Functional Safety Market- Covid-19
Functional safety is a failsafe concept used across industries to shutdown processes in cases of abnormal situations. Various safety standards enforced by nations for its workers to address faults of machines can influence its adoption.
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The global functional safety market report by Market Research Future (MRFR) comprises estimations and projections for the period of 2017 to 2023 (forecast period) based on market variables of drivers, challenges, opportunities, and trends. The COVID-19 pandemic and its impact on the industry are covered as well.
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The global Functional Safety Market is expected to grow to USD 8.7 billion by 2023 at an 8.64% CAGR over the forecast period.
Massive demand for safety systems that provide ample protection to staff, the rise of industry 4.0, and mandates for safety policies for the protection of workers across industries are major drivers of the market. The rise of mobile applications has worked in favor of the market giving birth to the mobile backend as a service (MBaaS). The capacity of the application for reaching multiple users, integration with social networking services, and pushing inbox notifications for emergencies can drive the global functional safety market growth. This is supported by the flurry of cloud-based applications launched owing to the popularity of smartphones.
Fiscal policies enforced by governments for sustaining the manufacturing sector are likely to favor the market despite the COVID-19 pandemic. The pandemic has halted the brakes in production and can hamper market growth. But the integration of the internet of things (IoT), optimization for tablets and smartphones, and low complexities in mobile application development can renew production while protecting workers.
The global functional safety market is segmented by devices, systems, and end-users. By devices, it is segmented into safety switches, actuators, programmable safety systems, emergency stop devices, valves, safety controllers/modules/relays, safety sensors, and final control elements.
By systems, it is segmented into high-integrity pressure protection systems (HIPPS), safety instrumented systems, distributed control systems (DCS), burner management systems (BMS), turbo machinery control (TMC), industrial control systems, fire & gas monitoring control, emergency shutdown systems (ESD), and supervisory control and data acquisition (SCADA) systems.
By end-users, it is segmented into metal and mining, power generation, pharmaceuticals and biotech, manufacturing, oil & gas, retail and wholesale, and others. ‘Others’ are further segmented into automotive, railways, medical, discrete, and others.
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Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are regions taken into consideration for the future growth of the market.
North America is expected to lead the global functional safety market owing to the ease of developing mobile applications and the availability of smartphones. Initiatives by governments for driving the growth of companies can bode well for the market. Procurement of equipment that has been certified by safety bodies for safe functionality and operations of machines can drive regional market growth.
APAC is set to occupy a major share of the market due to rampant industrialization in India, China, and Japan. It can display a robust growth rate over the forecast period owing to adherence to international safety standards, organizational functional safety, and the initiative of multinational companies of introducing new measures for their workers. The large number of power projects which can compel the need for burner management systems and automated solutions amid the rise of Industry 4.0 can favor the global functional safety market.
Rockwell Automation Inc., Schneider Electric SE, Emerson Electric Co., ABB Ltd., and Siemens AG are prime players in the market. Other players include Yokogawa Electric Corporation, Omron Corporation, General Electric Co., TUV Rheinland, Honeywell International Inc., HIMA Paul Hildebrandt GmbH, and Endress+Hauser Management AG.
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