Augmented Reality Is Fastest Growing Segment Fueling The Growth Of The Functional Safety Market

 
Functional Safety Market

The global Functional Safety Market is estimated to be valued at US$ 5767.57 Mn or Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Functional Safety market consists of safety instrumentation systems and safety-rated I/O modules that are used to implement and monitor safety instrumented functions. These systems eliminate potential hazards by implementing protective functions like emergency shutdown and process alarms. This helps ensure the safety of personnel and assets in various industries like oil & gas, chemical, pharmaceutical and automotive.

Market key trends:
Integration of safety systems with Industrial Internet of Things (IIoT) is one of the key trends being witnessed in the functional safety market. With IIoT, real-time data from safety systems can be accessed through cloud-based platforms to gain insights for maintaining optimum safety and productivity levels. This data is used for enhancing cybersecurity, remote monitoring and facilitating predictive maintenance of equipment. Cloud-based functional safety solutions enable remote accessibility to safety data which provides flexibility to users. With growing connectivity of industrial operations, integration of IIoT with safety systems ensures continued compliance with functional safety standards.


Segment Analysis
The functional safety market is segmented by system, device monitoring, end use, and geography. The device monitoring segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the high and increasing adoption of device monitoring solutions for process, emergency shutdown, lightning protection, and fire and gas monitoring across industries.

Key Takeaways
The Global Functional Safety Market Demand  is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for functional safety systems from process and discrete industries to prevent failures and ensure optimal functionality.

Regional analysis: North America dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to stringent government regulations regarding functional safety standards across industries in the region. Asia Pacific is expected to be the fastest growing market over the forecast period, owing to rapid industrialization and increasing adoption of functional safety systems across industries such as oil & gas, chemicals, energy & power in major economies like China and India.

Key players analysis: Key players operating in the functional safety market are Banner Engineering Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE, Emerson Electric Company, Panasonic Industry Europe GmbH (Panasonic Corporation), Honeywell International Inc., Sick AG, Yokogawa Electric Corporation, Omron Corporation, ABB Ltd., General Electric Company, Schneider Electric SE, and Siemens AG. The market leaders are focusing on new product launches and mergers & acquisitions to strengthen their foothold in the market.

Read More:

https://www.marketwebjournal.com/functional-safety-market-forecast-demand-and-growth/

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