The emergency shutdown system market size is projected to reach US$ 5.49 billion by 2031 from US$ 1.53 billion in 2023. The market is expected to register a CAGR of 14.2 % in 2023–2031. The increasing demand for safety and security measures is likely to remain a key emergency shutdown system market trend.
The emergency shutdown system is heavily influenced by the strong presence of large enterprises across various end-user industry verticals owing to their significantly large industrial process equipped with various technological solutions.
A system known as an emergency shutdown system, or ESD, is employed in dangerous environments to avert scenarios that could have disastrous consequences for the economy, the environment, or operations. By preventing things like leaks, hydrocarbon escape, fire outbreaks, and explosions, they are made to reduce the effects of emergency circumstances, such as harm to people or destruction of equipment. Boilers, gas and steam turbine power plants, oil and gas processing facilities, and oilfields (oil well heads) all include emergency shutdown mechanisms.
The purpose of an emergency shutdown system (ESD) is to reduce the effects of situations that are generally linked to uncontrolled floods, the escape of hydrocarbons, or fire breakouts in hazardous industries or locations where hydrocarbons are present. Historically, risk analysis has shown that the emergency shutdown program needs a high safety integrity grade (SIL 2 or 3). Device logic for incoming signal processing, field-mounted sensors, valves, trip relays, warnings, and HMI modules make up the majority of the system. The cause and effect diagrams created for the installation are followed by the device when processing input signals and triggering outputs. Growing upstream operations and rising oil and gas prices are expected to drive up demand for emergency shutdown systems (ESDs), particularly from offshore facilities. Midstream, upstream, and downstream oil refinery activities are the primary sources of demand for ESDs. The offshore oil and gas business in the US and Europe is subject to safety and environmental restrictions that are enforced by laws and regulations such as the Bureau of Safety and Environmental Enforcement (BSEE). Close monitoring is done of temperature and pressure to reduce the possibility of mishaps or accidents.
The renewable energy sector is growing significantly worldwide. According to the United Nations Report, renewable energy sources are available in every country, and their potential is yet to be fully harnessed. The International Renewable Energy Agency (IRENA) approximates that 90 % of the world’s electricity can and should come from renewable energy by 2050. Renewable energy sources provide a means of escaping reliance on imports, diversifying national economies, shielding them from the volatile price fluctuations of fossil fuels, and promoting inclusive economic growth, job creation, and poverty reduction. The emergency shutdown systems are used in this sector to provide safe operations. If hazardous conditions occur, instant action should be taken. An emergency shutdown system is used to shut down the facility to a safe state and protect the environment and the assets.
Key segments that contributed to the derivation of the emergency shutdown system market analysis are component, control method, and end-user industry (oil & gas, refining, power generation, chemical, and others)
The geographic scope of the emergency shutdown system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, APAC accounted for the largest emergency shutdown system market share. The APAC region, owing to the strong presence of unorganized small and medium end-users along with limited government regulation, has attributed the region’s low market share despite the strong presence of an end-user base in the region.
The emergency shutdown system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Emergency Shutdown System Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
The regional trends and factors influencing the Emergency Shutdown System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Emergency Shutdown System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.53 Billion |
| Market Size by 2031 | US$ 5.49 Billion |
| Global CAGR (2023 - 2031) | 14.2 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Emergency Shutdown System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Emergency Shutdown System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The global emergency shutdown system market is expected to reach US$ 5.49 billion by 2031.
The key players holding majority shares in the global emergency shutdown system market are ABB Ltd, Cameron International Corporation, Emerson Electric Co., General Electric Company, and Honeywell International Inc.
The increasing demand for safety and security measures is anticipated to play a significant role in the global emergency shutdown system market in the coming years.
An increase in demand to minimize hydrocarbon leakages, particularly in offshore oilfield-based projects, and increased renewable energy sector are the major factors that propel the global emergency shutdown system market.
The global emergency shutdown system market was estimated to be US$ 1.53 billion in 2023 and is expected to grow at a CAGR of 14.2 % during the forecast period 2023 - 2031.