According to the latest report by IMARC Group, 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 customized control systems that reduce the consequences of emergencies, such as uncontrolled flooding, and ensure safe operations. They are designed with several control methods, including pneumatic, hydraulic, fiber optic, etc., and consist of valves, actuators, field-mounted sensors, safety sensors, emergency stop devices, safety modules, and relays. Emergency shutdown systems are extensively utilized to minimize the chances of a fire outbreak in hydrocarbon carrying areas and prevent possible explosions. They assist in isolating electrical equipment, closing watertight and fire doors, and shutting and depressurizing system parts. Consequently, emergency shutdown systems find extensive applications across various sectors, such as pharmaceutical, power generation, refining, metal and mining, oil and gas, etc.
|Base Year: 2021|
|Forecast Year: 2022-2027|
Emergency Shutdown Systems Market Trends and Drivers:
The growing oil and gas industry and the inflating product demand from offshore refineries are primarily driving the global emergency shutdown systems market. In addition to this, the development of Internet of Things (IoT)-integrated systems that provide real-time situation monitoring is further augmenting the market growth.
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Moreover, the elevating product need in the pharmaceutical sector, on account of the usage of toxic ingredients and heating and cooling agents, is acting as another significant growth-inducing factor. Besides this, the increasing construction of nuclear power plants across countries to meet the rising requirement for energy is anticipated to stimulate the emergency shutdown systems market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Emergency Shutdown Systems Market 2022-2027 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.
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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The report has segmented the market on the basis of region, component, control method and industry vertical.
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: (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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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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