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Emergency Shutdown System Market worth 1,816.0 Million USD by 2022
According to the new market research report "Emergency Shutdown System Market by Components (Switches, Sensors, Programmable Safety Systems, Safety Valves, Actuators), by Control Method (Pneumatic, Electrical, Fiber optic, Radio Telemetry), by Application, and Region - Global Trend and Forecast to 2022", the emergency shutdown (ESD) system market is estimated to reach USD 1,816.0 Million by 2022, at a CAGR of 9.1% between 2016 and 2022. Rising demand for safety systems in the oil & gas industry and implementation of regulatory measures by several governments for industrial safety are important factors driving the ESD system market.
Browse 69 market data Tables and 60 Figures spread through 165 Pages and in-depth TOC on "Emergency Shutdown System Market - Global Trend and Forecast to 2022"
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“The market for programmable safety systems expected to grow at the highest rate between 2016 and 2022”
The market for the programmable safety systems is expected to grow at the highest CAGR during the forecast period. Programmable safety systems are the backbone of an entire safety system, and highly reliable logic solvers provide both fail-safe and fault-tolerant operations. Programmable safety systems are relatively new and developing rapidly. They are flexible to design modifications, highly efficient, easy to install, highly reliable, and highly secure. These advantages of programmable safety systems have triggered the growth of this component in the ESD system market.
“The market for power generation application expected to grow at the highest rate between 2016 and 2022”
The market for the power generation application is expected to grow at the highest rate. New techniques reduce the environmental burden of coal-fired power plants and allow higher efficiencies with a better conversion of heat to electrical energy; accordingly, related ESD systems are also expected to change. This rising demand for green energy has resulted into the beginning of new projects for renewable power generation; the market for the power generation application is expected to grow rapidly during the forecast period.
“APAC expected to witness a rapid growth during the forecast period”
The emergency shutdown system market in APAC is expected to grow at the highest CAGR between 2016 and 2022. With developing industrialization in APAC, increasing industrial and machine safety emphasis by the organizations and influence of multinational companies in adoption of safety systems are driving the demand for ESD systems in the APAC region.
The key players in the ESD system market are Rockwell Automation (U.S.), Schneider Electric SE (France), Emerson Electric Company (U.S.), Siemens AG (Germany), Honeywell International, ABB Ltd. (Switzerland), General Electric Company (U.S.), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), and HIMA Paul Hildebrandt GmbH (Germany).
This research report categorizes the global emergency shutdown system market based on component, application, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the emergency shutdown system market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on this market.
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