Functional Safety Products Market is Growing at a CAGR by 2026 with top Key players Siemens, Endress+Hauser Management AG, MANGAN SOFTWARE SOLUTIONS, Balluff de México
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..
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 the geriatric population and different diseases.
Some of the major players operating in this market are: Yokogawa Electric Corporation, Siemens, Endress+Hauser Management AG, MANGAN SOFTWARE SOLUTIONS, Balluff de México, ABB, OMRON Corporation, Honeywell International, Rockwell Automation, SICK AG, Pilz GmbH & Co. KG, K.A. Schmersal GmbH & Co. KG, HYDAC, Schneider Electric, Cadence Design Systems, Hitex GmbH, TÜV Rheinland, Intel Corporation, UL LLC.
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The quality and transparency maintained in this Functional Safety Products report makes gain the trust and reliance of member companies and customers. For an effectual business growth, companies must adopt Functional Safety Products market research report service which has become quite vital in this rapidly changing marketplace. This Functional Safety Products report best suits the requirements of the client. This Functional Safety Products market research report also offers list of the chief competitors and provides the strategic insights and analysis of the key factors influencing the industry. Functional Safety Products market report is sure to help you enhance sales and improve return on investment (ROI).
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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The 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, 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.
Reasons to Purchase this Report
- Current and future of global market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- 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
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