REPORT HIGHLIGHT
Emergency Shutdown Systems market size was valued at USD 1,980.2 Million in 2022, expanding at a CAGR of 10.3% from 2023 to 2030.
The emergency shutdown system is a method to commonly prevent application operations and isolate from inbound connections or currents to effectively minimize the likelihood of an uninvited incident. Additionally, across the various end-use industries the system is widely used in oil and gas, power generation, refining, metal, mining, chemical paper and pulp, food and beverage, pharmaceutical, water, and wastewater.
Emergency Shutdown Systems Market - Market Dynamics:
- Rising incidents of catastrophic and increasing workplace accidents are fueling the market growth
- The catastrophic incidents have increased because of the complex manufacturing and industrial processes. Additionally, the requirement for emergency shutdown systems is changing under a variety of scenarios due to security concerns, selectively in the oil and gas industry. Rising projects for complex processes and facilities have surged the growth of industrial emergency shutdown systems. Increasing workplace accidents and adopting guidelines by various organizations are anticipated to promote market expansion. The government's stringent safety rules and regulations are likely to expand the market for emergency shutdown systems. Moreover, expanding research and development activities are attributed to offer new opportunities for growing the market over the forecast period. However, high initial investment and complexity associated with the safety designs are reasons expected to hamper the market growth.
Emergency Shutdown Systems Market - Key Insights:
- As per the analysis shared by our research analyst, the global emergency shutdown Systems market is estimated to grow annually at a CAGR of around 10.3% over the forecast period (2023-2030)
- The emergency shutdown systems industry is projected to grow at a significant rate due to the increasing projects for complex processes and facilities have surged the growth
- Based on components segmentation, safety sensors was predicted to show maximum market share in the year 2022
- Based on application segmentation, oil & gas was the leading type in 2022
- Technological advancements such as advanced control systems and integration of digital solutions enhance the efficiency and effectiveness is driving emergency shutdown system market growth
Emergency Shutdown Systems Market- Segmentation Analysis:
- The global emergency shutdown systems market is segmented on the basis of control methods, component, application, and region.
- The market is divided into seven categories based on components: logic solvers/programmable safety systems, safety switches, emergency stop devices, safety sensors, safety controllers/modules/relays, safety valves, actuators, and others. The safety sensors segment is likely to maintain its dominance. In emergency shutdown systems safety sensors are crucial components as they offer trigger actions and real-time data for shutting down operations in the event of hazardous situations or anomalies. Additionally, it also identifies the absence or presence of an object within a specific range, important for for ensuring safe operation in industrial settings.
- The market is divided into nine categories based on application: pharmaceutical, chemical, power generation, paper & pulp, oil & gas, refining, food & beverage, metal & mining, water & wastewater, and others. The oil & gas segment is accounted to grow with the highest growth rate during the forecast period. The segment is attributed to a rise as oil and gas prices recover and upstream activity rises, especially among offshore facilities. This category considers the requirement for ESD systems from downstream (oil refineries), midstream, and upstream industries.
Emergency Shutdown Systems Market - Geographical Insights:
Europe is projected to be the most essential market for emergency shutdown systems. The factor for the market in Europe is significant activity in the substantial industrial activity and the downstream oil and gas sector in the region. Europe is also the home of the most largest and advanced crude oil refineries. The cost-effective price of crude oil in recent years has fueled the demand for refinery development and the start-up of new projects. The increasing implementation of modern industrial control systems among several end-user sectors is attributed to fueling the acceptance of emergency shutdown systems across various small, medium, and large firms in the region. As a result, the region is likely to present commercial opportunities for market participants during the projected period.
Emergency Shutdown Systems Market- Competitive Landscape:
Numerous opportunities have been created for market players to capitalize on the growing demand for emergency shutdown systems. Companies are heavily investing in safety measures to minimize the risk of accidents and ensure operational continuity boosting the demand for the market. The market is extensively competitive with several key players and emerging countries offering various ranges of services. Better service and product innovation are frequently driven by competition. The market is generally characterized by various key players who compete based on reliability, customer support, safety features, and innovation.
Recent Developments:
For instance, in July 2021, Yokogawa Electric secured ISASecure CSA Level 1 certification from the ISA Security Compliance Institute (ISCI) for its ProSafe-RS safety instrumented product in the OpreX Safety and Control System line. The approval is the first for a safety instrumented system, emphasizing Yokogawa's focus on cybersecurity to offer users enhanced confidence in the use of this product.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL EMERGENCY SHUTDOWN SYSTEMS MARKET KEY PLAYERS
- Rockwell Automation
- Esoterica Automation
- Tyco International
- Honeywell International Inc.
- General Electric Co.
- Kongsberg Maritime
- Siemens AG
- Yokogawa Electric
- HIMA Paul Hildebrandt
- Schneider Electric SE
- Emerson Electric Co.,
- Johnson Controls, Inc.
- BWB Controls, Inc
- ABB, Ltd.
GLOBAL EMERGENCY SHUTDOWN SYSTEMS MARKET, BY CONTROL METHODS
- Fiber optic
- Pneumatic
- Radio Telemetry
- Electrical/Hardwired
GLOBAL EMERGENCY SHUTDOWN SYSTEMS MARKET, BY COMPONENT
- Logic Solvers/Programmable Safety Systems
- Safety Switches
- Emergency Stop Devices
- Safety Sensors
- Safety Controllers/Modules/Relays
- Safety Valves
- Actuators
- Others
GLOBAL EMERGENCY SHUTDOWN SYSTEMS MARKET, BY APPLICATION
- Pharmaceutical
- Chemical
- Power Generation
- Paper & Pulp
- Oil & Gas
- Refining
- Food & Beverage
- Metal & Mining
- Water & Wastewater
- Others
GLOBAL EMERGENCY SHUTDOWN SYSTEMS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA