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Emergency Shutdown System Global Market Report 2024 by The Business Research Company | Siemens Aktiengesellschaft Inc; General Electric Company; Honeywell International Inc.; Schneider Electric SE; ABB Ltd; Johnson Controls, Inc.
Emergency Shutdown System Market Size
The emergency shutdown system market size is expected to see strong growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to industry growth, risk management, environmental concerns, incident analysis and energy transition. Major trends in the forecast period include increasing adoption of IoT and industrial automation, focus on safety, rise in offshore oil & gas exploration, emergence of smart sensors and strategic partnerships.
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Emergency Shutdown System Market Major Segments
The emergency shutdown system market covered in this report is segmented -
1) By Component: Switches, Sensors, Programmable Safety Systems, Safety Valves, Actuators, Others Components
2) By Control Method: Pneumatic, Electrical, Fiber Optic, Hydraulic, Other Control Methods
3) By Industry Vertical: Oil And Gas, Refining, Power Generation, Metal And Mining, Paper And Pulp, Other Industry Verticals
Key Driver - Workplace Accidents Driving Growth In Emergency Shutdown System Market
The increasing number of accidents at the workplace is expected to propel the growth of the emergency shutdown system market going forward. Workplace accidents encompass various unexpected incidents within a work environment, resulting in injury, illness, or damage. Workplace accidents are increasing due to workplace stress and fatigue, inadequate safety training and awareness, a poor safety culture, and high employee turnover. Emergency shutdown systems are used in workplaces to protect personnel, property, and the environment by automatically securing processes or assets via shutdown in an emergency. For instance, in December 2023, according to reports published by the Bureau of Labor Statistics, a US-based government agency, around 5,486 fatal work injuries were reported in the US in 2022, up 5.7% from 5,190 in 2021. Therefore, the increasing number of accidents at the workplace is driving the growth of the emergency shutdown system market.
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Prominent Trend - Innovative Advancements In Emergency Shutdown Systems
Major companies operating in the emergency shutdown system market are focusing on innovative technological advancements, such as the HazardWatch FX-12 and Gas System, to meet the growing demand for advanced safety solutions that detect and protect against fire and gas hazards. HazardWatch FX-12 Fire and Gas System is a state-of-the-art safety solution that detects and protects against fire and gas hazards. For instance, in August 2022, Mine Safety Appliances, a US-based safety equipment manufacturer, launched the new HazardWatch FX-12 Fire and Gas System, a powerful and flexible total safety solution for detecting fire and gas leaks. This system combines industry-leading safety and automation expertise, offering an innovative and modular design that integrates reliable programmable logic controller (PLC) technology with advanced gas and flame field devices. Additionally, it features a total safety solution, Rockwell automation technology, industry-leading expertise, and modular design.
Emergency Shutdown System Market Players
Major companies operating in the emergency shutdown system market report are Siemens Aktiengesellschaft Inc; General Electric Company; Honeywell International Inc.; Schneider Electric SE; ABB Ltd; Johnson Controls, Inc.; Tyco International; Halliburton Company; Winn-Marion Companies ; Emerson Electric Co.; Rockwell Automation Inc; National Oilwell Varco Inc.; Omron Corporation; Wartsila Oyj Abp; Metso Outotec; Yokogawa Electric Corporation.; Norgren; Worldwide Oilfield Machine Inc.; HIMA Paul Hildebrandt GmbH; Doedijns Group; Proserv Ingenious Simplicity; Bifold Group Ltd; Versa Products Company Inc.; Esoteric Automation & Control; Sella Controls; Safoco Inc.; Ruelco Inc.; Kongsberg Maritime; BWB Controls Inc.; Esoterica Automation
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the emergency shutdown systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the emergency shutdown system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Emergency Shutdown System Market Report Structure
3. Emergency Shutdown System Market Trends And Strategies
4. Emergency Shutdown System Market - Macro Economic Scenario
5. Emergency Shutdown System Market Size And Growth
…..
27. Emergency Shutdown System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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