Global Functional Safety Market 2020-2027
Global Functional Safety Market is valued approximately USD 4.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.8 % over the forecast period 2020-2027. Functional safety is a security system or equipment, depends on the automatic protection functioning properly to reply to the inputs in a way that is predictable. Functional safety detects hazardous condition, which can then result in the activation of a corrective or protective device to reduce the consequences of a potentially harmful event occurring. The global Functional Safety is facing challenges due to the coronavirus pandemic as employees are asked to work from home and organizations are temporary shutdown.
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However, fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amid COVID-19 crisis, strict mandates for safety regulations, surging demand for safety systems in oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection and rise in Industrial Revolution are the few factors responsible for growth of the market over the forecast period. Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: in April 2019, Schneider Electric launched Easergy P5 protection relay, more powerful and connected with its comprehensive digital toolbox, which includes: EcoStruxure Power Build – Medium Voltage, eSetup Easergy Pro, embedded web server, EcoStruxure Power Device app, and mySchneider mobile applications. Whereas,high investment required for installing functional safety systems and lack of awareness and complexity of standards is the major factor restraining the growth of global Functional Safety market during the forecast period.
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Last Update : Sep 25, 2020 11:32 PM
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