The latest research study “Emergency Shutdown Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global emergency shutdown systems market reached a value of US$ 1.85 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 3.17 Billion by 2027, exhibiting a CAGR of 9.10% during 2022-2027.
Emergency shutdown systems are specialized control systems designed to minimize the consequences of emergencies such as the outbreak of fire in hydrocarbon-carrying areas and uncontrolled flooding. They comprise safety sensors, emergency shutdown (ESD) valves, actuators, field-mounted sensors, emergency stop devices, digital valve controllers (DVC), programmable safety systems, relays, and safety modules. It also isolates the equipment and hydrocarbon sources from potential hazards, controls ventilation during an emergency, depressurizes and prevents dangerous event escalation, ignition, and explosion, and protects personnel, environment, and asset. As a result, emergency shutdown systems are extensively used in paper and pulp, power generation, metal and mining, pharmaceuticals, refining, water and wastewater, and the oil and gas sector across the globe.
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Emergency Shutdown Systems Market Trends:
The market is primarily driven by the rising product adoption across the oil and gas sector. This can be attributed to the various benefits provided by emergency shutdown systems, such as higher flexibility, accuracy, reliability, safety, and quick response time. They are also used to reduce the risk of major incidents and prevent pressure from exploding through the wellhead. In addition, the escalating product demand, especially from offshore refineries, is contributing to market growth.
Moreover, continual technological advancements, such as the integration of the Internet of Things (IoT) in ESD to provide real-time monitoring, are augmenting market growth. Besides this, the rapid adoption of ESD systems in the pharmaceutical and power generation industry and the implementation of numerous government initiatives for workplace safety are also creating a positive market outlook across the globe.
Emergency Shutdown Systems Market 2022-2027 Competitive Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
- ABB Ltd
- Emerson Electric Co.
- General Electric Company
- HIMA Paul Hildebrandt GmbH
- Schneider Electric SE
- Siemens Aktiengesellschaft
- Versa Products Company Inc.
- Honeywell International Inc.
- Nov Inc.
- Rockwell Automation Inc
- Winn-Marion Companies
- Yokogawa Electric Corporation.
Key Market Segmentation:
The report has segmented the market on the basis of component, control method, industry vertical and region.
Breakup by Component:
- Programmable Safety Systems
- Safety Valves
Breakup by Control Method:
- Fiber Optic
Breakup by Industry Vertical:
- Oil and Gas
- Power Generation
- Metal and Mining
- Paper and Pulp
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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