NEWARK, Del, June 22, 2023 (GLOBE NEWSWIRE) -- The global emergency shutdown system market revenues totaled around US$ 2.0 billion in 2022. Over the projection period, emergency shutdown system sales are set to thrive at 8.1% CAGR. By 2032, the worldwide market for emergency shutdown systems will reach US$ 4.4 billion.
Adoption of emergency shutdown systems remains especially high across in oil & gas sector. As per Future Market Insights, the oil & gas segment will expand at 7.9% CAGR from 2022 to 2032.
Emergency shutdown systems have become critical systems for improving safety across various industries. They allow industries to prevent fatal incidents and enhance worker safety. Growing adoption across industries such as power generation and oil & gas is driving the global market.
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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Table of Content (ToC):
1. Executive Summary | Emergency Shutdown System Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component
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