Global Emergency Shutdown Systems Market, By Control Methods (Pneumatic, Electrical/Hardwired, Fiber optic, Radio Telemetry), Component (Safety Switches, Emergency Stop Devices, Safety Controllers/Modules/Relays, Safety Sensors, Logic Solvers/Programmable Safety Systems, Safety Valves, Actuators, Others), Application (Power Generation, Oil and Gas, Refining, Chemical, Metal and Mining, Paper and Pulp, Pharmaceutical, Food and Beverage, Water and Wastewater, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa)- Industry Trends and Forecast to 2029.
Market Analysis and Insights of Emergency Shutdown Systems Market
Emergency shutdown systems market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the emergency shutdown systems market to exhibit a CAGR of 8.53% for the forecast period of 2022 to 2029.
The emergency shutdown system is basically a process to generally prevent the application operations and isolate from inbound connections or currents in order to effectively decrease the likelihood of an uninvited incident. The system is widely used across the various end use industries such as the power generation, oil and gas, refining, chemical, metal and mining, paper and pulp, pharmaceutical, food and beverage, water and wastewater and others.
Increasing usage of industrial internet of things and growing demand for safety systems in oil and gas industry will emerge as the major factor driving market growth. The implementation of regulations by various organizations along with growth in oil and gas industry and increasing cases of accidents in the workplace estimated to boost the overall growth of the market for the forecast period of 2022 to 2029. In addition to this, the factors such as the growing large-scale production projects due to expansion of oil and gas industry and the stringent government regulatory policies for industrial safety will further aggravate the market value for the forecast period of 2022 to 2029. On the other hand, the high investment cost and maintenance costs act as a restraint for the market.
In addition to this, the growing research and development activities are estimated to create new opportunities for growing the market within the forecast period. On the flip side, the complexity associated with the safety designs result as a challenge for the market for the forecast period of 2022 to 2029.
This emergency shutdown systems market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on emergency shutdown systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Emergency Shutdown Systems Market Scope and Market Size
The emergency shutdown systems market is segmented on the basis of control methods, components and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of control methods, the emergency shutdown systems market is segmented into pneumatic, electrical/hardwired, fiber optic and radio telemetry.
- The component segment of the emergency shutdown systems market is segmented into safety switches, emergency stop devices, safety controllers/modules/relays, safety sensors, logic solvers/programmable safety systems, safety valves, actuators and others. A safety valve is further segmented into water valves/hydraulic valves, gas valves, fusible plugs, plastic tubing, and shape- memory alloys.
- On the basis of application, the emergency shutdown systems market is segmented into power generation, oil and gas, refining, chemical, metal and mining, paper and pulp, pharmaceutical, food and beverage, water and wastewater and others. Power generation is further divided into fossil fuel, nuclear and renewable. The oil and gas segment is divided into upstream sector, mid-stream sector and downstream sector.
Emergency Shutdown Systems Market Country Level Analysis
The emergency shutdown systems market is analyzed and market size, volume information is provided by control methods, components and application as referenced above.
The countries covered in the emergency shutdown systems market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe region dominates the emergency shutdown systems market due to the considerable activity in the downstream oil and gas sector and high industrial activity within the region for the forecast period of 2022 to 2029. Asia-Pacific region is projected to undergo substantial during the forecast period owing to the increasing industrialization and rising industrial and machine safety concern among organization within the region.
The country section of the emergency shutdown systems market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Emergency Shutdown Systems Market Share Analysis
The emergency shutdown systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to emergency shutdown systems market.
Some of the major players operating in the emergency shutdown systems market report are HIMA, Proserv UK Ltd, OMRON Corporation, Yokogawa India Ltd., Siemens, Rockwell Automation, Inc., Schneider Electric, Honeywell International Inc.., GENERAL ELECTRIC, Emerson Electric Co, ABB, Versa Products Company Inc, BWB Controls, NOV Inc, Safoco Inc., Wärtsilä, Worldwide Oilfield Machine, Inc., and Metso Outotec among others.
In Apr 2020, American Governor Company, a leading hydroelectric turbine controls company, was acquired by Emerson. Emerson's technology capabilities and expertise in the renewable and power industries are strengthened by the addition of American Governor Company.