Emergency shutdown (ESD) systems are designed for the purpose of minimizing the consequences of emergency situations, especially in the oil & gas sector where safety is the major concern. Lack of proper safety measures may lead to production loss and hazards such as outbreak of fire, explosions, leakages in oil and gas. Due to these advantages, the demand for ESD systems has increased over the years, thus giving a major boost to the growth of this market. Researchers have predicted the market for ESD systems to grow at a considerable rate over the coming years.
Drivers for the Market
The significant growth of the global market for emergency shutdown systems can be primarily attributed to the following factors:
- Growing demand for safety systems in the oil & gas industry
- Implementation of regulations by governments for industrial safety
Apart from these, increased focus on industrial safety measures and rising usage of Industrial Internet of Things (IIoT) is likely to create an array of growth opportunities for this market. However, the market may faces some obstacles like complexity of safety designs, lack of awareness regarding the safety standards among end users, and added costs to the organization due to the ESD systems.
Glimpse of the ESD System Market
Estimated to grow at a CAGR of 9.1% between 2016 and 2022, the value of the worldwide emergency shutdown (ESD) system market is projected to reach USD 1,816.0 Million by the end of 2022. Of all the regions, Europe held the largest market share in 2015. However, the ESD system market in the Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to the increased industrialization, which has resulted in increased emphasis on industrial and machine safety by the organizations and influence of MNCs in adoption of safety systems.
Among applications, the oil & gas sector held the biggest share of the market, followed by power generation. Although the market for ESD systems is poised to grow in the oil & gas application over the forecast period, the market for power generation application is projected to grow at the highest CAGR between 2016 and 2022.
Based on the method, safety sensors governed the market in 2015, followed by valves. However, the market for programmable safety systems is expected to grow at the highest CAGR during the forecast period since they are flexible to design modifications, highly efficient, easy to install, highly reliable, and secure.
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Scope of the Research
The global market for emergency shutdown systems has been analyzed and forecasted by splitting it into the following segments and sub-segments:
- Method: Safety Switches, Emergency Stop Devices, Safety Controllers/Modules/Relays, Safety Sensors, Logic Solver/Programmable Safety Systems, Valves, Actuators
- Industry: Power Generation, Oil & Gas, Refining, Chemical, Pharmaceutical, Paper & Pulp, Metal & Mining, Food & Beverages, Water & Wastewater
- Geography: Americas, Europe, Asia-Pacific, RoW
Rockwell Automation (U.S.), Schneider Electric SE (France), Emerson Electric Company (U.S.), Siemens AG (Germany), and Honeywell International (U.S.) are some of the key players operating in the global market for emergency shutdown systems.
