Functional Safety Market Projected Growth Rate Through 2023-2032

The Functional Safety Global Market Report 2023, provides comprehensive information on the functional safety market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.

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As per The Business Research Company’s Functional Safety Global Market Report 2023, the global functional safety market size will grow from $5.11 billion in 2022 to $5.49 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the functional safety is expected to grow to $7.13 billion in 2027 at a CAGR of 6.7%.

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The functional safety market is segmented:

1) By Offering: Component, Service

2) By System: Emergency Shutdown System (ESD), Fire and Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), Burner Management System (BMS), Turbomachinery Control (TMC)

3) By Industry: Oil and gas, Power Generation, Chemicals, Food and Beverages, Water and Wastewater, Pharmaceuticals, Metal and Mining, Other Industries North America was the largest region in the functional safety market in 2022.

The table of contents in TBRC’s functional safety market report includes:

1. Executive Summary
2. Functional Safety Market Characteristics
3. Functional Safety Market Trends And Strategies
4. Functional Safety Market – Macro Economic Scenario
5. Functional Safety Market Size And Growth

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28. Key Mergers And Acquisitions In The Functional Safety Market
29. Functional Safety Market Future Outlook and Potential Analysis
30. Appendix

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