Major Players Dealing in Functional Safety Market

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MarketsandMarkets Presents

Major Players Dealing in Functional Safety
Market Functional Safety Market with Covid-19
Impact Analysis by Offering (Component (Safety
Sensor, Programmable Safety System, Final Control
Element), Services), System (ESD, TMC, FG,
HIPPS, BMS), Industry (Oil Gas, Chemicals,
Power Generation), and Region - Global Forecast
to 2025 https//www.marketsandmarkets.com/Market-
Reports/functional-safety-market-146773188.html
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The functional safety market is expected to
reach USD 5.3 billion by 2025 from USD 4.4
billion in 2020, at a CAGR of 3.8. Schneider
(France), Rockwell (US), and Yokogawa (Japan) are
the leading players in the functional safety
market. Browse 335 market data Tables and 43
Figures spread through 292 Pages and in-depth TOC
on "Functional Safety Market, by Offering
Component (Safety Sensor, Programmable Safety
System, Final Control Element), Services, System
(ESD, TMC, FG, HIPPS, BMS), Industry (Oil Gas,
Chemicals, Power Generation), and Region - Global
Forecast to 2025"
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Functional safety covers the implementation of
safety instrumented systems and related services
to mitigate risks associated with a process in
which components such as sensors, logic controls,
and acting elements are used. Implementing
functional safety ensures that safety critical
control and protective systems are appropriately
specified, designed, installed, and maintained.
Safety devices such as sensors, programmable
safety systems, and final elements are an
integral part of safety instrumented systems and
industrial control systems. Ask PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id146773188 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 lifecycle. The
growth of the market is attributed to strict
mandates for safety regulations, surging demand
for safety systems in the oil gas industry,
high requirement for reliable safety systems to
ensure personnel and asset protection, and rise
in industrial revolution 4.0.
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Schneider (France) The company offers integrated
solutions to various sectors. The company has a
wide geographic presence and a diversified
product portfolio. It is strategically positioned
for providing software solutions for
visualization and supervisory control, real-time
operation management, asset management, and
information management in process industry
plants. The company has grown through mergers of
various business divisions as a result, it
typically offers more than one brand and product
in most markets and sectors. Its strong position
in various markets that gives it a competitive
advantage. Schneider Electric has a strong
portfolio of functional safety-certified
emergency stop devices and safety instrumented
systems. The company has expertise in DCS and
offers a range of safety solutions. Request
Free Sample Pages https//www.marketsandmarkets.c
om/requestsampleNew.asp?id146773188
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ABB (Switzerland) ABB is a leading power and
automation technology company. The ABB Group was
founded in 1988 as a result of the merger between
Asea AB (Sweden) and BBC Brown Boveri AG
(Switzerland). ABB offers functional safety
solutions under the Industrial Automation
business segment. The company has expertise in
design, manufacturing, and implementation process
safety systems. ABB has effectively installed and
delivered safety systems in over 55 countries
globally. The company has a significant range of
functional safety systems that can be integrated
with control systems. ABB has launched the
innovation expansion plan (PIE) to drive
profitable growth for its businesses. The company
is primarily focusing on organic growth through
product launches and developments, and expansion
of its safety product portfolio. For instance, in
March 2019, the company upgraded the Ability
System 800Xa in August 2017, it launched an
all-new range of AFS contactors for safety
applications. This will help the company maximize
its revenue by targeting latent opportunities in
these markets.
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