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: firstname.lastname@example.org Website: https://www.marketresearchfuture.com
Canada’s Ivey PMI climbs to six-month high as employment improves
TORONTO (Reuters) – Canadian economic activity grew in February at the fastest pace in six months as employment picked up, Ivey Purchasing Managers Index (PMI) data showed on Friday.
The seasonally adjusted index rose to 60.0 from 48.4 in January, its highest since August and the first time in three months it was above the 50 threshold indicating an increase in activity.
The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers in the public and private sectors from across Canada.
Canada has grappled with a harsh second wave of infections in recent months, with populous Ontario and Quebec both imposing strict restrictions in December and January to contain the spread. Those are now being loosened.
The gauge of employment rose to a four-month high at an adjusted 54.0 from 41.5 in January, while the inventories index was at 57.8, up from 56.7.
Statistics Canada is due to release the February employment report next Friday.
The unadjusted PMI rose to 63.1 from 55.7.
(Reporting by Fergal Smith; Editing by Chizu Nomiyama)
The economy added 379,000 jobs in February as unemployment dropped slightly – The Washington Post
But economists said that while better than expected, the jobs report showed just how much work remains for the Biden administration and lawmakers around the country as the economy continues to climb out of the employment deficit left by the pandemic.
“Obviously it’s great that job gains beat expectations and they are faster than pre-covid average monthly gain,” said Julia Pollak, a labor economist at ZipRecruiter. “That being said, we’re still in a very very deep hole, and these are not the numbers you would hope to see in a robust recovery.”
Job growth would need to pick up significantly to regain the approximately 9.5 million jobs lost since last year. When estimates for how much the labor market would have grown in the previous economy are included, that hole is even larger, as many as 12 million jobs, according to some economists.
White House officials said the report underscored the need for the stimulus package, with Chief of Staff Ron Klain noting that at the current pace, it would take the economy until April 2023 to get back to the employment levels it had in February 2020.
“The rescue plan is absolutely essential to turning this around, getting kids back to school safely, giving a lifeline to small businesses and getting the upper hand in COVID,” President Biden said Friday, noting that some 400,000 small businesses have shuttered during the pandemic. “All those empty storefronts are not just shattered dreams, they are warning lights going off in state and local budgets.”
The gains in February were driven by large increases in the leisure and hospitality sector, which added 355,000 jobs, as coronavirus-related restrictions eased over the course of the month in many jurisdictions.
Of these jobs, about 286,000 came from restaurants, bars and other food service establishments. RSM chief economist Joseph Brusuelas noted that leisure and hospitality netted only 22,000 jobs when the gains were stacked up against losses from the previous months amid closures and surging coronavirus cases.
And employment in the sector still badly lags behind its pre-pandemic level: There are 3.5 million fewer jobs in the industry than there were one year ago.
Other sectors gaining jobs included temporary help services, which added 53,000 jobs, health care and social assistance, which added 46,000 positions, and retail, which added 41,000 jobs.
Clothing stores suffered, losing 20,000 jobs. Manufacturing ticked up by 21,000, while construction fell by 61,000, a decline that was probably driven in part by severe winter weather, the Bureau of Labor Statistics noted.
Government workers were hit hard, losing 37,000 jobs at the local level and 32,000 education workers at the state level, data that some said reflected the need for more aid to help shore up budget shortfalls related to the pandemic.
“We believe that it’s a direct result of the fact that we were unable to get aid to states and cities and towns and schools,” said Lee Saunders, president of the American Federation of State, County and Municipal Employees. “That’s why we’re continuing to fight and hopefully we get some money moving to those entities when the Senate acts. Its unconscionable that we’re seeing these layoffs.”
The $1.9 trillion aid package passed by the House includes $350 billion for state and local governments, an issue that faced major opposition from congressional Republicans during the last round of stimulus negotiations despite enjoying support from some state and local GOP officials.
Daniel Zhao, senior economist at Glassdoor, noted that the job growth in industries like leisure and hospitality was probably more about those sectors recovering from job loss in December and January, and less about regaining jobs lost earlier last year.
“Today’s report is showing green shoots of the recovery poking out of the snow,” said Zhao. “But the growth is a little bit weaker than headline numbers imply. … It’s good that these businesses are recalling workers, but it points more to the fact that these businesses are crawling out of the hole from December, rather than the hole that opened up in April and May. It doesn’t necessarily look like incremental growth.”
Drew Matus, an economist and chief market strategist at MetLife Investment Management, said he was concerned that the average hours worked for all workers declined by about 18 minutes a week — hundreds of thousands of jobs’ worth of hours when multiplied by the entire working population.
