Emergency Shutdown Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Emergency Shutdown Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global emergency shutdown systems market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028.

Emergency shutdown systems are specialized control systems designed to minimize the consequences of emergencies, such as uncontrolled flooding, and provide safe operations. They consist of valves, field-mounted sensors, actuators, safety sensors, emergency stop devices, programmable safety systems, safety modules, and relays. These systems are widely used to reduce the chances of possible explosions and an outbreak of fire in hydrocarbon carrying areas and other hazardous areas. Emergency shutdown systems assist in closing watertight and fire doors, isolating electrical equipment and shutting and depressurizing system parts and equipment. They are highly reliable, safe, flexible, accurate, and provide faster response time. As a result, they find extensive application across various industries, such as refining, pharmaceuticals, paper and pulp, power generation, metal and mining, oil and gas.

Emergency Shutdown Systems Market Trends:
Significant growth in the oil and gas industry is one of the key factors creating a positive outlook for the market. Emergency shutdown systems are commonly used to minimize the risk of major incidents and prevent the pressure from bursting through the wellhead. In line with this, the increasing product demand, especially from offshore refineries, is favoring the market growth. Moreover, various technological advancements, such as the integration of the Internet of Things (IoT) in emergency shutdown systems to provide real-time monitoring, are boosting the market growth. Additionally, the rapid adoption of emergency shutdown systems in the pharmaceutical industry due to the involvement of toxic ingredients and heating and cooling agents is positively impacting the market growth. Other factors, such as the rising demand for emergency shutdown systems across the power generation industry and the implementation of various government initiatives for workplace safety, are driving the market growth across the globe.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global emergency shutdown systems market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, control method and industry vertical.

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 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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report

1. What was the size of the global emergency shutdown systems market in 2022?
2. What is the expected growth rate of the global emergency shutdown systems market during 2023-2028?
3. What has been the impact of COVID-19 on the global emergency shutdown systems market?
4. What are the key factors driving the global emergency shutdown systems market?
5. What is the breakup of the global emergency shutdown systems market based on the control method?
6. What is the breakup of the global emergency shutdown systems market based on the industry vertical?
7. What are the key regions in the global emergency shutdown systems market?
8. Who are the key players/companies in the global emergency shutdown systems market?