Functional safety has become a critically important issue across all areas of industry. With the expanding digitalization and automation of life and industry also new challenges and requirements for functional safety technology arise. As a result, manufacturers and operators place top priority on the quality and safety of products and plants in order to protect people, property and the environment against technology-related risk. TUV SUD offers proven capabilities backed by international recognition and understands the complex requirements in the field of functional safety. We support you in various industries – from chip design to the entire assessment of a plant.
A functional safety assessment determines whether your products meet standards and performance requirements created to protect against potential risks, including injuries and even death. Safety practices are becoming more regulated as industries adopt a standardized set of practices for designing and testing products.
Global Functional Safety Products Market is projected to register a healthy CAGR of 8.5% in the forecast period of 2019 to 2026. This rise in market value can be attributed to the growth in geriatric population and different diseases.
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Competitive Analysis: Functional Safety Products Market
- SICK AG,
- Pilz GmbH & KG,
- A. Schmersal GmbH & KG,
- Yokogawa Electric Corporation,
- Endress+Hauser Management AG,
- MANGAN SOFTWARE SOLUTIONS,
- Balluff de México,
- Schneider Electric,
- TÜV Rheinland,
- OMRON Corporation,
- Honeywell International,
- Rockwell Automation,
- Cadence Design Systems,
- Hitex GmbH,
- Intel Corporation,
- UL LLC.
The Functional Safety Products Market report gives a point of view toward the advancement of the market. This market research report includes an analysis of the patterns and factors that are doing a significant job in the market. The report analyzes the market elements which include the drivers, limitations, openings, and difficulties. It additionally gives a nitty-gritty understanding of the Functional Safety Products Market by including business profiles of the key players. The report clarifies the information about the organizations, determinations of their individual items, different portfolios, obsessive diagram, income, ongoing advancements, and up-coming difficulties. A total SWOT analysis including development chances of this market is done to help make smart market choices.
Table of Contents
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Product Functional Safety Products Market, By Type
7 Product Functional Safety Products Market, By Organization Size
8 Product Functional Safety Products Market Analysis, By Region
9 Competitive Landscape
10 Company Profiles
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Focus of the report
- CAGR values in the market for the forecast period
- Key trends in the market place
- Major players and brands
- Historical and current market size and projection up to 2025.
- Detailed overview of parent market
- Changing market dynamics of the industry
Segmentation: Functional Safety Products Market
The Europe functional safety products market is segmented into three notable segments which are product, solution & service and industry vertical.
- On the basis of product, the market is segmented into safety switches, safety sensor, functional safety controllers, emergency stop devices, pressure transmitters, camera systems, functional safety valves and others. Safety switches are further sub-segmented into electro-mechanical safety switches, safety locking devices, non-contact safety switches. Safety sensor is further sub-segmented into fluid sensor, fiber-optic sensor, distance sensor, angle sensor and others. Fluid sensor is segmented into level sensor, flow sensor, pressure sensor and temperature sensor. Distance sensor is segmented into mid-range, long range, ultrasonic and others.
- On the basis of solution & service, the market is segmented into solution and service. Solution is further sub-segmented into turbomachinery control, fire & gas monitoring control, burner management system, emergency shutdown systems, high-integrity pressure protection systems, distributed control system, supervisory control and data acquisition systems, others. Service is further sub-segmented into consulting & design, verification and optimization and training & education.
- On the basis of industry vertical, the market is segmented into oil & gas, chemical, railways, pulp and paper, automotive, power generation, food and beverages, pharmaceutical, mining and others. Oil & gas is further sub-segmented into onshore and offshore. Chemical is further sub-segmented into organic chemicals, inorganic chemicals and specialty chemicals. Mining is further sub-segmented into coal mining, metal mining and nonmetallic mineral mining.
- In March 2018, Yokogawa Electric Corporation establishes a subsidiary in Norway in the name of Yokogawa Norge to provide sale of control products and related services. The region has become the growth opportunity for the company in pharmaceuticals, and foods. That’s why the company is focusing in the Europe region. This will not only accelerate growth in the existing markets but also in the renewable energy and food industries.
- In December 2018, Siemens AG opened a new production building to use Building Information Modelling for design and construction. The building is equipped with automation, security and fire safety technology which will emphasis on sustainability and energy efficiency of the buildings. The total investment was done of CHF 250 Million.
- In October 2018, Endress+Hauser Management AG invested more than 10.4 million euros 11.77 million USD in the new production facility at Nesselwang, Germany. In addition to that, the company has made technology and common rooms. This expansion will help them in sustainable growth and increasing production efficiency.
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Reasons to Purchase this Report
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- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
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- The latest developments, market shares, and strategies that are employed by the major market players
Key insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved