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.
Emergency Shutdown System Market Analysis
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.
Emergency Shutdown System Market Overview
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.
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Emergency Shutdown System Market: Strategic Insights
Market Size Value in US$ 1.41 Billion in 2018 Market Size Value by US$ 2.43 Billion by 2027 Growth rate CAGR of 6.4% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Emergency Shutdown System Market: Strategic Insights
| Market Size Value in | US$ 1.41 Billion in 2018 |
| Market Size Value by | US$ 2.43 Billion by 2027 |
| Growth rate | CAGR of 6.4% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Emergency Shutdown System Market Drivers and Opportunities
Increase in Demand to Minimize Hydrocarbon Leakages, Particularly in Offshore Oilfield-based Projects
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.
Increased Renewable Energy Sector
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.
Emergency Shutdown System Market Report Segmentation Analysis
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)
- Based on the components, the emergency shutdown system market is segmented into switches, sensors, programmable safety systems, safety valves, actuators, and others. The sensors segment held a larger market share in 2023.
- By control method, the market is segmented into pneumatic, electrical, fiber optic, and hydraulic.
- By end-user industry, the market is segmented into oil & gas, power generation, refining, chemical, and others.
Emergency Shutdown System Market Share Analysis by Geography
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.
Emergency Shutdown System Market News and Recent Developments
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:
- In March 2023, the US Chemical Safety and Hazard Investigation Board (CSB) issued a new Safety Alert titled “Hazards Posed by Discharges from Emergency Pressure-Relief Systems.” The CSB’s alert highlights hazards identified with emergency pressure-relief systems from four CSB investigations. The alert advises facilities that while a discharge from emergency pressure-relief systems can help protect equipment from unexpected and undesired high-pressure events, it can also seriously harm or fatally injured workers and cause extensive damage to a facility if the discharge is not made to a safe location. (Source: U.S. Chemical Safety Board, Press Release)
Emergency Shutdown System Market Report Coverage and Deliverables
The “Emergency Shutdown System Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Control Method ; End-User Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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