In 2022, the worldwide emergency shutdown system market is expected to generate around US$ 2.0 billion. Sales of emergency shutdown systems are expected to grow at an 8.1% CAGR throughout the projected period. By 2032, the global market for emergency shutdown systems will be worth US$4.4 billion.
Emergency shutdown solutions continue to be widely adopted in the oil and gas industry. According to Future Market Insights, the oil & gas industry will grow at a 7.9% CAGR from 2022 to 2032.
Emergency shutdown systems have become key tools for enhancing safety in a variety of sectors. They enable industries to reduce fatalities and improve worker safety. The worldwide market is being driven by growing usage in industries such as power generation and oil and gas.
To significantly lower the likelihood of an uninvited incident, an emergency shutdown system is a system or procedure that stops application operations and isolates from inbound connections or currents.
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There is an increase in demand for natural resources such as oil and gas to meet the world’s growing energy needs. Oil and gas consumption has significantly increased recently, and they are important to the world economy.
By 2026, the demand for crude oil is forecast to reach around 104 million barrels per day, up from about 99 million barrels per day it was in 2018. With the increase in demand for crude oil, it is projected that oil production will increase as well.
The widespread use of emergency shutdown systems in the oil and gas industry to prevent oil spills that could harm the environment will fuel demand for advanced emergency shutdown systems.
There is a rise in the construction of thermal and nuclear power plants worldwide. This is due to the rising demand for energy. In around 30 nations, about 440 nuclear reactors are operating.
Rising demand for emergency safety systems as a result of nuclear energy’s extremely dangerous nature and the risk it poses to both the environment and people will boost the global market.
Key Takeaways from the Emergency Shutdown System Market Report:
- Global emergency shutdown system sales are forecast to surge at 8.1% CAGR through 2032.
- By component, the sensors segment will expand at 8.0% CAGR over the next ten years.
- By industry vertical, the oil & gas segment will progress at 7.9% CAGR through 2032.
- The USA emergency shutdown system market size is set to reach US$ 1.0 billion by 2032.
- Sales of emergency shutdown systems across China will rise at 9.1% CAGR through 2032.
- The South Korean emergency shutdown system market is likely to cross the US$ 163.1 million mark by 2032.
- Emergency shutdown system demand in the United Kingdom will increase at 7.3% CAGR.
“Growing safety concerns across power generation and oil & gas sectors will boost the market. Further, implementation of stringent safety regulations will bode well for the market,” – says a lead analyst at Future Market Insights (FMI).
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Who is Winning?
ABB Ltd, Rockwell Automation Inc, Emerson Electric Co., HIMA Paul Hildebrandt GmbH, Versa Products Company Inc., Honeywell International Inc., Nov Inc., General Electric Company, Yokogawa Electric Corporation, Schneider Electric SE, Siemens Aktiengesellschaft, and Winn-Marion Companies are leading emergency shutdown system manufacturers profiled in the report.
These key players are focusing on launching new reliable emergency shutdown systems. They are also adopting merger & acquisition strategy as well as forming alliances and partnerships.
Global Market Segmentation:
By Component:
- Switches
- Sensors
- Programmable Safety Systems
- Safety Valves
- Actuators
By Control Method:
- Pneumatic
- Electrical
- Fibre optic
- Hydraulic
By Industry Vertical:
- Oil and Gas
- Refining
- Power Generation
- Metal and Mining
- Paper and Pulp
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the emergency shutdown system market presenting historical market data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals extensive growth in the emergency shutdown system market in terms of component (switches, sensors, programmable safety systems, safety valves, and actuators), control method (pneumatic, electrical, fiber optic, and hydraulic), and industry vertical (oil and gas, refining, power generation, metal and mining, and paper and pulp) across several regions.
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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