The "Emergency Shutdown System Market to 2027 - Global Analysis and Forecasts By Component; Control Method; End-User Industry" report has been added to ResearchAndMarkets.com's offering.
The global emergency shutdown systems market accounted for US$ 1.41 billion in 2018 and is expected to reach US$ 2.43 billion by 2027 with a CAGR growth rate of 6.4% during the forecast period.
Emergency shutdown systems are mostly deployed in manufacturing, power generation, oil & gas, and several other industries. Of all the end-user industries, the oil & gas industry is the largest source of demand for emergency shutdown systems and held the largest market share in 2018. The emergency shutdown systems market is driven by the surge in demand to minimize hydrocarbon leakages, especially in off-shore oilfield-based projects, consolidation of industrial control systems for improving efficiencies/control room modernization, and continuous growth in the refining capacity.
Due to increasing industrial applications and manufacturing processes, there has been a surge in the number of global catastrophic accidents. As per the Global Wellness Institute, there were 313 million work-related accidents and 2.3 million work-related deaths in 2016 across the world. The consolidation of industrial control systems with emergency shutdown systems leads to control room modernization, enhances efficiency, and reduces accidents. Companies are continuously investing in projects relating to improvement of operations and safety at workplaces such as refineries and power generation.
Safety Manager receives and transmits signals from local control houses to the central control house. At the local control houses, Safety Manager interfaces with existing emergency shutdown systems on the basis of relay logic. Further, with the help of fiber-optic links, the signals are relayed to the Safety Manager in the central control house. Thus, the consolidation of industrial control systems with emergency shutdown systems is driving the growth of the emergency shutdown systems market.
In addition to this, the modernization of gaining industrial infrastructure and process systems across prominent market players across developed and developing economies is also projected to continue to provide steady market growth opportunities for the emergency shutdown systems market players during the coming years. Also, the growing trend of industrial control systems through technology enabled across multiple industry verticals is also expected to encourage the adoption among considerably large small and medium enterprise across different industry verticals. Thus, the emergency shutdown systems market is anticipated to provide numerous lucrative business opportunities for the emergency shutdown systems market players during the coming years.
A significant investments in the energy & power sector of the region has also been noticed. The US is the largest producer of nuclear power worldwide, accounting for over 30% of global nuclear generation of electricity. As of 2018, the country has ~98 operating nuclear power reactors in across 30 states. Further, there are two reactors under construction. Further, as of March 2019, Canada had 19 commercial nuclear power reactors situated in New Brunswick and Ontario that generate ~15% of Canada's electricity supply.
Moreover, Mexico is experiencing a remarkable rise in its electricity consumption. In 2016, the Mexican government deregulated the country's power market, which has resulted in tremendous investment in new power plants. It is anticipated that the private sector will require to invest ~US$ 89 billion in the country's power generation resources by 2031. Such a high growth will result in increasing number of power plant projects and capacity expansion. For instance, in 2019, Iberdrola SA, a Spanish multinational electric utility company, announced its plans to invest US$ 5 billion in Mexico's new power generation projects during 2019-2024. The factors mentioned above are anticipated to bolster the demand for emergency shutdown systems during the forecast period.
Emergency shutdown systems are mostly deployed in manufacturing, power generation, oil & gas, and several other industries. Of all the end-user industries, the oil & gas industry is the largest source of demand for emergency shutdown systems and held the largest market share in 2018. The emergency shutdown systems market is driven by the surge in demand to minimize hydrocarbon leakages, especially in off-shore oilfield-based projects, consolidation of industrial control systems for improving efficiencies/control room modernization, and continuous growth in the refining capacity. However, limited penetration across SMEs in emerging economies and narrow scope for cross vertical standardization might hamper the emergency shutdown systems market growth during the forecast period. One of the latest trends impacting market growth is the automated industrial control system.
Major companies operating in the emergency shutdown systems market include ABB Ltd, Emerson Electric Co., General Electric Co., Hima Paul Hildebrandt, Honeywell International Inc., National Oilwell Varco, Omron Corporation, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation. The mentioned companies are adopting several business expansion strategies, such as strategic partnerships & collaborations, new product developments, and mergers & acquisitions. For instance, in July 2016, Honeywell International Inc. launched a new product, Touchpoint Plus, an integrated gas and logic safety control system. It has an intuitive touch screen interface feature that provides easy setup and visibility.
Key Topics Covered
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Emergency Shutdown Systems Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia-Pacific - PEST Analysis
4.2.4 Middle East & Africa PEST Analysis
4.2.5 South America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insight
5. Emergency Shutdown Systems Market - Key Industry Dynamics
5.1.1 Surge in Demand to Minimize Hydrocarbon Leakages Especially in Off-shore Oilfield-based Projects
5.1.2 Consolidation of Industrial Control Systems for Improving Efficiencies/Control Room Modernization
5.2.1 Limited Penetration Across SMEs in Emerging Economies
5.3.1 Integration of IoT-enabled Services Within ESD
5.4.1 Automated Industrial Control Systems
5.5 Impact Analysis of Drivers and Restraints
6. Emergency Shutdown System Market - Global Market Analysis
6.1 Global Emergency shutdown system Market Overview
6.2 Global Emergency shutdown system Market Forecast and Analysis
6.3 Market Positioning - Top Five Players
7. Emergency Shutdown Systems Market- By Component
7.2 Global Emergency Shutdown Systems Market Breakdown, by Component, 2018 & 2027
7.5 Programmable Safety Systems
7.6 Safety Valves
7.8 Other Components
8. Emergency Shutdown System Market - By Control Method
8.2 Emergency Shutdown System Market Breakdown, by Control Method, 2018 and 2027
9. Emergency Shutdown System Market - By End-user Industry
9.2 Emergency Shutdown System Market Breakdown, by End-user Industry, 2018 and 2027
9.3 Oil & Gas
9.5 Power Generation
10. Emergency Shutdown Systems Market - Geographic Analysis
10.2 North America Emergency Shutdown System Market, Revenue and Forecast to 2027
10.3 Europe Emergency Shutdown System Market, Revenue and Forecast to 2027
10.4 Asia-Pacific (APAC) Emergency shutdown system Market, Revenue and Forecast to 2027
10.5 Middle East & Africa (MEA) Emergency shutdown system Market, Revenue and Forecast to 2027
10.6 South America (SAM) Emergency Shutdown System Market, Revenue and Forecast to 2027
11. Industry Landscape
11.2 Market Initiatives
11.3 New Product Developments
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 Siemens AG
12.2 ABB Ltd.
12.3 Emerson Electric Co.
12.4 General Electric Company
12.5 Honeywell International Inc.
12.6 National Oilwell Varco, Inc.
12.7 Cameron International Corporation
12.8 OMRON Corporation
12.9 Schneider Electric SE
12.10 Yokogawa Electric Corporation
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