Functional safety device is part of the overall safety of a system or piece of equipment and generally focuses on electronics and related software. It looks at aspects of safety that relate to the function of a device and ensures that it works correctly in response to commands it receives. In a systemic approach Functional safety identifies potentially dangerous conditions, situations or events that could result in an accident that could harm somebody or destroy something. It enables corrective or preventive actions to avoid or reduce the impact of an accident.
Global Functional Safety Devices key players include Siemens, ABB, Schneider, Honeywell, etc. Global top four manufacturers hold a share about 55%.
Europe is the largest market, with a share about 40%, followed by China, and North America, both have a share over 40 percent.
In terms of product, Safety Sensors is the largest segment, with a share over 25%. And in terms of application, the largest application is Oil and Gas, followed by Power Generation, Automotive, Rail Transit, etc.

Market Analysis and Insights: Global Functional Safety Devices Market
In 2020, the global Functional Safety Devices market size was US$ 5814 million and it is expected to reach US$ 10370 million by the end of 2027, with a CAGR of 8.5% during 2021-2027.
Global Functional Safety Devices Scope and Market Size
Functional Safety Devices market is segmented by region, by country, company, type, application and by sales channels. Players, stakeholders, and other participants in the global Functional Safety Devices market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region, by country, company, type, application and by sales channels for the period 2016-2027.

Segment by Type, the Functional Safety Devices market is segmented into

Safety Sensors
Safety PLCs
Safety Relays
Safety Valves
Safety Actuators
Safety Switchs
Others

Segment by Application, the Functional Safety Devices market is segmented into

Automotive
Rail Transit
Chemical
Oil and Gas
Medical
Power Generation
Elevator and Escalator
Others

Regional and Country-level Analysis:

North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

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