According to the latest report by IMARC Group, title “Emergency Shutdown Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, 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.
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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.
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.
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| Emergency Shutdown Systems Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 1.85 Billion |
| Market forecast in 2027 | US$ 3.17 Billion |
| Growth Rate | CAGR of 9.10% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, Control Method, Industry Vertical and Region |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization preview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Switches
- Sensors
- Programmable Safety Systems
- Safety Valves
- Actuators
- Others
Breakup by Control Method:
- Pneumatic
- Electrical
- Fiber Optic
- Hydraulic
- Others
Breakup by Industry Vertical:
- Oil and Gas
- Refining
- Power Generation
- Metal and Mining
- Paper and Pulp
- Others
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are ABB Ltd, Emerson Electric Co., General Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Nov Inc., Rockwell Automation Inc, Schneider Electric SE, Siemens Aktiengesellschaft, Versa Products Company Inc., Winn-Marion Companies and Yokogawa Electric Corporation.
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