How Has the Emergency Shutdown System Market Size Evolved in Recent Years?
The emergency shutdown system market has seen considerable growth due to a variety of factors.
• In recent years, the market size of the emergency shutdown system has seen robust growth. Projected growth indicates an increase from $2.01 billion in 2024 to $2.2 billion in 2025, implying a compound annual growth rate (CAGR) of 9.2%.
Factors responsible for growth in the previous period include industry regulations, a rise in industrial mishaps, the expansion of globalization, insurance prerequisites, and heightened public cognizance and advocacy.
What are the Market Size and Expected Growth Rates for the Emergency Shutdown System Market?
The emergency shutdown system market is expected to maintain its strong growth trajectory in upcoming years.
• There's predicted robust expansion in the emergency shutdown system market size in the near future, with a projection to attain $3.11 billion by 2029 alongside a compound annual growth rate (CAGR) of 9.0%.
This projection for the forecast period is associated with the growth of the industry, risk management, environmental awareness, incident scrutiny, and the shift to renewable energy. Dominant trends for this period encompass the escalating adoption of IoT and industrial automation, a focus on safety, heightened offshore oil and gas exploration activities, the advent of smart sensors, and strategic alliances.
Which Key Drivers Are Propelling The Emergency Shutdown System Market's Growth?
The rise in workplace accidents is projected to fuel the expansion of the emergency shutdown system market. Various unforeseen events that occur in workplace settings, leading to injuries, illnesses, or property damage represent workplace accidents. The spiking incident rate can be attributed to factors like work-induced stress and fatigue, insufficient safety education and awareness, an unsatisfactory approach towards safety, and high levels of staff turnover. Emergency shutdown systems are employed to assure the safety of personnel, properties, and the environment by automatically resorting to shutdown under emergency circumstances. For instance, the Bureau of Labor Statistics, a government agency in the US, stated in their December 2023 report that about 5,486 deaths were reported due to work-related injuries in the US in 2022, marking a 5.7% increase from 5,190 in 2021. Hence, the escalating workplace accident figures are fueling the expansion of the emergency shutdown system market.
What Are The Key Segments Within The Global Emergency Shutdown System Market?
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
Subsegments:
1) By Switches: Emergency Stop Switches, Limit Switches, Pressure Switches
2) By Sensors: Temperature Sensors, Pressure Sensors, Flow Sensors, Gas Sensors
3) By Programmable Safety Systems: Safety Plcs (Programmable Logic Controllers), Safety Instrumented Systems (SIS), Safety Monitoring Systems
4) By Safety Valves: Pressure Relief Valves, Safety Shut-Off Valves, Emergency Isolation Valves
5) By Actuators: Pneumatic Actuators, Hydraulic Actuators, Electric Actuators
6) By Other Components: Emergency Shutdown Panels, Control Systems, Alarms And Signaling Devices
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What Trends Are Reshaping The Future Of The Emergency Shutdown System Market?
Major enterprises functioning in the emergency shutdown system market are concentrating on pioneering technological advancements like the gas detecting system. This is to cater to the increasing requirement for sophisticated safety solutions capable of identifying and safeguarding against fire and gas threats. The gas detecting system is an advanced safety solution, alerting and shielding against fire and such hazards. For example, in August 2022, the US-based safety equipment manufacturing company, Mine Safety Appliances, introduced the latest HazardWatch FX-12 Fire and Gas System. This is a potent and adaptable all-in-one safety solution to detect fire and gas leaks. The system amalgamates leading safety and automation proficiency, providing an inventive and modular design which incorporates reliable programmable logic controller (PLC) technology with high-tech gas and flame field devices. In addition to these, it also comprises a total safety solution, Rockwell automation technology, leading industry expertise, and modular design.
Who Are the Key Players In The Emergency Shutdown System Market?
Major companies operating in the emergency shutdown system market report are:
• Siemens AG Inc
• General Electric Company
• Honeywell International Inc.
• Schneider Electric SE
• ABB Ltd
• Johnson ControlsInc.
• 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
What Are The Regional Insights Into The Emergency Shutdown System Market?
Europe was the largest region in the emergency shutdown systems market in 2024. 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.
