The Functional Safety Market research report 2021 provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The Functional Safety market report provides information regarding market size, share, trends, growth, cost structure, Functional Safety market competition landscape, market drivers, challenges and opportunity, capacity, revenue, and forecast 2026.
The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the Functional Safety market with all its aspects influencing the growth of the market. This report is an exhaustive quantitative analysis of the Functional Safety industry and provides data for making strategies to increase market growth and effectiveness. The report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
The Functional Safety Market is expected to register a CAGR of over 8.3% over the forecast period (2021 – 2026).
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendors/key players in the market. Top Companies in the Global Functional Safety Market: Rockwell Automation Inc., Emerson Electric Company, Honeywell International Inc., Yokogawa Electric Corporation, ABB Ltd, Schneider Electric SE, Siemens AG, General Electric Company, Omron Corporation, SICK AG, Panasonic Industry Europe GmbH (Panasonic Corporation), Pepperl+Fuchs, Banner Engineering Corporation, and others.
Make an Inquiry about this report:
Key Market Trends
Safety Sensors is Expected to Hold a Significant Share
– Vendors such as Omron Corporation, Rockwell Automation, Inc., SICK AG, Pepperl+Fuchs, ABB Ltd., and Panasonic Electric Works Co., Ltd. (Panasonic Corporation) provides various safety sensors.
– Safety Sensors are used for machine guarding/ personnel protection, for perimeter monitoring and body part protection, or to protect hazardous areas. These sensors detect the presence of humans within a specified area and reduce the possibility of accidents, which can be achieved through tripping function or presence detection.
– Personnel protection is becoming important in automated processes. Wherever machines perform high-risk movements, relevant health and safety regulations must be observed. Even if the operator is momentarily distracted, crushing, shearing, and impact injuries must be prevented.
– Stringent safety regulations by the government are driving the growth of safety sensors. For instance, the specifications and safety requirements posed by the safety associations are putting pressure on end-user industries to increase their safety investments further.
The United States to Witness Significant Growth Rate
– The United States is one of the largest markets for functional safety markets globally. The country is renowned for its innovation capabilities and is at the forefront of prominent developments surrounding the emerging technologies of the Fourth Industrial Revolution. New-found shale resources in the United States and an increasing number of oil and gas projects are an additional indicator of the market potential.
– Prominent vendors such as Honeywell, Rockwell, General Electric, and Banner Engineering Corp are headquartered in the country. In July 2020, Rockwell Automation announced a new family of safety controllers with key features to increase performance. The new SIL 3 controllers are an addition to Rockwell Automation’s GuardLogix 5380 series.
– The government is also focusing on increasing its energy generation capacity, and the American government is investing in such projects. For instance, in July 2019, the US DOE (Department of Energy) announced the funding of USD 16 million for 14 tribal energy infrastructure deployment projects. And they also announced their plan to develop an environmental impact statement (EIS) to study the impacts of building a versatile nuclear test reactor in the United States.
Recent Market Developments:
– July 2020 – Rockwell Automation announced a new family of safety controllers with key features to increase performance. The new SIL 3 controllers are an addition to Rockwell Automation’s GuardLogix 5380 series.
– April 2020 – Sick announced that it is launching its newest ultra-compact safety laser scanner, nanoScan3. This new product combines smart safety functions with excellent measurement data quality for accurate and reliable localization. This space-saving sensor can be used wherever the machine requires maximum performance but minimal mounting space.
What are the market factors that are explained in the report?
– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
– Analytical Tools: The Functional Safety Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
For More Information On This Report, Please Visit:
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
If you have any questions about any of our “Functional Safety Market Report” or would like to schedule a personalized free demo of the Functional Safety market report, please do not hesitate to contact me at email@example.com.
Irfan Tamboli (Head of Sales)
Tel: + 1704 266 3234, +91-750-707-8687
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. Market insights reports provide global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Press Release Distributed by Xherald