Emergency Shutdown System Market size is slated to record lucrative gains from 2021 to 2027 owing to the growing product demand across various end-user industries. These systems are designed to reduce the consequences of emergency situations, related to uncontrolled flooding, outbreak of fire in hydrocarbon carrying areas, areas that may be hazardous, or escape of hydrocarbons.
Some of the pivotal factors aiding the growth of market globally include increasing use of IIoT, rising demand for safety systems in oil and gas sector, growing cases of accidents across various industries, and introduction of security regulations by different organizations.
Introduction to advanced emergency shutdown system components is expected to further enhance the growth curve of market through the coming years. For instance, Emerson had in 2020, launched its ASCOTM 141 Series Advanced Redundant Control System (ARCS) to offer a redundant solution for diverse emergency shutdown valve applications.
The emergency shutdown systems market is estimated to observe hinderance due to the high initial investment costs associated with the installation of these systems. The total cost of ownership includes capital costs, design of machines, investments in acquisitions and mergers, and more.
Based on the component, emergency stop devices segment is speculated to gain significant growth in the global market through 2027. Emergency stop devices comprise of two types, emergency stop pushbutton switches and rope pull emergency stop switches. These devices offer the staff a means of discontinuing a device during an emergency situation by pulling a rope or pushing a button, in an attempt to prevent injury to material and personnel loss.
The utility of emergency shutdown systems is being largely felt across the oil and gas industry. Across the industry, emergency shutdown systems are developed to minimize the consequences of an emergency situation at the site. Recovering oil and gas prices and rising upstream activity are anticipated to augment the demand for emergency shutdown systems. Besides, various regulations which enforce environmental protection and safety for offshore oil and natural gas industry in the U.S are further predicted to drive the demand for emergency shutdown systems globally. Ongoing oil and gas exploration across various regions would further impel the market progression during the forecast timeline.
Europe emergency shutdown system market is projected to account for notable gains during the forecast period. This can be ascribed to the mounting oil and gas exploration activities in the region, especially in countries like the United Kingdom, Germany, and more. In 2019, Denmark produced nearly 5.2 Mtoe of oil. Moreover, the rising adoption of industrial control systems with advanced technologies across myriad industries is poised to encourage the acceptance of emergency shutdown systems.
Some of the prominent leaders operating in the global market are ABB Ltd., Schneider Electric, Honeywell International Inc., Yokogawa Electric, Esoteric Automation & Control Technologies, Sella Controls, and Emerson Electric Co. These players have been relentlessly working towards introducing novel innovations in the space.
The global outbreak of COVID-19 pandemic has had a negative impact on the overall energy, oil and gas, and power generation industries. The market is no exception to this. The demand for these devices observed a downfall due to the imposition of stringent movement restriction laws, temporary halt in production, operations under reduced workforce, and other factors. However, the usage of the systems grew considerably in the medical and healthcare sector owing to the huge patient ingress in various healthcare centers for the SARS-CoV-2 infection treatment.
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