At 6.4% CAGR Emergency Shutdown System Market to Poise $2.43 Billion by 2027 Driven by Surge in Demand to Minimize Hydrocarbon Leakages Especially in Off-shore Oilfield-based Projects
Significant market initiatives have been taken by some of the leading companies in emergency shutdown system market by getting involved in partnering with the clients, winning significant contracts, and also expanding their production capabilities.
For instance, in 2019, Honeywell UOP's advanced heavy oil processing technology was selected byPetro China Guangdong Petrochemical Company, to offer solution for the scale and complexity of PetroChina's operations. In the same year, Yokogawa announced a new version of ProSafe-RS safety instrumented system.
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This new system comprises of advanced function which speeds up system software upgrades as well as a new function which prevent the system from operator errors. Furthermore, Emerson announced the acquisition of General Electric's Intelligent Platforms business, which includes programmable logic controller (PLC) technologies and enables Emerson to expand its foothold across machine control and discrete applications. These strategic initiatives are further expected to provide a significant opportunities for emergency shutdown system market growth in the coming years.
The modernization of gaining industrial infrastructure and process systems across prominent market players across developed and developing economies is projected to continue to provide steady market growth opportunities for the market players during the coming years. Also, the growing trend of industrial control systems through technology enabled across multiple industry verticals is expected to encourage the adoption among considerably large small and medium enterprise across different industry verticals.
Emergency shutdown systems are mostly deployed in manufacturing, power generation, oil & gas, and several other industries. Of all the end-user industries, the oil & gas industry is the largest source of demand for emergency shutdown systems and held the largest market share in 2018. The market is driven by the surge in demand to minimize hydrocarbon leakages, especially in off-shore oilfield-based projects, consolidation of industrial control systems for improving efficiencies/control room modernization, and continuous growth in the refining capacity. However, limited penetration across SMEs in emerging economies and narrow scope for cross vertical standardization might hamper the market growth during the forecast period.
The prominent market players in the emergency shutdown systemsmarket are ABB Ltd, Cameron International Corporation, Emerson Electric Co., General Electric Company, Honeywell International Inc., National Oilwell Varco, Inc., OMRON Corporation, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation, among others for a considerable share of the market owing to their product offerings to the emergency shutdown systems market.
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For instance, in July 2016, Honeywell International Inc. launched a new product, Touchpoint Plus, an integrated gas and logic safety control system. It has an intuitive touch screen interface feature that provides easy setup and visibility. Number of well-known players and small local companies are present in the market to provide emergency shutdown systems services to their broad community of consumers. The larger firms are adopting the strategy of partnership, contractual alliances for the deployment of emergency shutdown systems solutions to enhance their customer portfolio and expand footprint in different geographies.
The increasing industrial applications and manufacturing processes, there has been a surge in the number of global catastrophic accidents. As per the Global Wellness Institute, there were 313 million work-related accidents and 2.3 million work-related deaths in 2016 across the world. The consolidation of industrial control systems with emergency shutdown systems leads to control room modernization, enhances efficiency, and reduces accidents.
Companies are continuously investing in projects relating to improvement of operations and safety at workplaces such as refineries and power generation. Safety Manager receives and transmits signals from local control houses to the central control house. At the local control houses, Safety Manager interfaces with existing emergency shutdown systems on the basis of relay logic. Further, with the help of fiber-optic links, the signals are relayed to the Safety Manager in the central control house. Thus, the consolidation of industrial control systems with emergency shutdown systems is driving the growth of the market. Thus, expected to create new opportunities for the global emergency shutdown system market during the forecasted period and offer future growth opportunities for market players operating in the global emergency shutdown system market.
The global emergency shutdown system market is anticipated to witness impressive growth during the forecast period, owing to the adoption of electrically controlled emergency shutdown system across the world. During the forecast period of 2019 to 2027, electrical control method is expected to drive the demand for emergency shutdown system worldwide. Through an electrical emergency shutdown system, the electrical signal is detected, and a necessary action is taken at the beginning of hazard and automatic hazard termination. The electrically controlled systems function in accordance with alarms, interlocks and trips, emergency shutdown, and process control systems.
The integration of emergency shutdown systems with IoT is one of the biggest opportunities for the market as IoT connects the physical world to the internet using sensors, collects data via sensors, and analyses the collected data and provides a deeper insight and is projected to offer ample growth opportunities for the players operating in the emergency shutdown system market during the forecast period of 2019 to 2027.
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