FUNCTIONAL SAFETY MARKET ANALYSIS

Functional Safety Market, By Device Type (Safety Sensors, Safety Controllers/Modules/Relays, Safety Switches, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements (Valves, Actuators), and Other Device Types), By Safety Systems (Burner Management System (BMS), Turbomachinery Control (TMC) System, High-Integrity Pressure Protection Systems (HIPPS), Fire and Gas Monitoring Control System, Emergency Shutdown Systems (ESD), Supervisory Control and Data Acquisition (SCADA) Systems, and Distributed Control System (DCS)), By End User Industry (Oil and Gas, Power Generation, Food and Beverage, Pharmaceutical, Automotive, and Other End User Industries), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023
Code : CMI5505
Pages :158
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market News

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.