In the 21st century everything has been digitalized, this is especially true for information technology enterprises (IT) out there. This instance has brought about a lot of advancements to safeguard the important & confidential data of these organizations. One of the most recent and notable innovations in this field has been the introduction of functional safety. Since its discovery, more and more companies have started to invest in it owing to its beneficial features. Resultantly, the global functional safety market has started gaining momentum.
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Observing the current changing trends in the field of application development, it can be confidently said that the future looks pretty bright for the global functional safety market. The market is anticipated to earn a whopping revenue of USD 7.65 billion during the forecast period of 2018-2022. In terms of CAGR, the market will tread forward at a moderate rate of 7.89%.
This market is indebted to numerous growth factors for its success and development. The rapid increase in the demand and creation of mobile applications is the first and most crucial development driver for this market. Another important aspect that adds to the growth is higher acceptance of novel technologies like MBaaS in the SMEs and other set-ups. This is one factor that opens door to many future opportunities for the market.
Secondary growth drivers can be listed as higher need for internet of things and requirement for features that can offer benefits by the use of minimal resources.
Furthermore, upsurge in the demand for development of Backend as a service market, rising usage of smart phones, necessity for devices for rapid deployment and heightened need for development of cloud-based applications can all be termed as additional growth propellers for the market.
The worldwide Functional Safety Market Size has been divided into four equal parts – end users, devices, geographies and systems.
The end users segment comprises of oil & gas, railway, process industry, metal and mining, food & beverages, discrete industry, medical, power generation, water & wastewater, automotive and chemicals.
On account of devices, the market is fragmented into safety switches, actuators, emergency stop devices, final control elements, safety controllers/modules/rays, valves and programmable safety systems.
Geographically, the market is spread across various regions like North America, Asia Pacific, Europe and Rest of the World.
Finally, based on systems the market has been segmented into emergency shutdown system, distributed control system, industrial control systems, safety instrumented systems, supervisory control and data acquisition systems, turbo machinery control, fire & gas monitoring system, burner management systems and high-integrity pressure protection systems.
The global functional safety market has observed many innovations in the past decade, one of the most noteworthy of them has been the concept of functional safety in automobiles. This innovation was devised with a purpose to enhance the driver’s and passenger’s safety while on the go.
Key Players & Market Strategy
Some of the key players of this industry can be listed as TUV Rhineland, Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE and Omrom Corporation. The major strategies used by these players are acquisitions and novel product developments.
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