Global Functional Safety Market Analysis & Trends - Industry Forecast to 2025
The Global Functional Safety market is poised to grow at a CAGR of around 7.9% over the next decade to reach approximately $432.88 billion by 2025. Some of the prominent trends the market is observing include huge demand of smart phones and devices, rise in demand for computer, web and mobile apps in the market, broader scope in improving, establishing and managing the mobile app lifecycle, developments in adoption of safety systems in power generation plants and growth of functional safety in pharmaceuticals and biotech sectors.
On the basis of Devices, the Functional Safety market is segmented into safety sensors safety switches, safety controllers/modules/relays, programmable safety systems, emergency stop devices and final control elements. The final control elements are sub divided into Valves and Actuators.
Based on System, the Functional Safety market is divided into safety instrumented systems and industrial control systems. The safety instrumented systems is segmented into emergency shutdown systems (ESD), fire & gas monitoring control, turbo machinery control (TMC), burner management systems (BMS) and high-integrity pressure protection systems (HIPPS). The industrial control systems are also segmented into supervisory control and data acquisition (SCADA) Systems and distributed control systems (DCS).
Depending on applications, the functional safety market is classified into process industry and discrete industry. Further the process industry is sub classified by Oil & Gas, Power Generation, Chemicals, Food & Beverages, Water & Wastewater, Pharmaceuticals, Biotech and other applications. The discrete industry is also sub classified by Automotive, Railways and Medical.
This industry report analyzes the market estimates and forecasts of all the given segments on global as well as regional levels presented in the research scope. The study provides historical market data for 2014, 2015 revenue estimations are presented for 2016 and forecasts from 2017 till 2025. The study focuses on market trends, leading players, supply chain trends, technological innovations, key developments, and future strategies. With comprehensive market assessment across the major geographies such as North America, Europe, Asia Pacific, Middle East, Latin America and Rest of the world the report is a valuable asset for the existing players, new entrants and the future investors.
The study presents detailed market analysis with inputs derived from industry professionals across the value chain. A special focus has been made on 23 countries such as U.S., Canada, Mexico, U.K., Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, South Africa, etc. The market data is gathered from extensive primary interviews and secondary research. The market size is calculated based on the revenue generated through sales from all the given segments and sub segments in the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.
This report provides data tables, includes charts and graphs for visual analysis.
- Rest of Europe
- New Zealand
- Rest of Asia Pacific
- Saudi Arabia
- Rest of Middle East
- Rest of Latin America
Rest of the World
- The report provides a detailed analysis on current and future market trends to identify the investment opportunities
- Market forecasts till 2025, using estimated market values as the base numbers
- Key market trends across the business segments, Regions and Countries
- Key developments and strategies observed in the market
- Market Dynamics such as Drivers, Restraints, Opportunities and other trends
- In-depth company profiles of key players and upcoming prominent players
- Growth prospects among the emerging nations through 2025
- Market opportunities and recommendations for new investments
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