The research reports on “Functional Safety Market” report gives detailed overview of factors that affect global business scope. Functional Safety Market report shows the latest market insights with upcoming trends and breakdowns of products and services. This report provides statistics on the market situation, size, regions and growth factors.
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The Functional Safety Market is estimated to grow from USD 4.4 Billion in 2020 to USD 5.3 Billion by 2025, at a CAGR of 3.8%.
Top Companies Profiled in the Functional Safety Market:
- Emerson (US)
- Honeywell (US)
- Rockwell (US)
- ABB (Switzerland)
- Schneider (France)
- Yokogawa (Japan)
- General Electric (US)
- Hima Paul (Germany)
- Omron (Japan)
- Siemens (Germany)
“Market for fire & gas monitoring systems to grow at highest CAGR during forecast period“
The fire and gas monitoring system market is estimated to grow at the highest CAGR from 2020 to 2025. Fire and gas safety systems continuously monitor fire or combustible/toxic gas leakages and provide early warning to prevent escalations. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements.
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“Oil & gas industry to hold major share of functional safety market during forecast period”
The oil & gas industry is expected to hold the majority market share from 2020 to 2025. The oil & gas industry faces different types of risks and hazards, thereby giving rise to serious accidents that might have an adverse impact on people, assets, and environment. In avoiding such incidents, functional safety becomes a matter of utmost importance. Various safety instrumented systems are used in the oil & gas industry.