Global Functional Safety Devices Market Growth 2023-2029

Global Functional Safety Devices Market Growth 2023-2029

Functional safety device is part of the overall safety of a system or piece of equipment and generally focuses on electronics and related software. It looks at aspects of safety that relate to the function of a device and ensures that it works correctly in response to commands it receives. In a systemic approach Functional safety identifies potentially dangerous conditions, situations or events that could result in an accident that could harm somebody or destroy something. It enables corrective or preventive actions to avoid or reduce the impact of an accident.
LPI (LP Information)' newest research report, the “Functional Safety Devices Industry Forecast” looks at past sales and reviews total world Functional Safety Devices sales in 2022, providing a comprehensive analysis by region and market sector of projected Functional Safety Devices sales for 2023 through 2029. With Functional Safety Devices sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Functional Safety Devices industry.
This Insight Report provides a comprehensive analysis of the global Functional Safety Devices landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Functional Safety Devices portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Functional Safety Devices market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Functional Safety Devices and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Functional Safety Devices.
The global Functional Safety Devices market size is projected to grow from US$ 6218.7 million in 2022 to US$ 11240 million in 2029; it is expected to grow at a CAGR of 11240 from 2023 to 2029.
Global Functional Safety Devices key players include Siemens, ABB, Schneider, Honeywell, etc. Global top four manufacturers hold a share about 55%.
Europe is the largest market, with a share about 40%, followed by China, and North America, both have a share over 40 percent.
In terms of product, Safety Sensors is the largest segment, with a share over 25%. And in terms of application, the largest application is Oil and Gas, followed by Power Generation, Automotive, Rail Transit, etc.
This report presents a comprehensive overview, market shares, and growth opportunities of Functional Safety Devices market by product type, application, key manufacturers and key regions and countries.
Market Segmentation:
Segmentation by type
Safety Sensors
Safety PLCs
Safety Relays
Safety Valves
Safety Actuators
Safety Switchs
Others
Segmentation by application
Automotive
Rail Transit
Chemical
Oil and Gas
Medical
Power Generation
Elevator and Escalator
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Siemens
ABB
Schneider
Honeywell
Rockwell Automation
Mitsubishi Electric
Emerson
Yokogawa Electric
GE
Omron
TE Connectivity
SICK
PILZ
HIMA Paul Hildebrandt
Endress+Hauser
Eaton
Key Questions Addressed in this Report
What is the 10-year outlook for the global Functional Safety Devices market?
What factors are driving Functional Safety Devices market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Functional Safety Devices market opportunities vary by end market size?
How does Functional Safety Devices break out type, application?
What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.