Emergency Shutdown System Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4270
Emergency Shutdown System Market size is likely to observe a significant upsurge from 2019 to 2025 driven by increasing demand for devices to reduce catastrophic accidents at workstations. The failure risk of machinery at any stage of production is hazardous for labors, which are controlled by these systems. The growing need for human safety in the manufacturing & production department of industries is driving the utilization of emergency shutdown systems. The implementation of stringent government regulations and norms regarding industrial machine safety is leading to the adoption of these systems for a better work environment and human safety measures. Additionally, the system aids in maximizing the production output and asset uptime by ensuring the activation of failure safety devices, supporting the emergency shutdown system market expansion.
The less reliability of these systems is restricting their use across industries. During harsh environmental conditions, these systems are not capable of protecting natural gas plants. This can be overcome by developing efficient EMC-based emergency shutdown systems that aid in reducing the source interference and enhancing the immunity of instruments. Wireless systems face connectivity challenges that hinder the performance of these systems. The issue can be overcome by efficient broadband infrastructure in industries. These systems comprise several input and output devices that acquire a large space in production plants, hampering the emergency shutdown system market growth.
A major trend in the emergency shutdown system market is the development of standardized hardware & software integrated systems. The software-based technologies perform extensive safety functions essential for personnel and machinery safety. They also provide high flexibility for maintenance and modifications of systems. The increasing demand for safety and shutdown systems in the oil & gas industry is a major factor, fueling the market growth. These systems aid in minimizing the consequences of emergency situations, such as uncontrolled flooding, escape of hydrocarbons, and the outbreak of fire in hydrocarbon areas, that may be hazardous.
The demand for programmable safety systems is increasing due to their low cost, high reliability, and easy installation & maintenance. These devices offer efficient solutions for integrating multiple safety sensors into systems and machines, increasing equipment safety significantly. The implementation of several directives, such as EN 954 and IEC 61508 on industrial security and industrial processes and machine security, will drive the utilization of programmable safety systems. Safety sensors are also increasingly used in industries for several applications, such as to track tooling data, sense moment & position, and help integrate automated systems.
The oil & gas industry held the largest market share and is expected to gain high revenues over the forecast period. Controlled emergency procedures aid in crude line safety, leak identification, and leak location detection. Emergency shutdown systems are incorporated in oil & gas refineries to shut down part systems or equipment at hazardous situations. The growing exploration of new oil & gas fields and increased investments in refineries and pipelines in several countries including the U.S., the UAE, and Saudi will drive the market growth. The rising demand for energy due to rapid urbanization in Asian countries including India and China is leading to the rapid development of the utility sector in the region. The growing utility sector in Asia will propel the demand for emergency shutdown systems to ensure maximum safety at the plants.
The North America emergency shutdown system market is expected to grow at a high rate over the forecast timeline due to the implementation of high safety standards and government regulations regarding operator safety. The U.S. Chemical Safety Board has implemented stringent regulations for the installation of emergency shutdown systems in all chemical, oil & gas, and power generation industries for human and environment safety. The demand for these systems is growing rapidly in several Asian countries including China, Japan, and India due to the increasing manufacturing industry in the region. The increasing construction of power generation and thermal power stations in India is supporting the demand for these systems.
The leading companies operating in the emergency shutdown system market include Schneider Electric, Yokogawa Electric, Kongsberg Maritime, Honeywell International Inc., ABB Ltd, Siemens AG, Rockwell Automation, Sella Controls, Esoteric Automation & Control Technologies, Industrial Automation Systems, and Emerson Electric Co. These companies are adopting several business expansion strategies, such as new product developments, strategic partnerships & collaborations, and mergers & acquisitions. For instance, in July 2016, Honeywell International Inc. launched its new Touchpoint Plus, an integrated gas and logic safety control system. The system features an intuitive touch screen interface for easy system setup and visibility.
The emergency shutdown system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2025 for the following segments:
- Safety switches
- Emergency stop devices
- Safety controllers
- Safety sensors
- Programmable Safety Systems
- Safety valves
- Power generation
- Oil & Gas
- Metal & Mining
- Food & Beverage
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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