Market Research Future (MRFR) projects that the functional safety market 2020 can be valued at USD 8.7 Billion by 2023-end. MRFR adds that the market is expected to achieve a growth rate of 8.64% between 2017 and 2023 (appraisal period).The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
Regional Study
The regional study of [FURL=https://www.marketresearchfuture.com/reports/functional-safety-market-3220]Covid 19 Functional Safety Market[/FURL] includes Asia Pacific (APAC), Europe, North America, and Rest of the World (ROW).
The fastest growth will be observed by the APAC market, because of the rising use of functional safety solutions in discrete and process industries. With the continuous expansion of the automotive and manufacturing sectors, China has materialized into one of the best markets for functional safety solutions within the region. With India and China being significant manufacturing hubs in the world, the governments are concentrating on smart manufacturing methods, by boosting automation as well as industrial control systems (ICS), such as distributed control system (DCS), programmable logic controller (PLCs) and supervisory control and data acquisition (SCADA). This can increase the uptake of functional safety solutions across the manufacturing sector in these countries and also in the region.
The North American market can emerge as the top market, thanks to the government policies with regard to the safety of the systems as well as personnel coupled with the prevalence of mandatory safety standards. The top trend in the market can be the increasing deployment of digital communication systems and programmable logic controllers for functional safety.
Top Vendors
Top companies in the functional safety industry include Siemens AG (Germany), Emerson Electric Co. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), Rockwell Automation Inc. (US), and more.
Some other leading contenders in the global market include Yokogawa Electric Corporation (Japan), HIMA Paul Hildebrandt GmbH (Germany), Omron Corporation (Japan), TUV Rheinland (Germany), Honeywell International Inc. (US), Endress+Hauser Management AG (Switzerland), General Electric Co. (US), to mention a few.
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