The global emergency shutdown systems market size was valued at USD 1654 Million in 2020 and is expected to reach USD 2823 Million by 2028, expanding at a CAGR of 9.3 % during the forecast period, 2021 – 2028. The growth of the market is attributed to rising number of global catastrophic accidents.
Emergency shutdown system (ESD) is designed to minimize the consequences of emergency situations, such as uncontrolled flooding, escape of hydrocarbons, or outbreak of fire. This system includes ESD valve and an associated valve actuator.
ESD controller provides output signals to the ESD valve in the event of a failure, included in the process control system. A solenoid valve responds to the ESD controller to vent the actuator to a failure state. A digital valve controller (DVC) test strokes the ESD valve. An impedance booster device DC powers the solenoid valve and the DVC over a two wire line while permitting digital communication over the same two wire line.
The report on the global emergency shutdown systems market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Emergency Shutdown Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Control Methods (Electrical, Fiber Optic, and Pneumatic) and Applications (Oil & Gas, Refining, Power Generation) |
Regional Scope | North America, Latin America, Europe, Asia Pacific and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Honeywell International Inc, Siemens AG, General Electric Co, ABB Ltd, and Schneider Electric SE |
Pneumatic segment to accounts a considerable market share
Based on control methods, the market is divided into electrical, fiber optic, and pneumatic. The pneumatic segment is expected to account for a considerable market share during the forecast period. Pneumatic control, an analog device, is an economical and effective choice for designing commercial buildings. It is powered by compressed air, which makes it ideal for controlling humidity, temperature, and pressure.
Oil & gas segment to account a large market share
Based on applications, the global emergency shutdown systems market is segmented into oil & gas, refining, and power generation. The oil & gas industry is the major consumer of emergency shutdown systems globally. Recovering oil and gas prices and increasing upstream activity are expected to propel the demand for ESD in the oil & gas industry. Moreover, increasing demand for ESD systems from upstream, midstream, and downstream (oil refineries) activities are driving the oil & gas segment. On the other hand, the power generation segment is expected to grow at a healthy rate due to rising energy demand across the globe.
Europe is to hold a major market share
In terms of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is a major for emergency shutdown systems market owing to presence of advanced crude oil refiners in the region. Rising activity in the downstream oil & gas sector and high industrial activity in the region is one of the most prominent drivers for the ESD systems market in Europe. Conversely, the market in North America is expected to exhibit a high CAGR due to rising exploration activities in the US.
Segments Covered in the Report
The Global Emergency Shutdown Systems Market has been segmented on the basis of
Control Method
Applications
Regions
Key Players
Key players operating in the Global Emergency Shutdown Systems Market includes Honeywell International Inc, Siemens AG, General Electric Co, ABB Ltd, and Schneider Electric SE.
Industry players are engaging in partnerships, acquisitions, and are investing in R&D activities to expand their market share.
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