Emergency Shutdown System Market size is anticipated to witness significant gains between 2023 and 2032 resulting from the rising product demand across a range of end-user industries.
Emergency Shutdown Systems are intended to reduce the impact of emergencies related to uncontrolled flooding, an outbreak of fire in hydrocarbon-carrying areas, areas that may be hazardous, or escape of hydrocarbons. Increasing penetration of IIoT, the rising need for safety systems in the oil and gas industry, a spike in accidents across several sectors, and the implementation of security rules by various organizations are among the key factors supporting industry expansion globally.
The introduction of highly advanced emergency shutdown system components is anticipated to further accelerate market growth through 2032. For instance, in August 2022, MSA Safety, a manufacturer of safety equipment, unveiled the next-generation HazardWatch FX-12, a full-featured fire, and gas system with integrated cloud-ready features for reliable plant safety monitoring.
The emergency shutdown system market is expected to be impeded by the high initial investment costs involved in the deployment of these systems. The total cost of ownership comprises capital costs, machine design, acquisition & merger investments, and other expenses.
Furthermore, the Russian-Ukraine conflict is increasing global economic pressure. According to analysts, the risk of supply interruption has not yet been waived completely. However, this has had a positive influence on emergency shutdown system market since many governments in various nations have undertaken oil and gas exploration initiatives in order to lessen their dependency on imported oil and gas.
Based on the component, the emergency stop devices segment is anticipated to expand significantly through 2032. There are two kinds of emergency stop devices, i.e., rope pull emergency stop switches and emergency stop pushbutton switches. These devices allow workers to turn off a device during an emergency by drawing a rope or pressing a button in an attempt to avert harm to material and personnel loss.
The businesses and factories operating in the oil and gas sector are increasingly adopting emergency shutdown mechanisms to lessen the effects of an emergency scenario on the site. Additionally, a set of regulations enforcing environmental protection and safety for the offshore oil and natural gas industry in the United States will increase demand for emergency shutdown systems internationally.
The market will also see further growth throughout the projected period owing to the ongoing oil and gas exploration initiatives across various areas. For instance, in October 2022, the Indian government put up 42 oil and gas blocks for international competitive bidding for exploration and production.
The Europe emergency shutdown system market is set to record lucrative growth from 2023 to 2032. The regional growth is attributed to the rising levels of oil and gas exploration in the area, particularly in nations such as the United Kingdom, Germany, and others. In December 2021, Denmark's crude oil production was reported to be 65.636 barrels per day. Moreover, the increasing use of modern industrial control systems is anticipated to promote the uptake of emergency shutdown systems.
Leading businesses operating in the emergency shutdown system market are Schneider Electric, ABB Ltd., Yokogawa Electric, Honeywell International Inc., Sella Controls, Esoteric Automation & Control, and Emerson Electric Co.
These players have been working actively to introduce innovative technologies into the field. For instance, in January 2021, Honeywell announced that it has been chosen by Repsol, an international energy and petrochemical corporation, to provide an integrated control and safety system (ICSS) for the first advanced biofuel production facility being developed in Spain. The new facility will use a mix of Honeywell's fire and gas (F&G), emergency shutdown (ESD), distributed control systems (DCS), and human-machine interface (HMI) technologies to provide effective environmentally friendly and low-emission operations.