Functional Safety Market Size to Hit at USD 7.2 Bn by 2027, growing at CAGR of 6.8% - PowerPoint PPT Presentation

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Functional Safety Market Size to Hit at USD 7.2 Bn by 2027, growing at CAGR of 6.8%

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Functional Safety Market size is projected to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027 at CAGR of 6.8% during the forecast period. Every functional safety system is designed in a way that when combined, it can achieve the overall SIL of the complete loop. Owing to these factors, the adoption of functional safety systems is surging in the oil & gas industry, consequently driving the growth of the market. – PowerPoint PPT presentation

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Title: Functional Safety Market Size to Hit at USD 7.2 Bn by 2027, growing at CAGR of 6.8%


1
MarketsandMarkets Presents

Functional Safety Market Size to Hit at USD 7.2
Bn by 2027, growing at CAGR of 6.8 Functional
Safety Market by System (ESD, FG, TMC, BMS,
HIPPS, SCADA, DCS), Device (Safety Sensors,
Safety Controllers, Programmable Safety Systems,
Safety Switches, Emergency Stop Devices), Sales
Channel, Industry Region - Global Forecast to
2027 https//www.marketsandmarkets.com/Market-Rep
orts/functional-safety-market-146773188.html
2
According to the new market research
report "Functional Safety Market by System (ESD,
FG, TMC, BMS, HIPPS, SCADA, DCS), Device (Safety
Sensors, Safety Controllers, Programmable Safety
Systems, Safety Switches, Emergency Stop
Devices), Sales Channel, Industry Region -
Global Forecast to 2027", published by
MarketsandMarkets, the global Functional Safety
Market size is projected to grow from USD 5.2
billion in 2022 to USD 7.2 billion by 2027 at
CAGR of 6.8 during the forecast period. Every
functional safety system is designed in a way
that when combined, it can achieve the overall
SIL of the complete loop. Owing to these factors,
the adoption of functional safety systems is
surging in the oil gas industry, consequently
driving the growth of the market. Browse 198
market data Tables and 72 Figures spread
through 264 Pages and in-depth TOC on "Functional
Safety Market by System (ESD, FG, TMC, BMS,
HIPPS, SCADA, DCS), Device (Safety Sensors,
Safety Controllers, Programmable Safety Systems,
Safety Switches, Emergency Stop Devices), Sales
Channel, Industry Region - Global Forecast to
2027"
3
The market for programmable safety systems is
expected to grow at the highest CAGR from 2022 to
2027 The market for programmable safety systems
is expected to grow at the highest CAGR from 2022
to 2027. Programmable safety systems or safety
PLCs are considered the backbone of a functional
safety system. The market for programmable safety
systems is expected to significantly grow in the
coming years as user requirements for
programmable safety systems have emerged not only
from a safety point of view but also from the
ease of use in close conjunction with other
systems. Programmable safety systems are highly
reliable logic solvers, which provide both
fail-safe and fault-tolerant operations. The
market for programmable safety systems is
anticipated to grow at a fast rate in the coming
years as manufacturers are replacing the existing
systems to comply with strict functional safety
regulatory standards. Programmable safety systems
are an integral part of safety instrumented
systems. These systems must be designed or
selected in accordance with the IEC 61508
standard and are required to achieve the SIL 3
and SIL 4 performance. Ask PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id146773188 The functional safety
market for emergency shutdown systems was
expected to grow at a significant CAGR from 2022
to 2027 The functional safety market for
emergency shutdown systems was expected to grow
at a significant CAGR from 2022 to 2027. Rising
demand for functional safety certified ESD
systems in process industries and increasing
implementation of regulatory measures pertaining
to functional safety by several governments are
the key factors driving the growth of the market
for ESD systems. Moreover, oil gas plants are
prone to potential incidents that can adversely
affect people, assets, and the environment in and
outside the plants.
4
The market in Asia Pacific is projected to grow
at the highest CAGR from 2022 to 2027 The market
in Asia Pacific is expected to grow at the
highest CAGR from 2022 to 2027. The market in
this region is expected to witness significant
growth during the forecast period due to
increasing industrialization in emerging
economies such as China and India. China and India
 have already adopted functional safety in
various process industries such as oil gas and
power generation. The adoption of safety
automation solutions in manufacturing industries
in this region is significantly increasing with
rapid industrialization, thereby contributing to
market growth. The increased acceptance of
international functional safety standards is
driving the growth of the functional safety
market in this region. Rapid industrialization,
rising industrial emphasis, and organizational
functional safety, as well as the influence of
multinational companies in adopting safety
systems, are also driving the growth of the
functional safety market in Asia
Pacific. Request Free Sample Pages https//www.m
arketsandmarkets.com/pdfdownloadNew.asp?id1467731
88 The Major Player includes Schneider Electric
(France), ABB Ltd. (Switzerland), Honeywell
International Inc. (US), Emerson Electric Co.
(US), and Rockwell Automation Inc. (US).
5
OPPORTUNITIES Rising acceptance of IIoT
technology in industries The Industrial Internet
of Things (IIoT) is creating new opportunities
for integrated safety and compliance services.
IIoT can acquire data from sensors that measure
pressure, level, and the flow of liquids,
temperature, and vibration, and send this
collected information to monitoring systems. The
data is transmitted through wired and wireless
networks that provide real-time analysis, alerts,
and possible solutions in case of any emergency.
Using IIoT, companies can integrate their
processes with safety systems and can monitor the
same in real-time. The Industrial Internet of
Things (IIoT) provides the benefits of low-cost,
low-power microprocessors to improve safety,
usability, and energy efficiency while meeting
industrial expectations of security and
reliability. Various manufacturing companies are
still far away from using IIoT to support safety
instrumented functions (SIFs) directly in plants,
factories, or industrial areas, handling
hazardous products. Further, IIoT facilitates
quick monitoring, analysis, and control, offering
virtual management of physical systems, which
ultimately results in performance improvement.
With the increasing adoption of IIoT, the demand
for functional safety is expected to grow during
the forecast period. CHALLENGES Shortage of
skilled functional safety certified
workforce Functional safety system manufacturers
require a workforce with relevant certifications
to enable the proper handling of functional
safety systems. The technologies and skillsets
used in functional safety systems require trained
workers to handle the systems. Moreover,
industries are increasingly focusing on adopting
new safety technologies, and for that, they
required a skilled workforce but they are facing
a shortage of skilled functional safety certified
workforce. Due to this, developing countries
continue to struggle with the efficient
implementation of functional safety solutions in
industrial automation. Hence, the lack of a
skilled workforce poses challenges to the overall
growth of the functional safety system market.
6
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7
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