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Functional Safety Market 2023 | Business Overview, New Share, Trends Analysis, And Forecast To 2032
Functional Safety Market
Functional Safety Market Size, Growth Rate, And Forecast
The global functional safety market size grew from $5.11 billion in 2022 to $5.49 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The functional safety market size is expected to grow to $7.13 billion in 2027 at a CAGR of 6.7%.
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Functional Safety Market Drivers
Rising demand for safety systems in the oil and gas industry is expected to propel the growth of 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.
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Functional Safety Market Segments
• By Offering: Component, Service
• By System: Emergency Shutdown System (ESD), Fire and Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC)
• By Industry: Oil and gas, Power Generation, Chemicals, Food and Beverages, Water and Wastewater, Pharmaceuticals, Metal and Mining, Other Industries
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the functional safety market.
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Functional Safety Market Key Players
Major competitors in the functional safety market include 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 Business Research Company's "Global Functional Safety Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Functional Safety Market Include:
1. Executive Summary
2. Functional Safety Market Characteristics
3. Functional Safety Market Trends And Strategies
4. Functional Safety Market - Macro Economic Scenario
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
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