In the 21st century everything has been digitalized, this is especially true for information technology enterprises (IT) out there. This instance has brought about a lot of advancements to safeguard the important & confidential data of these organizations. One of the most recent and notable innovations in this field has been the introduction of functional safety. Since its discovery, more and more companies have started to invest in it owing to its beneficial features. Resultantly, the global functional safety market has started gaining momentum.Market Segmentation
The worldwide functional safety market has been divided into four equal parts – end users, devices, geographies and systems.
The end users segment comprises of oil & gas, railway, process industry, metal and mining, food & beverages, discrete industry, medical, power generation, water & wastewater, automotive and chemicals.
On account of devices, Functional Safety Market Report is fragmented into safety switches, actuators, emergency stop devices, final control elements, safety controllers/modules/rays, valves and programmable safety systems.
Geographically, the market is spread across various regions like North America, Asia Pacific, Europe and Rest of the World.
Finally, based on systems the market has been segmented into emergency shutdown system, distributed control system, industrial control systems, safety instrumented systems, supervisory control and data acquisition systems, turbo machinery control, fire & gas monitoring system, burner management systems and high-integrity pressure protection systems.
Key Players & Market Strategy
Some of the key players of this industry can be listed as TUV Rhineland, Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE and Omrom Corporation. The major strategies used by these players are acquisitions and novel product developments.
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