Functional Safety Market is Expected to Grow at USD 8.7 Billion by 2023, at 8.64% of CAGR
by Sagy K. Digital Marketing ManagerLatest Industry News:
October 2017 Renesas Electronics Corporation who is a premium supplier of
advanced semiconductor solutions has announced that its automotive technologies
will drive Toyota Motor Corporation’s models. Renesas offers highly-advanced
technologies for use in increasingly critical areas for autonomous driving
domains, such as security technology to protect against cyber-attacks and
functional safety technology to predict system failures.
October 2017 Delphi recently announced that it will acquire Boston-based
nuTonomy for $450 million. Jointly the two companies will double their
workforce dedicated to autonomous driving to achieve a level of performance and
functional safety requirements.
November 2017 Bosch has selected ON Semiconductor as the image sensor
supplier for a future camera technology for its advanced driver assistance
systems (ADAS). Apart from delivering state-of-the-art functional safety
features they are also engineered to meet OEM requirements for future ADAS
cameras.
Global Functional Safety Market - Competitive Analysis
With the entry of new industry players in the global functional safety
segment, a trend of solid, volume-driven growth has been observed in the market
with the addition of new and advanced product types in the segment. Companies
are aiming to capture & solidify their share of the market segment, by
competing and experimenting with various advantage points. The best long-term
growth opportunities for this sector can be captured by ensuring ongoing
process improvements and financial flexibility to invest in the optimal
strategies. Effective planning is essential in terms of R&D which will
enable to continue the upward growth trend.
The prominent players in the Functional Safety Market are – Siemens AG (Germany), Rockwell
Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France),
and Emerson Electric Co. (US). The other prominent players in this market
include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul
Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV
Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric
Corporation (Japan) among others.
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Global Functional Safety Market -
Overview
Functional safety is one of the most crucial elements for the overall
system or product safety that depends on the accurate execution of specific
commands and functions. With more products & systems incorporating complex
microelectronics and software, it becomes empirical to assess and execute
safety-related functions. With the Internet of Things (IoT) driving the interconnection
of systems and products in sectors such as in smart grids, connected vehicles
& autonomous driving, eHealth to name a few. Functional safety provides a
great degree of freedom from the risk of physical injury or damage to the
health of people directly or indirectly resulting from property damage or
environmental damage.
According to a report published by Market Research Future on Global
Functional Safety Market Research Report- Forecast 2023, the domain is expected
to grow at $ 8.7 Billion by 2023, at a rate of 8.64% of CAGR between 2017 and
2023. Implementation of functional safety systems have to be ensured through
defined processes and certified sub systems to achieve specific levels of
safety performance as it has become an indispensable element of the market
place. The drivers for this sector are the increasing use and development of
technologies that reduce risk, increased investment in the sector, eagerness of
buyers to implement functional safety in their products and working environments.
The sector’s growth however could be restrained due to less number of
players in the market, lack of awareness of the benefits and less than
sufficient levels of research and development in the sector.
Global Functional Safety Market –
Segments
The Global Functional Safety market has been segmented on the basis of
devices, system, end users and region.
By Devices: Safety
Sensors, Safety Switches, Safety Controllers /Modules / Relays, Programmable
Safety Systems, Emergency Stop Devices, Final Control Elements, Valves,
Actuators and Others.
By System: Safety
Instrumented Systems, Emergency Shutdown Systems (ESD),Fire & Gas
Monitoring Control, Turbo machinery Control (TMC),Burner Management Systems
(BMS),High-Integrity Pressure Protection Systems (HIPPS),Industrial Control
Systems, Supervisory Control And Data Acquisition (SCADA) Systems, Distributed
Control Systems (DCS).
By End Users: Process
Industry, Oil & Gas, Power Generation, Chemicals, Food & Beverages,
Water & Wastewater, Pharmaceuticals and Biotech, Metal & Mining,
Discrete Industry, Automotive, Railways, Medical and Others.
By Region: North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW)
Global Functional Safety Market –
Regional Analysis
The regional analysis of Functional Safety Market is being studied for region such as Asia pacific, North Americas, Europe and Rest of the World. Technological advancements in ease of smart mobile usage to develop the mobile applications has driven the market of Functional Safety in North America. The study reveals that Europe region is also showing the positive sign towards mobile application at a very rapid pace in the Functional Safety Market during the forecast period as MBaaS is updating various applications and security to the smart mobile and devices. Asia-Pacific countries like China, Japan and India have shown considerably fair share in the Functional Safety Market but will be growing fast in coming time.
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Created on Jan 4th 2018 02:27. Viewed 450 times.