The emergency shutdown system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Emergency Shutdown System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The emergency shutdown system market size has grown strongly in recent years. It will grow from $1.85 billion in 2023 to $2.07 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to industry standards, increasing industrial accidents, globalization, insurance requirements and public awareness and pressure.
The emergency shutdown system market size is expected to see strong growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to industry growth, risk management, environmental concerns, incident analysis and energy transition. Major trends in the forecast period include increasing adoption of IoT and industrial automation, focus on safety, rise in offshore oil & gas exploration, emergence of smart sensors and strategic partnerships.
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Scope Of Emergency Shutdown System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Emergency Shutdown System Market Overview
Market Drivers –
The increasing number of accidents at the workplace is expected to propel the growth of the emergency shutdown system market going forward. Workplace accidents encompass various unexpected incidents within a work environment, resulting in injury, illness, or damage. Workplace accidents are increasing due to workplace stress and fatigue, inadequate safety training and awareness, a poor safety culture, and high employee turnover. Emergency shutdown systems are used in workplaces to protect personnel, property, and the environment by automatically securing processes or assets via shutdown in an emergency. For instance, in December 2023, according to reports published by the Bureau of Labor Statistics, a US-based government agency, around 5,486 fatal work injuries were reported in the US in 2022, up 5.7% from 5,190 in 2021. Therefore, the increasing number of accidents at the workplace is driving the growth of the emergency shutdown system market.
Market Trends –
Major companies operating in the emergency shutdown system market are focusing on innovative technological advancements, such as the HazardWatch FX-12 and Gas System, to meet the growing demand for advanced safety solutions that detect and protect against fire and gas hazards. HazardWatch FX-12 Fire and Gas System is a state-of-the-art safety solution that detects and protects against fire and gas hazards. For instance, in August 2022, Mine Safety Appliances, a US-based safety equipment manufacturer, launched the new HazardWatch FX-12 Fire and Gas System, a powerful and flexible total safety solution for detecting fire and gas leaks. This system combines industry-leading safety and automation expertise, offering an innovative and modular design that integrates reliable programmable logic controller (PLC) technology with advanced gas and flame field devices. Additionally, it features a total safety solution, Rockwell automation technology, industry-leading expertise, and modular design.
The emergency shutdown system market covered in this report is segmented –
1) By Component: Switches, Sensors, Programmable Safety Systems, Safety Valves, Actuators, Others Components
2) By Control Method: Pneumatic, Electrical, Fiber Optic, Hydraulic, Other Control Methods
3) By Industry Vertical: Oil And Gas, Refining, Power Generation, Metal And Mining, Paper And Pulp, Other Industry Verticals
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Regional Insights –
Europe was the largest region in the emergency shutdown systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the emergency shutdown system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the emergency shutdown system market report are <b>Siemens Aktiengesellschaft Inc; General Electric Company; Honeywell International Inc.; Schneider Electric SE; ABB Ltd; Johnson Controls, Inc.; Tyco International; Halliburton Company; Winn-Marion Companies ; Emerson Electric Co.; Rockwell Automation Inc; National Oilwell Varco Inc.; Omron Corporation; Wartsila Oyj Abp; Metso Outotec; Yokogawa Electric Corporation.; Norgren; Worldwide Oilfield Machine Inc.; HIMA Paul Hildebrandt GmbH; Doedijns Group; Proserv Ingenious Simplicity; Bifold Group Ltd; Versa Products Company Inc.; Esoteric Automation & Control; Sella Controls; Safoco Inc.; Ruelco Inc.; Kongsberg Maritime; BWB Controls Inc.; Esoterica Automation </b>
Table of Contents
1. Executive Summary
2. Emergency Shutdown System Market Report Structure
3. Emergency Shutdown System Market Trends And Strategies
4. Emergency Shutdown System Market – Macro Economic Scenario
5. Global Emergency Shutdown System Market Size and Growth
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32. Global Emergency Shutdown System Market Competitive Benchmarking
33. Global Emergency Shutdown System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Emergency Shutdown System Market
35. Emergency Shutdown System Market Future Outlook and Potential Analysis
36. Appendix
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