Functional Safety Market Trends, New Opportunities and Forecast 2029

Implementing functional safety ensures that safety critical control and protective systems are appropriately specified, designed, installed, and maintained.

The adoption of standards such as IEC 61508 and IEC 61511 has increased the dependency on functional safety systems to achieve the required risk reduction targets.

IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the functional safety life cycle.

Schneider (France), Rockwell (US), and Yokogawa (Japan) are the leading players in the functional safety market.

Its strong position in various markets that gives it a competitive advantage.

The ABB Group was founded in 1988 as a result of the merger between Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland).

Implementing functional safety ensures that safety critical control and protective systems are appropriately specified, designed, installed, and maintained.

The adoption of standards such as IEC 61508 and IEC 61511 has increased the dependency on functional safety systems to achieve the required risk reduction targets.

IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the functional safety life cycle.

Schneider (France), Rockwell (US), and Yokogawa (Japan) are the leading players in the functional safety market.

Its strong position in various markets that gives it a competitive advantage.

The ABB Group was founded in 1988 as a result of the merger between Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland).

The latest Report released on Functional Safety Market Size, Share, Growth, Industry Trends, covers different industry elements and growth inclinations that help in predicting market forecast.

The report allows complete assessment of current and future scenario scaling top to bottom investigation about the market size, demand, trends, growth, revenue, statistics, major development, technological advancements, and share of key and emerging segment.

Also, the statistical survey elaborates detailed commentary on changing market dynamics that includes market growth drivers, roadblocks and challenges, future opportunities, and influencing trends to better understand Functional Safety market outlook.

Request to Sample PDF Brochure: https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-functional-safety-market Brief Overview on Functional Safety:Functional safety market size is valued at USD 6.46 billion by 2028 is expected to grow at a compound annual growth rate of 6.87% in the forecast period of 2021 to 2028.

Important years considered in the study are:Historical year – 2010-2019; Base year – 2020; Forecast period– 2021 to 2028 List of Key Players Profiled in the study includes market overview, Market Share, business strategies, Development activities, and SWOT analysis:Renesas Electronics Corporation, MANGAN SOFTWARE SOLUTIONS, Intel Corporation, Johnson Controls, Balluff Automation India Pvt.

Ltd., Moore Industries., Bosch Rexroth AG, UL LLC, Pilz GmbH & Co. KG, OMRON Corporation, Mitsubishi Electric Corporation, HIMA, General Electric, Yokogawa Electric Corporation, Siemens, Schneider Electric, Rockwell Automation, Inc., Honeywell International Inc.,  Emerson Electric Co., and ABB What does the Report Provide?The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints that are likely to impact the market growth in upcoming years.

Functional safety products market is the major factor driving the growth of this market is the strengthening of safety standards and government regulations.

Safety is considered as the key aspect in the automotive industry and the importance with which it is regarded in recent times has become far greater.

ISO 26262 sets Automotive Safety Integrity Levels (ASILs) for manufacturers of the electronic systems in automobiles.

This demand of ISO 26262 to be used in automotive drives the growth of the market.The companies are developing the functional safety products manufacturing by taking certain initiatives in terms of expanding the business growth, revenue generation and establishment of the market globally.

For instance, in February 2019, UL LLC introduced a new chamber of 10 meter for RF and EMC testing which will allow a larger array of equipment and will also give accurate results.

The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market.

This approach is formulated by international regulatory bodies that employers and employees follow in tandem, wherein the regulations depend on the nature of work an organisation performs.

This leads us to the topic of functional safety compliance.SO, WHAT IS FUNCTIONAL SAFETY-COMPLIANCE?Before we dwell on functional safety compliance, it is important to understand the context and definitions of different aspects that constitute functional safety.

This could be caused either directly or indirectly from damage to property or the environment.

Risk on the other hand, can be defined as the amalgamation of the severity of harm that can be caused, and the probability of harm being caused.Functional safety can then be defined as the process of achieving the “absence of unwanted/unreasonable risk that is caused by hazards which take place due to malfunctioning of programmable/electrical/electronic systems.” Functional safety is a pivotal part of the overall safety that ensures a system or equipment is operating appropriately to the inputs.Failure in an operation can either be a Systematic Failure which can be eliminated only by changing the operational or manufacturing process, design and procedures; or can be a Random HW Failure which can occur at any point, unpredictably, during the lifetime of the process.Now that we have addressed the basics, let us define functional safety compliance.

In simple words, functional safety is a part of the overall safety that depends on a system or equipment operating correctly in response to its inputs.WHAT ARE FUNCTIONAL SAFETY STANDARDS?Safety-critical industries need to comply with safety standards pertaining to their industrial sector.

Here is a list of a few Functional Safety Standards associated with different Industries.IEC 61508: Functional safety of electrical/electronic/programmable electronic safety-related systems ISO 26262: Automotive IEC 61511: Process Industry IEC 62304: Medical Devices EN 50126, EN 50128, EN 50129: Railway Applications (Signaling and Rolling Stock) ISO 25119: AgricultureWHY IS FUNCTIONAL SAFETY MANAGEMENT IMPORTANT IN THIS DAY AND AGE?There is a certain degree of risk in every activity that is undertaken, and as a society, we look at mitigating and dealing with these risks in different ways.

Data Bridge Market Research has provides the Qualitative and informative knowledge by adding titled “Functional Safety Market by By Device (Safety Sensors, Safety Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, Others), System (Safety Instrumented Systems (SIS), Industrial Control Systems), Application (Process Industry, Discrete Industries), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) Analysis and Forecast, 2019 – 2026”.

In this report, Researchers have analyzed Strength, Weakness, opportunities and threats in the market and provides the unbiased picture of the market with the Qualitative and informative knowledge.

The Functional Safety Market report additionally states import/trade utilization, free market activity figures, cost, value, volume and gross edges.Global Functional safety market is to register a Substantial CAGR of 8.76 % in the forecast period of 2019-2026.

Ltd., Moore Industries., Bosch Rexroth AG, Mouser Electronics, Inc., UL LLC, Pilz GmbH & Co. KG, OMRON Corporation,  Mitsubishi Electric Corporation, HIMA, GENERAL ELECTRIC, exida.com LLC, Endress+Hauser Management AG, Yokogawa Electric Corporation, TÜV Rheinland, Siemens, Schneider Electric, Rockwell Automation, Inc., Honeywell International Inc.,  Emerson Electric Co., ABB amongst others.Focal points covered in this Functional Safety Market reportThis Functional Safety Market report provides pin point analysis of the market outlook and later establishes its comparison with current patterns.

Also it creates a relationship of the market outlook with Porter Five Force AnalysisThis research report is inclusive concept of the market progression.

The market progression considers the components of the present situation and compares the current scenario of the market with future developmental chances.The Functional Safety Market research report includes investigation at global and regional levels.