Functional Safety Market : Analysis and In-depth Study on Functional Safety Market Size Trends, Emerging Growth Factors and Forecasts to 2017 – 2025

Functional safety is considered to be a part of overall safety, which is dependent on the entity or system operating normally and correctly in response to the inputs provided to it. We are surrounded by systems at a variety of places such as factories, public places, offices, and electrical devices at home, which are likely to pose a threat to our safety if they malfunction under certain conditions. Hence, they are provided with appropriate safety mechanisms which get activated under the condition of threat and thereby, prevent any loss and damage to humans or the environment in which they operate. The main aim of functional safety systems is to reduce the risk to a minimal possible value and thus, reduce the damage or loss arising out of the risk.

Failures in the system can occur due to various reasons, which include human error, random failures of hardware or software, operating environment such as extremely high temperature, electromagnetic interference, incorrect specification of the system, and negligence in taking precautions. A system can be claimed for its functional safety if is certified to one of the regularized functional safety standard such as IEC 61508, ISO 26262, IEC EN 62304 and ISO 12207, pertaining to the industries to which a system or a product belongs to. The safety standards ensure that the products are built, designed, implemented, operated under their prescribed operating conditions. Safety Integrity Level (SIL) is the measure of risk reduction with safety functions. Various electrical sensors, valves, actuators, and relays, are used to ensure the functional safety of the systems. The trend that can be seen is the use of programmable logic controllers and digital communication systems for the functional safety. Furthermore, a number of intelligent sensors, transmitters, and actuators are increasingly being integrated into products and systems to ensure their functional safety.

Mandatory safety standards and government policies pertaining to the safety of the personnel and the systems involved are be key factors driving the functional safety market. Increasing awareness and growing concern regarding the safety of individuals is another factor boosting the functional safety market. Increase in the number of manufacturing industries in emerging economies such as India and China is also propelling the functional safety market. However, the high cost of installation of functional safety systems is poised to be a major restraint for the market. Nevertheless, the increasing implementation of functional safety systems by various industries is said to positively impact the market.

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The functional safety market has been segmented based on device, system, end-user, and geography. Based on device, the functional safety market can be divided into safety sensors, safety switches, programmable safety systems, emergency stop devices, final control elements, and others. In terms of system, the functional safety market can be segmented into safety instrumented systems and industrial control systems. Based on end-user, the market is segregated into process industry, which includes oil & gas, power generation, food & beverages, chemical, pharmaceuticals, discrete industry which includes automotive, railways, medical and others. In terms of geography, the functional safety market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America.

Major players operating in the functional safety market include Rockwell Automation, Inc, ABB Ltd., Welspun, Schneider Electric SE, General Electric Co., Omron Corporation, Honeywell International Inc., Intel Corporation, Siemens AG, Yokogawa Electric Corporation, HIMA Paul Hildebrandt GmbH, Mitsubishi Electric Corporation, and Emerson electric co.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on: Market segments and sub-segments Market trends and dynamics Supply and demand Market size Current trends/opportunities/challenges Competitive landscape Technological breakthroughs Value chain and stakeholder analysis

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The regional analysis covers: North America (U.S. and Canada) Latin America (Mexico, Brazil, Peru, Chile, and others) Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg) Eastern Europe (Poland and Russia) Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand) Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report: A complete backdrop analysis, which includes an assessment of the parent market Important changes in market dynamics Market segmentation up to the second or third level Historical, current, and projected size of the market from the standpoint of both value and volume Reporting and evaluation of recent industry developments Market shares and strategies of key players Emerging niche segments and regional markets An objective assessment of the trajectory of the market Recommendations to companies for strengthening their foothold in the market 

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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