Functional Safety Market Report (2022-2031): Top Manufacturers, Industry Challenges, Business Strategies, Revenue Value And Competitive Landscape

The global functional safety market report by the business research company Rising demand for safety systems in the oil and gas industry to be a major growth driver for the functional safety market. The number of accidents in the oil and gas industry is increasing due to explosions and fires, slips and falls, operating heavy machinery, temperature extremes, and exposure to toxic chemicals. Major players in the oil and gas industry are adopting safety systems. For instance, according to the International Association of Oil and Gas Producers (IOGP) report, accidents in the oil and gas industry reveal that the number of accidents has decreased from 25% in 2019 to 14% in 2020. This is mainly due to increased awareness of safety standards and the use of functional safety equipment at the sites. Thus, the increasing demand for safety systems in the oil and gas industry is contributing to the growth of the functional safety market.

The global functional safety market size is expected to grow from $4.67 billion in 2021 to $5.10 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global functional safety market size is expected to grow to $6.60 billion in 2026 at a CAGR of 6.6%.

Purchase The Functional safety market Report Here:
https://www.thebusinessresearchcompany.com/report/functional-safety-global-market-report

North America was the largest region in the functional safety market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global functional safety market forecast period. The regions covered in the global functional safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Major players in the functional safety market are Siemens AG, ABB Ltd., Honeywell International Inc., General Electric Co., Schneider Electric SE, Rockwell Automation Inc., Emerson Electric Co., TUV Rheinland, HIMA Paul Hildebrandt GmbH, Endress+Hauser Management AG, Intertek's, Omron Corporation, Yokogawa Electric Corporation, DEKRA Group, and Balluff.

The global functional safety market is segmented -
1) By Offering: Component, Service
2) By System: Emergency Shutdown System (ESD), Fire and Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC)
3) By Industry: Oil and Gas, Power Generation, Chemicals, Food and Beverages, Water and Wastewater, Pharmaceuticals, Metal and Mining, Others

Request A Sample Of The Functional safety market Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6436&type=smp

The Functional safety market Report Contents Include
1. Executive Summary
2. Functional Safety Market Characteristics
3. Functional Safety Market Trends And Strategies
4. Impact Of COVID-19 On Functional Safety
5. Functional Safety Market Size And Growth
.......
26. Africa Functional Safety Market
27. Functional Safety Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Functional Safety Market
29. Functional Safety Market Future Outlook and Potential Analysis
30. Appendix

This report covers the trends and market dynamics of the functional safety market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market

Contact Information:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

Check out our:
TBRC Blog: http://blog.tbrc.info/
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Healthcare Blog: https://healthcareresearchreports.com/

About Us:
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that excels in company, market, and consumer research. It has published over 3000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets

This release was published on openPR.