Market Overview
Global Functional Safety Market is expected to reach USD 5,691.0 Million by 2026 at a CAGR of 5.33% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years. In the past, walkie talkie was mainly used for security purposes. The functional safety systems are also used as fire and gas monitoring control, turbomachinery control, and burner management systems, among others. In 2017, Exida certified Emerson Process Management Valve Automation, Inc. for functional safety required for maintaining safety and integrity.
Competitive Analysis
The key players of the Global Functional Safety Market are Honeywell International Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc., and Yokogawa Electric Corporation among others.
In December 2017, Rockwell Automation acquired Odos Imaging, a Scottish technology company that provides three-dimensional, time-of-flight sensing systems for industrial imaging applications. This acquisition enabled the company to expand its portfolio of smart sensing and safety products, an important part of the foundation for The Connected Enterprise.
June 2017, Rockwell Automation launched the Allen-Bradley GuardShield 450L safety light curtain system designed to enhance safety while improving productivity through transceiver technology. The light curtain system features a patented transceiver design that employs plug-in modules to establish each unit’s function as a transmitter or receiver. Once powered up, the transceiver learns its functionality from the plug-in module.
In June 2018, Yokogawa launched the OpreX Profit-driven Operation, a solution for process industries that drives seamless alignment with plant management objectives across the organization. The solution is centered on a methodology of interrelated performance indicators distilled from Yokogawa’s extensive domain knowledge and promotes profitability by optimizing the balance between conflicting objectives.
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Segmental Analysis
Global Functional Safety Market has been segmented based on Devices, System, End-User, and Region.
Based on system, the global market has been segmented into safety instrumented systems (sis), turbo machinery control (TMC), supervisory control system, burner management systems (BMS), emergency shutdown systems (ESD), fire & gas monitoring control, industrial control systems, high-integrity pressure protection systems (HIPPS), distributed control systems (DCS). The industrial control systems segment accounted for the largest market share of 16.4% in 2019, with a market value of USD 654.4 million; it is expected to register a CAGR of 4.9% during the forecast period. The supervisory control systems segment was the second-largest market in 2019, valued at USD 569.0 million; it is projected to exhibit a CAGR of 5.3%. As per the ISA S84.01 and IEC 61508, SIS is defined as a distinct, reliable system that is used to safeguard a process to prevent a catastrophic release of toxic, flammable, or explosive chemicals. These systems are responsible for ensuring the safe operations in a plant or facility and monitoring the condition of values and the parameters of a plant within the operational limits, whenever the operation exceeds such limits. Functional safety for turbine and controls is one of the major needs in the energy sector as a small mishap can result in the loss of human lives and high damage costs. A safety supervisory control system is an integrated system that comprises a hardware and software component designed to monitor and regulate complex industrial processes. BMS is a safety solution, which enables the safe start-up, operation, and shut down of multiple process burners in a facility. ESD are specifically designed to minimize the effects of emergencies such as uncontrolled flooding, gas leaks, and fire outbreak, among others. HIPPS is a safety system designed to prevent unsafe conditions in work environments caused by high pressure. A HIPPS solution primarily consists of an initiator, logic solver, and final element.
By end-user, the market has been segmented into oil & gas, metal & mining, retail and wholesale, manufacturing, food & beverage, water & wastewater, and others. The oil & gas segment accounted for the largest market share of 25.4% in 2019, with a market value of USD 1,012.5 million; it is expected to register a CAGR of 6.3% during the forecast period. Governments across the globe impose heavy restrictions on oil and gas companies owing to the risks associated with their operations. Mining and metal companies across the world are rapidly adopting automation to modernize operations. They are increasing the deployment of automated drilling operations and driverless haulage trucks, driving efficiency, increasing productivity, and decreasing expenditure. The increasing adoption of IoT in the retail sector is expected to drive the demand for functional safety systems in the global market during the forecast period. The growing population has led to an increase in demand for products, resulting in heavy pressure on the manufacturing industry. The food & beverage industry is under continuous pressure to provide high-quality products at the lowest price with consistent production.
The global functional safety market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. North America accounted for the largest market share of 35.22% in 2019, with a market value of USD 1,406.7 million; the market is expected to register the highest CAGR of 5.8% during the forecast period. Europe was the second-largest market in 2019, valued at USD 1,233.1 million; the market is projected to exhibit a CAGR of 4.6%. North America dominates the functional safety market based on the region due to existing infrastructure and major players’ presence in this region. Due to strict government regulations related to the designing and assessment of machinery for all its functions in all operating modes, Europe was the second largest region.
