Global functional safety market leaders are Honeywell International Inc., ABB Ltd., Schneider Electric SE, Emerson Electric Co., General Electric Co., Endress+Hauser Management AG, Siemens AG, Omron Corporation, Rockwell Automation Inc., and Yokogawa Electric Corporation, among others.Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) — Market AnalysisMarket Research Future (MRFR) predicts the global functional safety market size to reach USD 5,691.0 million with a CAGR of 5.33% from 2020–2026 (forecast period). Functional safety can be defined as an overall safety system for the protection of automation. Functional safety is applicable for testing inputs and failure responses to predict error in a fail-safe manner. The key systems included in functional safety are industrial control systems, supervisory control systems, safety instrumented systems, distributed control systems, among others. Some of the advanced functional safety systems also provide fire and gas monitoring solutions, burner management solutions, and emergency shut-down solutions. The growing use of IIoT and industrial automation is a key factor in boosting global market development. Applications of functional safety systems pre and post COVID-19 pandemic have been seen throughout the oil & gas, automotive, military & aerospace, and manufacturing industries, as well as the retail and wholesale sectors. Functional safety systems are gaining traction in the global market as these solutions are used to mitigate risks by automated safety systems. Several companies provide functional safety systems that are commonly used in various industries, such as medical, transport, utilities, and chemicals, to mitigate operating risks. These systems provide safety for products, personnel, and equipment, among others. Moreover, the world GDP growth rate was projected to fall by 0.5% by 2020, thereby giving a negative trend for growth possibilities in an already weak world economy. Many countries are already adopting remedial plans to address the economic crisis triggered by the outbreak of COVID-19. The US passed a bill called the Coronavirus Aid, Relief, and Economic Security Act, also recognized as the CARES Act, under which USD 2 trillion will be spent on five components, namely individuals/families, large enterprises, small enterprises, state and local governments, and public services. The demand for functional safety products and solutions depends directly on manufacturing activities. The initiatives taken by the various governments will therefore help to drive the growth of companies involved in the development of functional safety products and solutions. Get Free Sample PDF Brochure:https://www.marketresearchfuture.com/sample_request/3220 COVID-19 Impact on the Global Functional Safety MarketCovid-19 has had a serious impact on all sectors across the globe. It has a huge influence on the global economy. Most businesses have put a complete stop to or restricted their production. The government’s restriction on the spread of the virus has weakened the economies across the globe. Nevertheless, the outbreak of COVID-19 has declined the global market for functional safety. This is attributed to disruptions in the supply chain across the globe. The economies around the globe have damaged as demand for products has declined dramatically. Production in all sectors has been reduced due to the pandemic, the scarcity of raw materials, the decline in exports, and the disruption of the supply chain are key factors leading to the decline in production and the decline in the functional safety market. Market SegmentationThe global functional safety market has been segmented into devices, system, and end-user. By devices, the global functional safety market has been segmented into actuators, safety sensors, final control elements, safety controllers/modules/relays, programmable safety systems, emergency stop devices, safety switches, valves, and others. By system, the global functional safety market has been segmented into safety instrumented systems, turbo machinery control (TMC), supervisory control system, burner management systems (BMS), emergency shutdown systems (ESD), fire & gas monitoring control, industrial control systems, high-integrity pressure protection systems (HIPPS), distributed control systems (DCS), and others. By end-user, the global functional safety market has been segmented into oil & gas, metal and mining, pharmaceuticals and biotech, retail and wholesale, manufacturing, power generation, and others. Browse In-depth Market Research Report (100 pages) on Functional Safety Market:https://www.marketresearchfuture.com/reports/functional-safety-market-3220 Regional AnalysisRegion-wise, the global functional safety market has been segmented into North America, Europe, Asia-Pacific, the rest of the world. North America to earn the highest CAGRNorth America held the largest market share of 35.22% in 2019, with a market value of USD 1,406.7 million; the market is expected to register a CAGR of 5.8% during the forecast period. The strict regulations made it compulsory for the regional industries to install functional safety. In addition, the availability of advanced technologies and an informed population have also led to the growth of the market. Competitive Landscape With the involvement of a significant number of international and regional players, the global functional safety market is highly fragmented and competitive. Market players are actively engaged in technological advancement, geographic expansion, and mergers and acquisitions in order to maintain their presence in the global market. Notable Players in The Global Functional Safety Market Are: Honeywell International Inc.ABB Ltd.Schneider Electric SEEmerson Electric Co.General Electric Co.Endress+Hauser Management AGSiemens AGOmron CorporationRockwell Automation Inc.Yokogawa Electric Corporation, among others. Ask Your Queries:https://www.marketresearchfuture.com/enquiry/3220 Industry NewsIn August 2020, ABB made an agreement with Newmont to provide mine hoist systems to the latter’s Tanami gold mine in Australia. Under this arrangement, ABB will be responsible for the design, supply, installation, and provision of long-term services for the whole mine hoist mechanical and electrical systems for the mine production shaft at the site. ABB will also have digital applications, including functional safety, programmable logic controllers (PLC) control system, remote operation, shaft communication, and latest drive system technology as part of the TE2 project. Browse Related ReportsGlobal IoT for Public Safety Market Research Report – by Component (Platform, Solution, Services), by Application (Disaster Management, Emergency Communication & Incident Management, Critical Infrastructure Security, Surveillance & Security), by Vertical (Smart Healthcare, Smart Manufacturing, Others), and Region – Forecast to 2023 Safety Critical Software Testing Market Research Report Information, —By Type (Manual Testing, Automation Testing), Vertical (Aerospace & Defense, Automotive & Transportation, Healthcare, Industrial Automation, Infrastructure) – Global Forecast till 2023 Global Machine Safety Market Research Report, Components (Safety Sensors, Controllers, Others), Implementation (Individual and Embedded Components), Application (Assembly, Robotics, Others), Industry (Oil & Gas, Chemicals, Others) — Forecast till 2023 About Market Research Future:At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. CONTACT: Contact Market Research Future +1 628 258 0071(US) +44 2035 002 764(UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.
Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.
Business, building and support services saw the largest gain in employment.
Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.
Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.
Friday’s report also shed some light on the financial health of households.
According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.
That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.
People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.
That compares with just under a quarter of those living in an owned home by a household member.
Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.
That compares with about three in 10 more established immigrants and one in four of people born in Canada.
This report by The Canadian Press was first published Nov. 8, 2024.
The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.
This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.
While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.
Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.
The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.
This report by The Canadian Press was first published Nov. 7, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.
Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.
A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.
More than 77 per cent of Canadian exports go to the U.S.
Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.
“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.
“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”
American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.
It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.
“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.
“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”
A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.
Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.
“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.
Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.
With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”
“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.
“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”
This report by The Canadian Press was first published Nov. 6, 2024.
