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Emergency Shutdown System Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Emergency Shutdown System Market Rising Trends
According to The Business Research Company's, The emergency shutdown system market size has grown strongly in recent years. It will grow from $1.85 billion in 2023 to $2.07 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to industry standards, increasing industrial accidents, globalization, insurance requirements and public awareness and pressure.
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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Siemens AG 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
Emergency Shutdown System Market 2024 Key Insights:
• 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%.
• Workplace Accidents Driving Growth In Emergency Shutdown System Market
• Innovative Advancements In Emergency Shutdown Systems
• Europe was the largest region in the emergency shutdown systems market in 2023
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