Global Functional Safety Market is expected to reach $10.61 billion by 2027 growing at a CAGR 10.8% during 2018 to 2027.

Some of the key players profiled in the Functional Safety Market include ABB, GE, Yokogawa, Siemens Ag, Schneider Electric, Hima Paul, Omron, Honeywell, Emerson Electric, Rockwell, TUV SUD and Johnson Controls.

Increasing strict mandates for safety regulations and surging demand for safety systems in the oil & gas industry are the major factors driving the market growth. However, high financing required for placing in helpful insurance structures and absence of ability and the multifaceted nature of models are limiting commercial centre increment.

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Functional safety is the part of the general safety of a device or piece of device that is predicated upon automatic safety strolling efficiently in reaction to its inputs or failure in a predictable manner (fail-secure). The computerized safety system should be designed to correctly manage possibly human errors, hardware screw-united states and operational/environmental pressure.

Based on the offering, the service segment is likely to have a huge demand due to increasing adoption of safety instrumented systems (SIS) by manufacturing companies and growing demand for functional safety, especially in oil & gas and chemical industries.

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By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to high potential for installation of functional safety in the oil & gas, chemicals, and power generation industries and increasing industrialization in emerging economies such as China and India.

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Systems Covered:
• Industrial Control Systems
• Safety Instrumented Systems (SIS)

Offerings Covered:
• Service
• Component

Applications Covered:
• Process Industry
• Discrete Industries

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o UK
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Release ID: 88948576