Worldwide Functional Safety Industry to 2026 - Safety Sensors are Expected to Hold a Significant Market Share - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Functional Safety Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Functional Safety Market is expected to register a CAGR of 8.3% during the period of 2021-2026.

Companies Mentioned

• Rockwell Automation Inc.
• Emerson Electric Company
• Honeywell International Inc.
• Yokogawa Electric Corporation
• ABB Ltd.
• Schneider Electric SE
• Siemens AG
• General Electric Company
• Omron Corporation
• SICK AG
• Panasonic Industry Europe GmbH (Panasonic Corporation)
• Pepperl+Fuchs
• Banner Engineering Corporation

Key Market Trends

Safety Sensors are Expected to Hold a Significant Share

• Safety Sensors are used for machine guarding/ personnel protection, for perimeter monitoring and body part protection, or to protect hazardous areas. These sensors detect the presence of humans within a specified area and reduce the possibility of accidents, which can be achieved through tripping function or presence detection.
• Stringent safety regulations by the government are driving the growth of safety sensors. For instance, the specifications and safety requirements posed by the safety associations are putting pressure on end-user industries to increase their safety investments further.
• For instance, the European Union (EU) strategic framework (2014-2020) for workplace health and safety integrates a series of actions to prevent occupational hazards. There is an intense concern over policies to reduce workplace accidents and enhance working conditions. Emphasis is placed on risk prevention and mitigation of the consequences of occupational hazards so that each member country of the European Union develops sustainably.
• Additionally, according to Safety Media, up to 1.3 million workers suffer from work-related illnesses. There are approximately 72,702 reported cases of employers experiencing non-fatal injuries, while 144 workers suffered from fatal ones. Depending upon the age of the employee, the same incident or accident is more likely to have a different impact on the employee. In the next few years, the population of workers aged over 55 and above is anticipated to increase considerably, drawing the attention of several organizations to automate their safety solutions.

United States Expected to Dominate the Market

• The United States is one of the largest markets for functional safety market globally. The country is renowned for its innovation capabilities and is at the forefront of prominent developments surrounding the emerging technologies of the Fourth Industrial Revolution. New-found shale resources in the United States and an increasing number of oil and gas projects are additional indicators of the market potential.
• Prominent vendors such as Honeywell, Rockwell, General Electric, and Banner Engineering Corp are headquartered in the country. In July 2020, Rockwell Automation announced a new family of safety controllers with key features to increase performance. The new SIL 3 controllers are an addition to Rockwell Automation's GuardLogix 5380 series.
• The government is also focusing on increasing its energy generation capacity, and the American government is investing in such projects. For instance, in July 2019, the US DOE (Department of Energy) announced the funding of USD 16 million for 14 tribal energy infrastructure deployment projects. And they also announced their plan to develop an environmental impact statement (EIS) to study the impacts of building a versatile nuclear test reactor in the United States.
• With the increasing stringency in the government regulations, the organization is concentrating on monitoring and controlling its carbon emission per product, which is expected to drive the demand for fire and gas monitoring systems in the country. There are currently over 20 major upcoming water treatment construction projects across the United States, each worth USD 5 billion on average.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Industry Attractiveness - Porter's Five Forces Analysis

4.3 Industry Value Chain Analysis

4.4 Market Drivers

4.4.1 Growing Standards of Industrial Safety

4.4.2 Increasing Adoption of Functional Safety Systems in a Wide Range of Industries

4.5 Market Restraints

4.5.1 Increasing Complexity Coupled with High Initial Costs and Maintenance Costs

4.6 Assessment of COVD-19 Impact on the Industry

5 MARKET SEGMENTATION

5.1 Device Type

5.2 Safety Systems

5.3 End-user Industry

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/44hsd9