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Emergency Shutdown Systems Market 2023 Major Players such as Rockwell Automation, Siemens AG, Schneider Electric SE, ABB, Honeywell International, Emerson Electric Company | Market Value $2.08 Bn

01-02-2019 04:33 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The emergency shutdown systems market was valued at USD 1.29 billion in 2017 and is expected to reach a value of USD 2.08 billion by 2023 at a CAGR of 7.67% over the forecast period of 2018–2023. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.

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An emergency shutdown system (ESD) protects human life and plant and industry equipment, minimizing the chances of hazardous situations and thereby, avoiding unnecessary plant shutdowns. There has been a significant rise in the number of hazardous industrial events lately. Growing concerns over people working in such risky environments are prompting companies in all major industries to invest more in emergency shutdown systems. This has also prompted governments across the world to consider a revision of their regulatory policies, and as a result, there is an increase in demand foremergency shutdown systems. The increase in the number of industrial hazards and growing awareness about the scenario among the public, are some of the major factors pushing government authorities and the commercial sector to focus on adopting such systems. Majority of production units, manufacturing plants, and hazardous operation processes deploy these ESDs. Oil & gas operations, which occupy a major share of the ESD market, and power generation units, which are the major end-users, among others in the current market, safety has become a primary concern.

However, the initial investment associated with the installation of an emergency shutdown system is very high. The total cost of ownership involves capital costs, such as acquisition and design of machines, and the operating cost involves maintenance, operation, training, and safety. The acquisition and installation cost of an emergency shutdown system represent half of the total cost during its lifetime. These factors are restraining the growth of the market.

Key Developments in the Market
February 2018: GE’s power automation and controls business unveiled next generation of Industrial Internet Connected Control Solutions (IICS) at Embedded World 2018. To expand the capabilities of GE’s Industrial Internet Control System (IICS), the company had introduced the Mark VieS Safety System, which is ideal for critical processes such as plant emergency shutdown, burner management, critical process control, and fire and gas detection applications.
August 2017: Schneider Electric had signed a contract with Dangote Oil Refinery Ltd, a subsidiary of African business conglomerate Dangote Group, to provide comprehensive process automation systems, solutions, and services. Under the terms of the agreement, Schneider Electric supplied its EcoStruxure system architecture and platform, comprising of its EcoStruxure Foxboro distributed control system, Triconex process safety solutions, PIONIR analytical fuels blending systems, and a suite of SimSci and Wonderware software solutions. Recognizing the need to safeguard their continuous operations, Dangote Oil Refinery Ltd chose Schneider Electric’s EcoStruxure Foxboro DCS and Triconex process safety solutions, which include emergency shutdown systems to maximize the safety and efficiency of their operations and to improve the reliability of their equipment assets and asset sets.

Top Players
The major players include Rockwell Automation, Inc., Siemens AG, Schneider Electric SE, ABB Ltd, Honeywell International, Inc., Yokogawa Electric, General Electric Co., Emerson Electric Company, and Omron Corporation, among others.

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Expansion of Oil & Gas Industry
The oil & gas industry has always been one of the most receptive applications, in terms of adoption of emergency shutdown systems as there has been a huge increase in the number of large-scale production projects, globally. The growing concerns, among the employees, have forced the oil & gas industries to come up with stringent safety protocols and sensory systems for preventing industrial hazards in work areas. With the rising demand for crude oil, ESD and Process Control Systems (PCS) are increasingly being used in their generation.
With regard to the oil & gas industry supply chain, from exploration through delivery, there is a great risk of danger. This helps to integrate information, as well as, control power and safety solutions, to respond to the global demand for affordable energy, meeting stringent government regulations, and driving down costs. Moreover, the proliferation of gas and liquids extraction from shale formations in recent years has led to rapid development of the infrastructure to include processing and transport of the hydrocarbons. Often the well pads and processing facilities are located in remote areas where there is a lack of dependable external power sources such as clean line gas, air, hydraulic power units or electricity, hampering emergency shutdown (ESD) procedures to shut in the wellhead or flow valves. Thus, in industry processes, safety is vital, as the processes are highly risky and one wrong step in the process may be dangerous for the people and the environment as well. As a result, the high number of large-scale projects in this industry has been a major driver for the growth of the global emergency shutdown systems market, which is also expected to continue driving the market during the forecast period.

Controllers and Trip Relays are Huge Potential
Controllers and trip relays form a significant part of the emergency shutdown systems. Rigorous improvements in product quality and technology and a wider variety of product offerings are fueling the growth of the controllers and relays market. While relays are used in controlling the circuit using low power signal, controllers maintain audit trails and control automated relays. They may have an internal web server and support configuration via a browser or software installed on a host PC. Various types of controllers are available in the market with the advancements in technology, IP controllers and network enabler controllers to name a few. For instance, serial controllers are simple in execution. They are connected to a host PC via a serial communication line to access the details and execute the results, and several variants are available based on the complexity of the task. On the other end, IP controller is an electronic security device, designed to identify users and control entry to or exit from protected areas. The organizations in Russia and Eastern Europe have gone into a strategic alliance with local players to establish controllers and trip relay manufacturing units. Siemens and Omron are the key players with major market shares, in the controllers and trip relays market.

North American to Witness High CAGR
North America is the major hub for all the major enterprises in the world and dominated the market due to the highest volume occupied by the manufacturers in the region, as the safety concerns are set high by the government policies in countries, like the United States and Canada. Despite the economic slowdown and recession of 2008–2009, the North American emergency shutdown systems marketwitnessed a continued growth in the post-recession period. While, the United States dominated theemergency shutdown systems market in North America, Canada is expected to grow at a high CAGR during the forecast period. Thus, stringent governmental regulations for industrial safety and the high growth of the oil & gas industry are driving the demand for emergency shutdown systems in North America.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMark Pvt Ltd,
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Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

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