By 2027, what will be the size of the Emergency Shutdown System market and its share of the global market?Posted by Prabha Mahajan on September 30th, 2022  Latest market study on “Emergency Shutdown System Market to 2027 by Component (Switches, Sensors, Programmable Safety Systems, Safety Valves, Actuators, and Others), Control Method (Pneumatic, Electrical, Fiber Optic, and Hydraulic), End-User Industry (Oil & Gas, Refining, Power Generation, Chemical, and Others); - Global Analysis and Forecast”, the emergency shutdown system market is estimated to reach US$ 2.43 Bn by 2027 from US$ 1.41 Bn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments. Emergency shutdown system (ESD) is designed to minimize the impact of emergencies that are typically associated with unregulated flooding, hydrocarbon escape, or fire outbreaks in areas containing hydrocarbons or sectors that may otherwise be risky. Traditionally, risk analysis concluded that a high safety integrity rating, usually SIL 2 or 3, is required for the emergency shutdown program. The system primarily consists of device logic for incoming signal processing, field-mounted sensors, valves, and trip relays, warning, and HMI modules. The device processes input signals and triggers the outputs according to the cause and effect charts defined for the installation. Oil and gas are the primary fields for emergency shutdown systems worldwide is expected to create new opportunities for the global Emergency shutdown system market during the forecasted period. Request Copy of Emergency Shutdown System Market Growth Report https://www.theinsightpartners.com/sample/TIPRE00004133/ The modernization of gaining industrial infrastructure and process systems across prominent market players across developed and developing economies is projected to continue to provide steady market growth opportunities for the market players during the coming years. Also, the growing trend of industrial control systems through technology enabled across multiple industry verticals is expected to encourage the adoption among considerably large small and medium enterprise across different industry verticals. Emergency shutdown systems are mostly deployed in manufacturing, power generation, oil & gas, and several other industries. Of all the end-user industries, the oil & gas industry is the largest source of demand for emergency shutdown systems and held the largest market share in 2018. The market is driven by the surge in demand to minimize hydrocarbon leakages, especially in off-shore oilfield-based projects, consolidation of industrial control systems for improving efficiencies/control room modernization, and continuous growth in the refining capacity. However, limited penetration across SMEs in emerging economies and narrow scope for cross vertical standardization might hamper the market growth during the forecast period. The prominent market players in the emergency shutdown systems market are ABB Ltd, Cameron International Corporation, Emerson Electric Co., General Electric Company, Honeywell International Inc., National Oilwell Varco, Inc., OMRON Corporation, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation, among others for a considerable share of the market owing to their product offerings to the emergency shutdown systems market. For instance, in July 2016, Honeywell International Inc. launched a new product, Touch point Plus, an integrated gas and logic safety control system. It has an intuitive touch screen interface feature that provides easy setup and visibility. Number of well-known players and small local companies are present in the market to provide emergency shutdown systems services to their broad community of consumers. The larger firms are adopting the strategy of partnership, contractual alliances for the deployment of emergency shutdown systems solutions to enhance their customer portfolio and expand footprint in different geographies. About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials. Contact Us: Like it? Share it! More by this author |