Global Emergency Shutdown System Market is valued at approximately USD 1808.4 million in 2021 and is anticipated to grow with a healthy growth rate of more than 9.29% over the forecast period 2022-2029. Emergency Shutdown System ensures to control the process equipment which required to switch processes to safe mode. The Emergency Shutdown System market is expanding because of factors such as stringent regulatory policies for industrial safety and growing large-scale production projects due to the oil and gas industry expansion. This market is dominated by General Electric Co, Siemens AG, Honeywell International Inc, ABB Ltd, and Schneider Electric SE.
The increasing number of accidents in industrial plants and the number of dangerous explosions is increasing the demand in the market for industrial emergency shutdown systems. An increase in demanding equipment and process projects is driving the growth of industrial emergency control/shutdown systems. The government has induced the stringent regulatory policies for the industrial safety in order to reduce the mishappening in the industry which can harm worker as well as the environment. This market is expected to see high growth in the forthcoming years due to the rapid expansion of industries such as gas and oil are fueling the growth of the industrial emergency stop system market. For example, as per the India Brand equity Foundation report, India has planned about commercializing 50% of its SPR (Strategic Oil Reserves) to gain finances and develop additional storage tanks to offset rising oil prices and ONGC released a plan to invest around US$4 billion in FY2022-25 to step up exploration activities in India in May 2022. Moreover, the increased adoption of industrial control systems with advanced technologies is expected to have multiple opportunities to grow further. However, the high initial and maintenance costs of the Emergency Shutdown System stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Emergency Shutdown System Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe dominated the market in terms of revenue, owing to the dominance of branded products and the region's increasing technological advancement and growth of businesses such as Oil and Gas production. According to the United Kingdom, Extractive Industries Transparency Initiative (UKEITI), between 2014 and 2019, UKCS oil and gas production increased by 19%. This was down 4% in 2020, driven by large incremental projects in existing fields and the start-up of nearly 40 new fields. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors, increasing adoption of highly technical industrial control systems in multiple end-user industries is expected to drive the adoption of emergency shutdown systems among large and small businesses in the region.
Major market players included in this report are:
Schneider Electric SE
Emerson Electric Company
General Electric Co.
Proserv UK Ltd.
Hima Paul Hildebrandt GmbH
Honeywell International Inc.
Rockwell Automation, Inc.
Recent Developments in the Market:
In April 2020 - Emerson acquires the American Governor Company, a leader in hydroelectric turbine controls system. The American Governor Company builds on Emerson's technical capabilities and proficiency in the renewable energy and energy industries.
In November 2019 - Yokogawa Electric Corporation proclaimed the release of ProSafe-RS R4.05.00, an upgraded version of the safety instrumented system ProSafe-RS. ProSafe-RS is the core product of his OpreX family of control and safety systems provided by the company.
Global Emergency Shutdown System Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Control Method, End User Vertical, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Control Method:
Other Control Methods
By End-user Vertical:
Oil and Gas
Metal and Mining
Paper and Pulp
Other End-user Verticals
Rest of the World