Global Functional Safety Market: Key Developments
In May 2022, Honeywell International Inc. announced a new initiative for emissions control and reduction to assist clients become carbon neutral in various contexts. This initiative will be concentrating initially on assisting oil and gas customers with downstream, midstream, and upstream operations for monitoring and reducing fugitive methane emissions.
In July 2022, ABB Ltd., signed a memorandum of understanding (MoU) with SKF for investigating the potential for cooperation in the automation of manufacturing process. Under this MoU, both the companies will be working together to find and assess solutions for enhancing production capabilities and support increased production efficiency of the clients.
In September 2022, Yokogawa Electric Corporation, announced the acquisition of Votiva Singapore Pte Ltd, a Southeast Asian IT consultant offering services for deploying software of enterprise resource planning (ERP) as well as customer relationship management (CRM).
In May 2022, Schneider Electric SE, introduced Grid Operations Platform as a Service, as a part of its EcoStruxure Grid line-up. Schneider Electric provides a deployment of environment enabling grid planning and operations solutions for hosting and controlling in the cloud, which is supported by open cloud computing platform of Microsoft Azure.
Functional Safety Market Report Snapshots
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