27 April 2021
The new report the Functional Safety Market Report to 2031: Forecasts by System (Emergency Shutdown System (ESD), Fire & Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), and Turbomachinery Control (TMC)), Industry (Oil & Gas, Power Generation, Chemical, Food & Beverage, Water & Wastewater, Pharmaceutical, Metal & Mining, and Others), by Region, Country, and Profiles of Leading Companies indicates that the Global Functional Safety Market will see $ XX bn in spending in 2020.
The lead analyst of the report said: "The Functional Safety Market is about to enter a period of phenomenal growth and innovation. The next ten years will see the upsurge demand of functional safety."
The functional safety is a concept that provides web app and mobile app developers to link their applications to backend cloud storage and APIs and offer features that include user management, push notifications, and integration with social networking services.
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 4.0 are the main driving factors for the functional safety market during the forecast period. The growth in the number of mobile applications and increased adoption of MBaaS services among SMEs and large enterprises promote growth opportunities. The major drivers responsible for the growth of the Backend as a Service Market are high demands of smartphones and devices for rapid deployment, and the development of cloud-based applications is further expected to enhance the market's growth.
However, high investment required for installing functional safety systems and lack of awareness and complexity of standards is expected to hamper the demand and sales for the market in the coming years. Fiscal policy steps were taken by regional financial institutions to keep manufacturing facilities floating amid the COVID-19 crisis.
The outbreak of the COVID-19 pandemic has intensely changed the functional safety market dynamics. Also, the financial impact on firms and financial markets are expected to disrupt the functional safety supply chain in the global market.
The XX page report contains 119 tables and 221 graphs that add visual analysis in order to explain developing trends within the functional safety market. The report provides $ XX bn forecasts during the forecast period 2021-2031 for the Functional Safety submarkets, namely by system, i.e., emergency shutdown system (ESD), fire & gas monitoring system, high integrity pressure protection system (HIPPS), burner management system (BMS), and turbomachinery control (TMC).
The XX page report offers market forecasts and analysis for 24 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies' chapter covering more than 15 companies leading the field in the functional safety.
The global functional safety market 2021-2031 report will be of value to anyone who wants to understand better the functional safety market and its various segments. It will be useful for businesses who wish to comprehend the part of the market better they are already involved in, or those wishing to enter or expand into a different regional or technical aspect of the functional safety industry.
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