PUBLISHER: The Business Research Company | PRODUCT CODE: 1499836
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499836
An emergency shutdown system (ESD) is a safety mechanism engineered to swiftly and automatically halt a process or facility during an emergency. These systems play a crucial role in averting catastrophic impacts-economic, environmental, and operational-by preventing leaks, hydrocarbon escape, fire outbreaks, and explosions.
The primary components of an emergency shutdown system include switches, sensors, programmable safety systems, safety valves, actuators, and others. Switches are electrical components that regulate the flow of current within a circuit. Various control methods, such as pneumatic, electrical, fiber optic, hydraulic, and others, are employed across diverse industry verticals including oil and gas, refining, power generation, metal and mining, paper and pulp, among others.
The emergency shutdown system market research report is one of a series of new reports from The Business Research Company that provides emergency shutdown system market statistics, including emergency shutdown system industry global market size, regional shares, competitors with an emergency shutdown system market share, detailed emergency shutdown system market segments, market trends and opportunities, and any further data you may need to thrive in the emergency shutdown system industry. This emergency shutdown system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The emergency shutdown system market size has grown strongly in recent years. It will grow from $1.85 billion in 2023 to $2.07 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth observed in the historic period can be attributed to factors such as industry standards, the rise in industrial accidents, globalization, insurance requirements, and heightened public awareness and pressure.
The emergency shutdown system market size is expected to see strong growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to industry expansion, heightened focus on risk management, growing environmental concerns, increased emphasis on incident analysis, and the ongoing energy transition. Significant trends expected in the forecast period include the increasing adoption of IoT and industrial automation, a heightened focus on safety measures, a rise in offshore oil and gas exploration activities, the emergence of smart sensors, and strategic partnerships within the industry.
The emergency shutdown system market is anticipated to experience growth driven by the increasing occurrence of workplace accidents. Workplace accidents encompass a range of unforeseen incidents within work environments that result in injury, illness, or damage. Factors contributing to the rise in workplace accidents include workplace stress and fatigue, inadequate safety training and awareness, a deficient safety culture, and high employee turnover. Emergency shutdown systems are deployed in workplaces to safeguard personnel, property, and the environment by automatically securing processes or assets through shutdown procedures during emergencies. For example, reports published by the Bureau of Labor Statistics in December 2023 revealed that the US reported approximately 5,486 fatal work injuries in 2022, marking a 5.7% increase from 5,190 in 2021. Hence, the escalating number of workplace accidents is propelling the growth of the emergency shutdown system market.
Key players in the emergency shutdown system market are directing their efforts towards innovative technological advancements, exemplified by products like the HazardWatch FX-12 Fire and Gas System, to address the rising demand for advanced safety solutions capable of detecting and mitigating fire and gas hazards. The HazardWatch FX-12 Fire and Gas System represents a cutting-edge safety solution designed to identify and protect against fire and gas hazards. For instance, in August 2022, Mine Safety Appliances, a US-based safety equipment manufacturer, introduced the HazardWatch FX-12 Fire and Gas System, featuring a robust and adaptable total safety solution for detecting fire and gas leaks. This system integrates reliable programmable logic controller (PLC) technology with advanced gas and flame field devices, offering industry-leading safety and automation expertise with its innovative and modular design.
In October 2022, Knightscope Inc., a US-based robotics company, acquired CASE Emergency Systems to bolster its sales strategy and strengthen relationships with key clients, including major entities. The acquisition of CASE Emergency Systems, a US-based manufacturer of public safety products including emergency shutdown systems, is aimed at streamlining expenses and enhancing manufacturing processes.
Major companies operating in the emergency shutdown system market are Siemens Aktiengesellschaft Inc, General Electric Company, Honeywell International Inc., Schneider Electric SE, ABB Ltd, Johnson Controls, Inc., Tyco International, Halliburton Company, Winn-Marion Companies, Emerson Electric Co., Rockwell Automation Inc, National Oilwell Varco Inc., Omron Corporation, Wartsila Oyj Abp, Metso Outotec, Yokogawa Electric Corporation., Norgren, Worldwide Oilfield Machine Inc., HIMA Paul Hildebrandt GmbH, Doedijns Group, Proserv Ingenious Simplicity, Bifold Group Ltd, Versa Products Company Inc., Esoteric Automation & Control, Sella Controls, Safoco Inc., Ruelco Inc., Kongsberg Maritime, BWB Controls Inc., Esoterica Automation
Europe was the largest region in the emergency shutdown systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the emergency shutdown system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the emergency shutdown system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The emergency shutdown system market consists of sales of valves, actuators, process shutdown systems, gas detection systems, pressure protection systems, safety instrumented systems, solenoid valves, and interlocks. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Emergency Shutdown System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on emergency shutdown system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for emergency shutdown system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The emergency shutdown system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.