“The scale of the decline is quite big,” he said. “This report tells me things are looking up if vaccine administration continues, but we’re still not out of the woods yet.”
Still, there are increasingly optimistic signs about the economy and the public health crisis that delivered such a shocking blow to it last year.
The rate of vaccinations is picking up across the country, with improved forecasts about the supply that will be available before June. Coronavirus cases, hospitalizations and deaths have come down significantly from their peak in January, though concerns remain about another upswing as new variants circulate and exhaustion grows after what will soon be more than a year’s worth of preventive measures.
According to Census Bureau data, the share of businesses reporting a “large negative effect” from the pandemic reached its lowest level in the last two weeks of February, just under 30 percent, as did the percentage of businesses reporting that they had cut staff.
The share of businesses saying they added employees in February, about 5.5 percent, was almost double the rate over the last two reports, from the end of December into January.
Many economists are expecting the labor market to make much bigger gains once more aid is authorized in Washington and vaccinations reach a broader slice of the public.
“The report will neither persuade the Federal Reserve to alter its path of accommodative monetary policy, nor should it be used as an argument to pull back on the Biden administration’s proposal for $1.9 trillion in fiscal stimulus,” said Brusuelas, the RSM economist. “For now, the composition of hiring and unemployment suggests that we have yet to get past the deep freeze in the economy caused by the pandemic.”
The report covers the first full month of the Biden presidency. Overall, the economy still has 9.5 million fewer jobs than it did before the pandemic, and economists warn that the unemployment rate would be higher if not for more than 4 million people who have left the workforce over the past year. Women have left the labor force at a significantly higher rate than men: about 2.5 million women, compared with 1.5 million men.
Federal Reserve Chair Jerome H. Powell said last month that the real unemployment rate is probably closer to 10 percent.
Economists and public health experts are more optimistic about the coming months as the rate of vaccinations accelerates.
February saw decreasing caseloads and more reopenings for businesses like restaurants and bars in states like California and New York. But many industries, such as tourism and hospitality, now employ far fewer workers than they did before the pandemic.
Jeff Stein contributed to this report.
City’s economy 58% recovered, Saskatoon Regional Economic Development Authority says – Global News
An organization that looks to help develop Saskatoon’s businesses is reporting the city’s economy has recovered more than half of the ground lost from the COVID-19 pandemic.
The Saskatoon Regional Economic Development Authority (SREDA) has created a tool to measure how the city is responding following a year of health measures and travel restrictions.
The Saskatoon Economic Recovery Tracker (SERT) shows it has reached a 58.5-ttper cent recovery.
Impact of slumping economy on Saskatchewan businesses
SERT weighs different kinds of data like the unemployment rate, gross domestic product and retail sales to determine the figure.
The 58.5 per cent figure is a 10-point jump from where it stood in December.
SREDA noted that’s due to a strong housing market, high commodity prices and retail sales returning to pre-pandemic levels.
“A variety of different positive factors there. Put those all together and there are small gains in each of those. But that goes to contribute to the increased number,” CEO Alex Fallon told Global News.
However, one sector continues to see few, if any, gains.
Tourism, travel and hospitality in the region is still hampered by capacity limits and travel deterrents.
SERT shows airport passenger traffic is at 13.8 per cent of where it was this time last year while the hotel occupancy rate is around half of its March 2020 figure.
SREDA on Re-Opening Saskatchewan plan
Saskatoon businesses in that industry are doing all they can just to keep the lights on.
“They’re hanging on by their nails right now,” said Hospitality Saskatchewan CEO Jim Bence.
“Thank goodness that our government has come to the table with a number of support programs because that has really allowed a great many of them to be able to just hang on.”
Those programs are helping more than just hotels and restaurants.
Travel agents and operators are preparing for another rough 10 months.
“The way 2021 is looking, we’re looking at probably another year of virtually no income. But we’re here. We’re hanging in here,” Ixtapa Travel Saskatoon president Barbara Crowe said.
She added while ‘staycations’ are helping their bottom line, they don’t match up to the earnings brought in from international bookings.
Crowe notes many travel agents work on commission and it has forced some of her employees to find a second job.
With some operators offering refunds, that money is coming straight out of their bank accounts.
“When you’re a commission salesperson and you’ve already spent that money buying groceries and paying your mortgage and perhaps a car payment, it kind of really hurts,” Crowe said.
In December 2020, Tourism Saskatoon anticipated the sector wouldn’t fully recover until 2024.
© 2021 Global News, a division of Corus Entertainment Inc.
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