Functional Safety Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Functional Safety Market covers analysis by Offering (Component, Service); System (Emergency Shutdown System (ESD), Turbo Machinery Control (TMC), Fire and Gas Monitoring, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS)); End-user Industry (Oil and Gas, Chemicals, Power Generation, Pharmaceuticals, Food and Beverage, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Feb 2024

  • Report Code : TIPRE00007633
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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MARKET INTRODUCTION

The functional safety is part of the overall safety of the system. Failure occurs due to certain reason such as random failure of any part, software, hardware, and by human error hence need to be a precaution, this system provides safety, henceforth the increasing demand for the functional safety market globally. The increasing safety standards and government policies for safety, also growing concern about individual protection is the key factor driving the growth of the functional safety market.

MARKET DYNAMICS

The functional safety helps to prevent dangerous failure; also, it helps the system to function correctly. Hence, increasing adoption of the functional safety rising demand for the functional safety market. This system provides various benefits such as reduce risk and ensure safety, thereby prevent any loss or damage to humans or the environment. These factors are driving the need for the functional safety market. However, the system required a number of components that increase its cost, which may restrain the growth of the functional safety market. An increasing number of manufacturing, oil and gas, chemical, pharmaceutical companies in the emerging economies such as India, China, Japan, and others are demanding for the functional safety system that is expected to drive the growth of the functional safety market.

MARKET SCOPE

The “Global Functional Safety Market Analysis to 2028” is a specialized and in-depth study of the functional safety market industry with a special focus on the global market trend analysis. The report aims to provide an overview of functional safety market with detailed market segmentation by offering, system, and end-user industry, and geography. The global functional safety market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading functional safety market players and offers key trends and opportunities in the functional safety market.

MARKET SEGMENTATION

The global functional safety market is segmented on the basis of offering, system, and end-user industry. On the basis of offering the market is segmented as component, service. On the basis of system the market is segmented as emergency shutdown system (ESD), turbo machinery control (TMC), fire and gas monitoring, high integrity pressure protection system (HIPPS), burner management system (BMS). On the basis of end-user industry the market is segmented as oil and gas, chemicals, power generation, pharmaceuticals, food and beverage, others.


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REGIONAL FRAMEWORK


The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global functional safety market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The functional safety market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

The report analyzes factors affecting functional safety market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the functional safety market in these regions.

World Geography

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MARKET PLAYERS


The reports cover key developments in the functional safety market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from functional safety market are anticipated to lucrative growth opportunities in the future with the rising demand for functional safety market in the global market. Below mentioned is the list of few companies engaged in the functional safety market.

The report also includes the profiles of key functional safety market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
  • ABB
  • Emerson Electric
  • General Electric
  • HIMA Paul Hildebrandt GmbH
  • Honeywell
  • Omron
  • Rockwell
  • Schneider Electric
  • Siemens
  • Yokogawa Electric Corporation
The Insight Partner’s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. ABB
2. Emerson Electric
3. General Electric
4. HIMA Paul Hildebrandt GmbH
5. Honeywell
6. Omron
7. Rockwell
8. Schneider Electric
9. Siemens
10. Yogokawa Electric Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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