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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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On the global energy markets today, North America's pressure pumping sector is one of the most profitable investment possibilities available.
For any firm prepared to compete, this is going to be an extremely profitable market.
If a firm does not have the skills and confidence to compete in this rapidly changing and competitive environment, it may be at risk of losing its business.
A new method called pressure pumping has been utilized to extract fluids from the most difficult-to-access and highly permeable reserves, such as tight oil and natural gas.
Still in its early stages of development, this technique has been developed for exploring unusual liquids that are difficult to extract using standard drilling procedures.
In fact, the technique may be used to recover fluids from reservoir beds in virtually all oil and gas applications.
Market OverviewGlobal Tunable Laser Market is expected to reach USD 1,353.5 Million by 2026 at a CAGR of 8.19% during the forecast period.
Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years.
Tunable lasers are specialized lasers that provide output wavelength, which can be tuned to the desired frequency for specialized applications.Tunable lasers enable the alteration of frequency in the desired range with its ability to switch the frequency based on the packets.
These lasers mostly operate in a continuous mode allowing a small emission bandwidth.
The tunable lasers lie around the L-band, O-band, C-band, E-band, S-band, U-band, and ultranarrow linewidth.Competitive AnalysisThe Key Players of the Global Tunable Laser Market are Yokogawa Electric Corp (Japan), Mettler Toledo (US), Toptica Photonics (Germany), Hubner GmbH & Co KG (Germany), Agilent Technologies Inc. (US), Focused Photonics Inc. (China), Luna (US), NEC Corporation (Japan), NeoPhotonics Corporation (US), and Santec Corporation (Japan) among others.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/10415Segmental AnalysisGlobal Tunable Laser Market has been segmented based on Frequency, Application, Vertical and Region.Based on frequency, the market has been classified into 0.77um–0.91um (Ultra-Narrow Linewidth), 1.26um–1.36um (O-Band), 1.36um–1.46um (E-Band), 1.46um–1.53um (S-Band), 1.53um–1.57um (C-Band), 1.57um–1.63um (L-Band), 1.63um–1.68um (U-Band), and 2um.
Among these, the 1.57um–1.63um (L-Band) holds the largest market share in 2019, while 1.46um–1.53um (S-Band) holds the highest CAGR during the forecast period.
Soaring to altitudes and heading towards new technologically transformative horizons, the automotive industry is at the tipping point of profitability wherein the associated markets are gaining massive momentum for a propitious growth.
During this progressive regime in the automotive industry, the automotive pressure sensors market is experiencing a myriad of opportunities, especially due to the increasing production of vehicles, and it is further catapulted by the prospects generated from the advent of electric and autonomous vehicles.
For instance, in November 2016, Robert Bosch introduced a barometric pressure sensor SMP580 which helps engine management systems reduce fuel consumption and emissions.The consistent demand for pressure sensors from the growing automotive industry is increasing the automotive pressure sensors market size which was evaluated at $4.87 billion in 2018 and is projected to increase at a profitable CAGR of 8.55% during the forecast period 2019-2025, according to the automotive pressure sensors market report.
Widespread acceptance of cost-effective pressure gauges, capacitive pressure sensors, tire pressure sensors in industrial environments, worldwide is driving the automotive pressure sensors market.This report provides detailed information about the automotive pressure sensors market size by type and applications along with the detailed profiling of the automotive pressure sensors market share by top 5 companies and startups that are striving to rise ahead of the curve in this industry.The growing automotive pressure sensors market size resonates with the incrementing trade in the parent industry that includes entities such as checking instruments, machines, and appliances like pressure sensors.
This humongous production of vehicles created a gamut of opportunities for the automotive pressure sensors market players.Another major factor driving the automotive pressure sensors market in North America is the presence of major autonomous vehicle players such as Google and Waymo in the US.
The current scenario of the oil & gas sector is going to catapult the trade which will require more fleet vehicles, and the growing demand for fleet vehicles will trigger the automotive pressure sensors market demand.North America pressure sensors market growth can also be gauged by the growing import of goods belonging to the parent industry.Here’s the table that signifies the growth in import of automotive pressure sensors Table 1 – The Import Value in the Parent IndustrySr.
