Functional
safety covers the implementation of safety instrumented systems and
related services to mitigate risks associated with a process in which
components such as sensors, logic controls, and acting elements are
used. Implementing functional safety ensures that safety critical
control and protective systems are appropriately specified, designed,
installed, and maintained. Safety devices such as sensors, programmable
safety systems, and final elements are an integral part of safety
instrumented systems and industrial control systems. The
adoption of standards such as IEC 61508 and IEC 61511 has increased the
dependency on functional safety systems to achieve the required risk
reduction targets. IEC 61508 and IEC 61511 are performance-based
standards that promote the concept of the functional safety life cycle. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=146773188 The growth of the functional safety market is
attributed to strict mandates for safety regulations, surging demand
for safety systems in the oil & gas industry, high requirement for
reliable safety systems to ensure personnel and asset protection, and
rise in industrial revolution 4.0. The functional safety market is
expected to reach USD 7.1 billion by 2024 from USD 4.6 billion in 2019,
at a CAGR of 8.8%. Schneider (France), Rockwell (US), and Yokogawa
(Japan) are the leading players in the functional safety market. Schneider (France) The company offers integrated solutions to various sectors. The company has a wide geographic presence and a diversified product portfolio. It
is strategically positioned for providing software solutions for
visualization and supervisory control, real-time operation management,
asset management, and information management in process industry plants. The
company has grown through mergers of various business divisions; as a
result, it typically offers more than one brand and product in most
markets and sectors. Its strong position in various markets that gives
it a competitive advantage. Schneider
Electric has a strong portfolio of functional safety-certified
emergency stop devices and safety instrumented systems. The company has
expertise in DCS and offers a range of safety solutions. ABB (Switzerland) ABB
is a leading power and automation technology company. The ABB Group was
founded in 1988 as a result of the merger between Asea AB (Sweden) and
BBC Brown Boveri AG (Switzerland). ABB offers functional safety
solutions under the Industrial Automation business segment. The company
has expertise in design, manufacturing, and implementation process
safety systems. ABB has effectively installed and delivered safety
systems in over 55 countries globally. The company has a significant
range of functional safety systems that can be integrated with control
systems. ABB has launched the innovation & expansion plan (PIE) to
drive profitable growth for its businesses. The company is primarily
focusing on organic growth through product launches and developments,
and expansion of its safety product portfolio. For instance, in March
2019, the company upgraded the Ability System 800Xa; in August 2017, it
launched an all-new range of AFS contactors for safety applications.
This will help the company maximize its revenue by targeting latent
opportunities in these markets. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=146773188 About MarketsandMarkets™ MarketsandMarkets™
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Top 2 Players in the Functional Safety Market
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