1 / 7

Functional Safety Market Size to Hit at USD 7.2 Bn by 2027, growing at CAGR of 6

Functional Safety Market size is projected to grow fromu00a0USD 5.2 billionu00a0in 2022 tou00a0USD 7.2 billionu00a0by 2027 at CAGR of 6.8% during the forecast period. Every functional safety system is designed in a way that when combined, it can achieve the overall SIL of the complete loop. Owing to these factors, the adoption of functional safety systems is surging in the oil & gas industry, consequently driving the growth of the market.<br>

ctom7000
Download Presentation

Functional Safety Market Size to Hit at USD 7.2 Bn by 2027, growing at CAGR of 6

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. MarketsandMarkets Presents Functional Safety Market Size to Hit at USD 7.2 Bn by 2027, growing at CAGR of 6.8% Functional Safety Market by System (ESD, F&G, TMC, BMS, HIPPS, SCADA, DCS), Device (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, Emergency Stop Devices), Sales Channel, Industry & Region - Global Forecast to 2027 https://www.marketsandmarkets.com/Market-Reports/functional-safety-market-146773188.html

  2. According to the new market research report "Functional Safety Market by System (ESD, F&G, TMC, BMS, HIPPS, SCADA, DCS), Device (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, Emergency Stop Devices), Sales Channel, Industry & Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Functional Safety Market size is projected to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027 at CAGR of 6.8% during the forecast period. Every functional safety system is designed in a way that when combined, it can achieve the overall SIL of the complete loop. Owing to these factors, the adoption of functional safety systems is surging in the oil & gas industry, consequently driving the growth of the market. Browse 198 market data Tables and 72 Figures spread through 264 Pages and in-depth TOC on "Functional Safety Market by System (ESD, F&G, TMC, BMS, HIPPS, SCADA, DCS), Device (Safety Sensors, Safety Controllers, Programmable Safety Systems, Safety Switches, Emergency Stop Devices), Sales Channel, Industry & Region - Global Forecast to 2027"

  3. The market for programmable safety systems is expected to grow at the highest CAGR from 2022 to 2027 The market for programmable safety systems is expected to grow at the highest CAGR from 2022 to 2027. Programmable safety systems or safety PLCs are considered the backbone of a functional safety system. The market for programmable safety systems is expected to significantly grow in the coming years as user requirements for programmable safety systems have emerged not only from a safety point of view but also from the ease of use in close conjunction with other systems. Programmable safety systems are highly reliable logic solvers, which provide both fail-safe and fault-tolerant operations. The market for programmable safety systems is anticipated to grow at a fast rate in the coming years as manufacturers are replacing the existing systems to comply with strict functional safety regulatory standards. Programmable safety systems are an integral part of safety instrumented systems. These systems must be designed or selected in accordance with the IEC 61508 standard and are required to achieve the SIL 3 and SIL 4 performance. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=146773188 The functional safety market for emergency shutdown systems was expected to grow at a significant CAGR from 2022 to 2027 The functional safety market for emergency shutdown systems was expected to grow at a significant CAGR from 2022 to 2027. Rising demand for functional safety certified ESD systems in process industries and increasing implementation of regulatory measures pertaining to functional safety by several governments are the key factors driving the growth of the market for ESD systems. Moreover, oil & gas plants are prone to potential incidents that can adversely affect people, assets, and the environment in and outside the plants.

  4. The market in Asia Pacific is projected to grow at the highest CAGR from 2022 to 2027 The market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027. The market in this region is expected to witness significant growth during the forecast period due to increasing industrialization in emerging economies such as China and India. China and India have already adopted functional safety in various process industries such as oil & gas and power generation. The adoption of safety automation solutions in manufacturing industries in this region is significantly increasing with rapid industrialization, thereby contributing to market growth. The increased acceptance of international functional safety standards is driving the growth of the functional safety market in this region. Rapid industrialization, rising industrial emphasis, and organizational functional safety, as well as the influence of multinational companies in adopting safety systems, are also driving the growth of the functional safety market in Asia Pacific. Request Free Sample Pages: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=146773188 The Major Player includes Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US).

  5. OPPORTUNITIES: Rising acceptance of IIoT technology in industries The Industrial Internet of Things (IIoT) is creating new opportunities for integrated safety and compliance services. IIoT can acquire data from sensors that measure pressure, level, and the flow of liquids, temperature, and vibration, and send this collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible solutions in case of any emergency. Using IIoT, companies can integrate their processes with safety systems and can monitor the same in real-time. The Industrial Internet of Things (IIoT) provides the benefits of low-cost, low-power microprocessors to improve safety, usability, and energy efficiency while meeting industrial expectations of security and reliability. Various manufacturing companies are still far away from using IIoT to support safety instrumented functions (SIFs) directly in plants, factories, or industrial areas, handling hazardous products. Further, IIoT facilitates quick monitoring, analysis, and control, offering virtual management of physical systems, which ultimately results in performance improvement. With the increasing adoption of IIoT, the demand for functional safety is expected to grow during the forecast period. CHALLENGES: Shortage of skilled functional safety certified workforce Functional safety system manufacturers require a workforce with relevant certifications to enable the proper handling of functional safety systems. The technologies and skillsets used in functional safety systems require trained workers to handle the systems. Moreover, industries are increasingly focusing on adopting new safety technologies, and for that, they required a skilled workforce; but they are facing a shortage of skilled functional safety certified workforce. Due to this, developing countries continue to struggle with the efficient implementation of functional safety solutions in industrial automation. Hence, the lack of a skilled workforce poses challenges to the overall growth of the functional safety system market.

  6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

  7. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/functional-safety.asp

More Related