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Unlocking Opportunities in the Emergency Shutdown System Market: 2025-2034 Forecast Report
Emergency Shutdown System Market
What Will the Emergency Shutdown System Industry Market Size Be by 2025?
In recent years, the size of the emergency shutdown system market has seen a robust growth. Predictions indicate that the market will experience an expansion from $2.01 billion in 2024 to $2.2 billion in 2025, growing at a compound annual growth rate (CAGR) of 9.2%. The historical growth can be traced back to the influence of factors such as industry standards, a rise in the number of industrial accidents, globalization, requirements for insurance, and increased public consciousness and pressure.
What's the Long-Term Growth Forecast for the Emergency Shutdown System Market Size Through 2029?
Expectations are high for significant expansion in the emergency shutdown system market in the coming years. Its size is anticipated to reach $3.11 billion by 2029, with a compound annual growth rate (CAGR) of 9.0%. Factors contributing to the predicted growth during the forecast period include industry expansion, risk management practices, environmental considerations, incident evaluations, and the shift to alternative energy sources. Key anticipated trends during this period are the escalated adoption of IoT and industrial automation, emphasis on safety, an increase in offshore oil and gas exploration, the introduction of smart sensors, and the development of strategic alliances.
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What Are the Key Growth Drivers Fueling the Emergency Shutdown System Market Expansion?
The surge in workplace accidents is anticipated to fuel the expansion of the emergency shutdown system market. These accidents, which can cause harm, illness, or damage, are becoming alarmingly common due to factors such as stress, exhaustion, insufficient safety awareness and training, a weak safety culture, and high staff turnover. Emergency shutdown systems play a key role in employee, property, and environmental safety in the workplace, as they automatically trigger shutdowns in crises. Reflecting this trend, the Bureau of Labor Statistics, a governmental body in the US, revealed in a December 2023 report that approximately 5,486 fatal work injuries occurred in the US in 2022, marking a 5.7% rise from 5,190 in 2021. Hence, the surge in workplace accidents is catalyzing the expansion of the emergency shutdown system market.
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What Are the Key Trends Driving Emergency Shutdown System Market Growth?
Major businesses involved in the emergency shutdown system market are concentrating their efforts on cutting-edge technological advancements like the gas detection system to cater to the increasing need for high-tech safety measures designed to identify and guard against fire and gas risks. The gas detection system is an advanced safety measure capable of identifying and shielding against fire and gas dangers. In an illustration of this trend, Mine Safety Appliances, an American-based manufacturer of safety equipment, introduced the HazardWatch FX-12 Fire and Gas System in August 2022. This advanced system is a potent and adaptable safety solution for identifying fire and gas leaks. The system leverages top-tier safety and automation expertise, featuring an innovative module-based structure that combines reliable programmable logic controller (PLC) technology with sophisticated gas and flame field instruments. Furthermore, the system boasts Rockwell automation technology, industry-leading proficiency, and a modular structure as part of the comprehensive safety solution.
How Is the Emergency Shutdown System Market Segmented?
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
Subsegments:
1) By Switches: Emergency Stop Switches, Limit Switches, Pressure Switches
2) By Sensors: Temperature Sensors, Pressure Sensors, Flow Sensors, Gas Sensors
3) By Programmable Safety Systems: Safety Plcs (Programmable Logic Controllers), Safety Instrumented Systems (SIS), Safety Monitoring Systems
4) By Safety Valves: Pressure Relief Valves, Safety Shut-Off Valves, Emergency Isolation Valves
5) By Actuators: Pneumatic Actuators, Hydraulic Actuators, Electric Actuators
6) By Other Components: Emergency Shutdown Panels, Control Systems, Alarms And Signaling Devices
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Which Companies Are Leading the Charge in Emergency Shutdown System Market Innovation?
Major companies operating in the emergency shutdown system market report are 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
Which Regions Are Leading the Global Emergency Shutdown System Market in Revenue?
Europe was the largest region in the emergency shutdown systems market in 2024. 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.
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