The Business Research Company’s report goes into great detail on the functional safety market size and growth, functional safety market regional analysis, functional safety market competitive landscape, and other critical information needed to excel in the functional safety industry.

Major players 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.

TBRC’s comprehensive market report based on extensive research will assist you in seamlessly devising your approaches in order to match key market player strategies.

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%.

North America was the largest region in the functional safety market in 2021.

The functional safety market consists of sales of the functional safety components and services by-entities (organizations, sole traders, and partnerships) that are used to automatically prevent and control dangerous failures when they occur. Functional safety is a component of a system’s or equipment’s overall safety, and it focuses on electronics and their accompanying software, which must respond to their inputs correctly and should also have predictable failure answers. Functional safety provides manufacturers the ability to operate closer to their margins with confidence in a well-defined functional safety environment.

Rising demand for safety systems in the oil and gas industry is expected to propel the growth of the functional safety market going forward.

Request a Sample of the Global Functional Safety Market Report

Technological advancements have emerged as a key trend gaining popularity in the functional safety market. Major companies operating in the functional safety sector are adopting new technological solutions to sustain their position

TBRC’s global functional safety market report is segmented:
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, Others

By Geography: North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

The Functional Safety Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides an overview of the functional safety market globally and regionally, analyzes and forecasts market size, share, functional safety market players, functional safety market segments, leading competitor revenues, profiles and market shares.

Here Is A List Of Similar Reports From The Business Research Company:

Smart Ports Global Market Report 2022

Electrical Safety Personal Protective Equipment Global Market Report 2022

Fire Safety Equipment Global Market Report 2022

Interested To Know More About The Business Research Company?

The Business Research Company has published over 1000 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.

Read more about us at https://www.thebusinessresearchcompany.com/about-the-business-research-company.aspx

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow us on LinkedIn: https://in.linkedin.com/company/the-business-research-company
Follow us on Twitter: https://twitter.com/tbrc_info
Check out our Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: