New York, November 25, 2021 – According to the latest report from Reports and Data, the global functional safety market size is expected to reach USD 6.55 billion in 2028 and register a CAGR of 4.6% over the forecast period. Rising functional safety requirements for Industry 4.0 in smart factories, ongoing technological advancements, rapid industrialization and increased adoption of connected devices are key factors that are expected to drive the market revenue growth in the market. during the forecast period.
Functional safety is a key component of an overall safety program that relies on properly functioning systems or equipment at the entrances. Industry 4.0 is a whole new approach to modern manufacturing. In modern factories, the importance of safety cannot be underestimated, which in turn drives the demand for functional safety as it is necessary to ensure that a component of the equipment can operate safely. safety during industrial processes.
Rising functional safety requirements for Industry 4.0 in smart factories and increased adoption of connected devices are key factors driving the market revenue growth
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Integrated circuits are essential for the deployment of functional safety and by implication of Industry 4.0. Functional safety goes far beyond simply taking a process into account to make it more secure. It also refers to the level of confidence in a security system’s ability to meet the need whenever the requirement arises. The demand for functional safety is increasing at a rapid rate, due to the increasing use of connected devices and the high potential to install any software via Over-the-Traffic (OTA). In addition, the advent of Industry 4.0 has led to a growing need for effective security systems to protect people and property. These factors are expected to contribute to the market revenue growth in the near future.
However, the concerns about the increasing complexity of security applications and the high cost of installing functional safety systems are expected to limit the adoption and restrain the market revenue growth to some extent during the forecast period.
Some highlights of the report:
- The fire and gas monitoring systems segment is expected to represent a significantly stable revenue share over the forecast period due to the increasing use of fire and gas monitoring systems in the oil and gas industry.
- The service segment is expected to register a significant revenue CAGR during the forecast period. The growing use of safety instrumented systems by manufacturing organizations and the growing demand for functional safety services, especially in the oil and gas and process industries, are factors that are expected to drive the growth of this segment.
- The energy and power segment is expected to grow at a significant revenue CAGR during the forecast period. Power stations are very dangerous for humans and the environment. As a result, these factories must maintain a high level of functional safety, which should drive the growth of this segment.
- Asia-Pacific is expected to register the fastest revenue CAGR during the forecast period. The rapid industrial growth, the growing focus of organizations on functional safety, and the growing influence of international companies adopting safety systems are expected to drive the demand for functional safety in this region.
- Some large companies described in the market report are Honeywell International Inc., Rockwell Automation, Inc., Emerson Electric Co., Schneider Electric SE, Yokogawa Electric Corporation, ABB Ltd, General Electric Company, Omron Corporation, Siemens AG and Balluff GmbH.
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For the purpose of this report, Reports and Data has segmented the global functional safety market on the basis of system, supply, end use, and region:
System Outlook (Revenue, USD Billion; 2018-2028)
- Fire and gas monitoring system
- Burner management system
- Emergency stop system
- High integrity pressure protection system
- Turbomachinery control
Supply Outlook (Revenue, USD Billion; 2018-2028)
- Safety switch
- Security controller
- Security sensor
- Emergency stop device
- Programmable security system
- Final control elements
- Training & Consulting
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- food and drinks
- Energy & Power
- Petroleum gas
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- The rest of europe
- Asia Pacific
- South Korea
- Rest of the APAC
- Latin America
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of the MEA
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