World Functional Safety Market to Grow at 8.2% CAGR to 2022, Predicts M&M in Its Report Published at MarketPublishers.com15 Jun 2017 • by Natalie Aster
LONDON – Globally, the functional safety sector is anticipated to gather momentum at 8.2% CAGR to be worth USD 7.19 billion in 2022. The growth is mainly driven by compulsory functional safety standards and governmental policies, growing focus on proactive functional safety systems, and soaring requirement of safety instrumented systems in the oil & gas and chemical industries. Nevertheless, increased initial investments with respect to the installation of functional safety systems serve as a key factor hindering the growth of this marketplace.
Safety sensors are expected to capture the biggest share of the functional safety market in the foreseeable future. The demand for these device types is fuelled by the rising security requirements for protecting employees and manufacturing units from any emergencies, as per the stringent regulations fulfilling the global and national standards.
Region-wise, Europe is anticipated to take the lead in the world’s functional safety market. The implementation of different rules and regulations applying to industrial process and machine safety across the region is boosting the demand for functional safety systems. Europe follows such safety standards as EN 61511, EN 61508, and EN 62061. The rising uptake of functional safety solutions to meet these standards and professional safety regulations is boosting the European market growth.
Rockwell Automation Inc., Siemens AG, Emerson Electric Co., Schneider Electric SE, and ABB Ltd. are the dominant players in the market space. Some of the other prominent players comprise General Electric Co., Honeywell International Inc., Endress+Hauser Management AG, Omron Corporation, and TUV Rheinland.
Comprehensive research report “Functional Safety Market - Global Forecast to 2022” elaborated by M&M presents an extensive assessment of the market worldwide, covering its background, current performance and future growth trajectory.
It provides detailed market segmentation based on system, device, application, as well as region and country. The publication sheds light on the restraints, drivers, opportunities, and challenges with respect to the functional safety market. It offers a detailed analysis of the industry trends. It examines the competitive scenario alongside discussing the major players covering their strategies, product portfolios, and revenues. The research report also provides granular market size forecasts for the overall market and each of its segment through to 2022.
Full collection of the publisher’s research reports is available in the MarketsandMarkets catalogue at MarketPublishers.com.