- ABB Ltd.
3- Hima Paul Hildebrandt GmbH
4- TUV Rheiland AG
5- General Electric Co.
6- Siemens AG
7- Honeywell International Inc.
8- Rockwell Automation Inc.
9- Emerson Electric Co.
10- Omron Corporation.
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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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