Functional Safety Market, By Device Type (Safety Sensors, Safety Controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements (Valves, Actuators), and Other Device Types), By Safety Systems (Burner Management System (BMS), Turbomachinery Control (TMC) System, High-Integrity Pressure Protection Systems (HIPPS), Fire and Gas Monitoring Control System, Emergency Shutdown Systems (ESD), Supervisory Control and Data Acquisition (SCADA) Systems, and Distributed Control System (DCS)), By End-User Industry (Oil and Gas, Power Generation, Food and Beverage, Pharmaceutical, Automotive, and Other End-user Industries), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Functional safety is a critical part of safe operation in many industrial automation equipment. It provides manufacturers with fewer downtimes and increased efficiencies. This allows them to operate closer to the margins of their product.
The design process for functional safety requires developers to understand the standards that they are following and how they can use them to improve the safety of their product. Functional safety standards provide guidance on how to prevent design bugs, how to detect and analyze a failure in a safety device, and how to reduce the risk of equipment damage. Moreover, there are several components and processes that must be considered during the design process.
Market Dynamics:
The increasing demand for robust safety systems in a variety of industries is expected to propel growth of the global functional safety market over the forecast period. Various factors are driving the demand, including the fourth industrial revolution and the increasing use of electrical and automated safeguards.
One of the major challenges in the functional safety industry is the high cost of installation. This has impeded the market from reaching its full potential. Moreover, lack of awareness regarding functional safety systems is also hampering growth of the global functional safety market.
Key features of the study:
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