Global Emergency Shutdown Systems Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Emergency shutdown systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Emergency shutdown systems market share, size, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Emergency shutdown systems (ESS), often referred to as safety shutdown systems, serve as vital safety measures employed across diverse industrial processes and facilities. Their primary function is to swiftly and autonomously cease operations during emergency scenarios. These systems are meticulously engineered to promptly react to perilous occurrences, prompting an instantaneous and well-coordinated cessation of the ongoing process. Their pivotal role is to safeguard both personnel and equipment, as well as mitigate potential hazards or catastrophic incidents that could harm the environment.
The global emergency shutdown systems market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028.
Global Emergency Shutdown Systems Market Trends and Drivers:
ESS finds extensive application in the upstream, midstream, and downstream segments of the oil and gas industry, ensuring the swift cessation of drilling operations, production platforms, refineries, and pipelines during critical situations such as gas leaks, fires, or equipment malfunctions. Additionally, the burgeoning exploration activities, both offshore and onshore, aimed at conventional and non-conventional energy resources, stand out as a primary catalyst propelling global market expansion. Furthermore, the increasing adoption of ESS in power plants, encompassing nuclear, coal, gas, and renewable energy facilities, to provide protection against potentially perilous occurrences like turbine overspeed, boiler explosions, or coolant leaks, contributes significantly to market growth. Moreover, the growing utilization of ESS in chemical processing plants, enabling the shutdown of processes and the prevention of hazardous substance release in the event of leaks, spills, or uncontrolled reactions, exerts a positive influence on the market landscape.
Global Emergency Shutdown Systems Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: ABB Ltd, Emerson Electric Co., General Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Nov Inc., Rockwell Automation Inc, Schneider Electric SE, Siemens Aktiengesellschaft, Versa Products Company Inc., Winn-Marion Companies and Yokogawa Electric Corporation.
The report segmented the market on the basis of region, component, control method and industry vertical.
Breakup by Component:
- Programmable Safety Systems
- Safety Valves
Breakup by Control Method:
- Fiber Optic
Breakup by Industry Vertical:
- Oil and Gas
- Power Generation
- Metal and Mining
- Paper and Pulp
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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