The global functional safety sensor market is projected to reach $9.0 billion by 2028, at a CAGR of 8.1% during 2023-2028. The growth of functional safety sensor market is driven by increasing adoption of industry 4.0, widespread use of these technologies to comply with industry safety standards, and enormous demand for this technology in oil and gas plants as a safety measures and to reduce chances of disasters.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the
most promising, high-growth opportunities for the functional safety sensor
market by product type (safety sensors, safety PLCs, safety relays, valves, and
actuators), application (chemical, food and drink, water and sewage,
pharmaceuticals, biotechnology, metals & mining, and others), and region
(North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will
grow at a faster pace and why?
Q.3 What are the
business risks and threats to the functional safety sensor market?
Q.4 What are some
changing demands of customers in the functional safety sensor market?
Q.5 What are the new
developments in the functional safety sensor market? Which companies are
leading these developments?
Q.6 What strategic
initiatives are being implemented by key players for business growth?
Q.7 What are some of the
competitive products and processes in this functional safety sensor area and
how big of a threat do they pose for loss of market share via product
substitution?
Q.8 What M&A
activity has occurred in the last 5 years in this functional safety sensor
market?
Market Segmentation:
Based on product type,
the functional safety sensor market is segmented into safety sensors, safety
PLCs, safety relays, valves, and actuators. The safety sensor segment accounted
for the largest share of the market in 2023 and is expected to register the
highest CAGR during the forecast period, due to the enormous need for these
sensors to provide timely alerts in potentially hazardous situations.
North America will
remain the largest region due to the continuous expansion of oil and gas
projects, rising adoption for fire and gas monitoring systems, and supporting
government spending to boost the capacity for energy production in the region.
Key Players in the
functional safety sensor market are ABB, Emerson Electric, Rockwell Automation,
Schneider Electric, Siemens, and General Electric.
The report helps stakeholders understand the
pulse of the market and provides them with information on key drivers,
restraints, challenges, and opportunities for market growth. It would also help
to understand the competitors better and gain more insights to improve their
position in the business.
About
Lucintel
Lucintel, the premier global
management consulting and market research firm, creates winning strategies for
growth. It offers market assessments, competitive analysis, opportunity
analysis, growth
consulting, M&A, and due diligence services to executives and
key decision-makers in a variety of industries.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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