Lucintel's latest market report analyzed that functional safety sensor provides attractive opportunities in the chemical, food and drink, water and sewage, pharmaceutical, biotechnology, and metal & mining applications. The functional safety sensor market is expected to reach $9.0 billion by 2028 with a CAGR of 8.1%. In this market, safety sensor is the largest segment by product type, whereas food and drink is largest by application.
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.
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The Functional Safety Sensor Market is marked by the presence of several big and small players. Some of the prominent players offering functional safety sensor include ABB, Emerson Electric, Rockwell Automation, Schneider Electric, Siemens, and General Electric.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link helpdesk@lucintel.com.
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