Press release
Functional Safety Industry Will Reach Value of $8,990.6 Million by 2030
The acceptance of functional safety systems gives extensive functionality to many industries, by using them for preventions of failures and control in case of accidents. To avoid any kind of mishappening in refineries, chemical plants, onshore and offshore gas and oil fields, more inclination of businesses toward electronic and electrical safety.
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The demand for Safety sensors is expected to grow at the highest rate of around 7.5% by 2030. The main factors behind the progression of the industry are, growing demand for personnel security, perimeter monitoring, high-risk zone safety and body part protection. They help in the tracking of any person in order to save them from accident.
The functional safety market of the APAC region will grow at the highest rate and will become a $2 billion market by 2030. The growing demand for functional safety is mainly because of the increasing purchasing power of the people in India and China. This can be also credited the growing demand from power, and oil and gas sectors, have grown.
China had over 30% of market share in 2021, as it has a high rate of industrial production. Such variables operate as catalysts for the country's automation market.
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The country is also planning to invest a significant amount to guarantee quality and growth, reducing overcapacity. As, China is one of the, pioneer in terms of automation, it is the reason why it will continue to dominate the industry in the future.
The industry is highly fragmented, and the key players are banking on product introductions and mergers to consolidate their position in the market
As the automotive sector is growing, the demand for the functional safety will grow in the years to come.
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