About Functional Safety Devices
The functional safety device is defined as the part of a system equipment's overall safety, which mainly depends on electronics as well as related software. It is used in various applications such as automotive, transportation, medical, manufacturing, power generation, and others. It is available in various types such as Safety Sensors, Safety PLCs, Safety Relays, Valves, Actuator and others. High Requirement for Reliable Safety Systems and rising awareness among consumers are likely to be the prime drivers for market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.1% |
The global functional safety devices market is highly fragmented with the presence of local and regional players operating in the market. Some of the major players operating in the market are Siemens (Germany), ABB (Switzerland), Honeywell (United States), among others. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Functional Safety Devices market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Siemens (Germany), ABB (Switzerland), Honeywell (United States), General Electric (United States), Schneider (France), TE Connectivity (Switzerland), Emerson Electric (United States), Yokogawa Electric Corporation (Japan), Rockwell Automation, Inc. (United States) and Omron (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Sick AG (Germany), PILZ (India) and HIMA Paul Hildebrandt (United States).
Segmentation Overview
AMA Research has segmented the market of Global Functional Safety Devices market by Type (Safety Sensors, Safety PLCs, Safety Relays, Valves and Actuator), Application (Automotive, Transportation, Medical, Manufacturing, Power Generation and Others) and Region.
On the basis of geography, the market of Functional Safety Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Functional Safety Devices market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technology Advancement regarding Functional Safety Devices
Market Growth Drivers:
Strict Mandates for Safety Regulations as well as Increase in Industrial Revolution 4.0 and Growing Demand for Safety Systems in Oil & Gas Industry
Challenges:
Issue related to Lack of Awareness and Complexity of Standards
Restraints:
Issue related to High Investment Required for Installing Functional Safety Systems
Opportunities:
Increasing Acceptance of Workplace Safety Standards in Emerging Economies Such as China and India
Market Leaders and their expansionary development strategies
In October 2023, ABB releases the AC800M High Integrity Controller designed for demanding safety-critical applications.
Key Target Audience
ATP Assay Manufacturers Company, Regulatory Bodies, Component Suppliers, Government Regulatory Authorities, Technology Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.