Press release
Emergency Shutdown System Market Growth by 2027 Involving Prominent Players Such as ABB Ltd., Emerson Electric Co., General Electric Co., Hima Paul Hildebrandt, Honeywell International Inc., National Oilwell Varco, Omron Corporation, Schneider Electric Se
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Emergency shutdown system (ESD) is designed to minimize the impact of emergencies that are typically associated with unregulated flooding, hydrocarbon escape, or fire outbreaks in areas containing hydrocarbons or sectors that may otherwise be risky. Traditionally, risk analysis concluded that a high safety integrity rating, usually SIL 2 or 3, is required for the emergency shutdown program. The system primarily consists of device logic for incoming signal processing, field-mounted sensors, valves, and trip relays, warning, and HMI modules. The device processes input signals and triggers the outputs according to the cause and effect charts defined for the installation. Oil and gas are the primary fields for emergency shutdown systems worldwide is expected to create new opportunities for the global Emergency shutdown system market during the forecasted period.
In APAC, several growing economies in the region support the growth of with a wide variety of sectors such as manufacturing, automotive, and technology. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. The region’s oil & gas industry is also flourishing, due to rising demand for energy sector. There are ongoing Greenfield as well as brownfield oil & gas projects, particularly in Southeast Asia. Some of these projects include Pulau Muara Besar Refinery & Petrochemical Complex Phase 2, Long Son (No. 3) Refinery, Vietnam Gas Project, Indonesia Deepwater Development, Sriracha Refinery Expansion & Upgrade, and Petronas Floating LNG 2 (PFLNG Dua), among others. Furthermore, it is expected that ~130 new crude oil & gas projects will commence operations in the APAC region by 2025. Such above mentioned factors is expected to fuel the growth of emergency shutdown system market in APAC.
The European Emergency shutdown system Market is witnessing remarkable growth, as one of the world’s most mature oil & gas basins, have changed their development plans. They are now targeting simpler project executions so that targeted resources could be profitable in the current scenario of low oil & gas process. The number of projects and plans to tap more resources offshore are increasing in Norway and the UK, signifying that the offshore industry has begun to recover with upstream companies initiating more developments since 2018. Currently, there are numerous oil & gas projects under development in Europe. A few of them include Sverdrup field, Rosebank & Lochnagar Oil & Gas Fields, Johan Castberg Field, Wisting Central Oil Discovery, Mariner Heavy Oil Field, Martin Linge (Hild) Heavy Oil & HPHT Gas Field, and Culzean HPHT Gas & Condensate Field. Such upcoming projects are anticipated to bolster the emergency shutdown system market in Europe.
The global emergency shutdown system market is segmented based on the components, control methods, end user industry, and geography. Based on components, the safety valves segment dominates the emergency shutdown system market heavily and is expected to dominate the market in the forecast period from 2019 – 2027. On the basis of control method, electrical segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Further, based on end user industry, oil & gas segment led the market with the maximum market share. Key players operating in the market are partnering with the small as well as large and other companies which are helping them to gain customer traction. The major companies offering emergency shutdown system market include ABB Ltd, Emerson Electric Co., General Electric Co., Hima Paul Hildebrandt, Honeywell International Inc., National Oilwell Varco, Omron Corporation, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation among others. Many firms are focusing on investing hugely to the development of emergency shutdown components and solutions and enhance its capabilities by expanding its footprint in various geographies, which is facilitating the market to propel over the years.
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Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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