The global emergency shutdown systems market accounted for US$ 1. 41 Bn in 2018 and is expected to reach US$ 2. 43 Bn by 2027 with a CAGR growth rate of 6. 4% during the forecast period. Emergency shutdown systems are mostly deployed in manufacturing, power generation, oil & gas, and several other industries.
New York, March 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Emergency Shutdown System Market to 2027 - Global Analysis and Forecasts By Component ; Control Method ; End-User Industry" - https://www.reportlinker.com/p05875857/?utm_source=GNW
Of all the end-user industries, the oil & gas industry is the largest source of demand for emergency shutdown systems and held the largest market share in 2018. The emergency shutdown systems market is driven by the surge in demand to minimize hydrocarbon leakages, especially in off-shore oilfield-based projects, consolidation of industrial control systems for improving efficiencies/control room modernization, and continuous growth in the refining capacity.
Due to increasing industrial applications and manufacturing processes, there has been a surge in the number of global catastrophic accidents. As per the Global Wellness Institute, there were 313 million work-related accidents and 2.3 million work-related deaths in 2016 across the world. The consolidation of industrial control systems with emergency shutdown systems leads to control room modernization, enhances efficiency, and reduces accidents. Companies are continuously investing in projects relating to improvement of operations and safety at workplaces such as refineries and power generation. Safety Manager receives and transmits signals from local control houses to the central control house. At the local control houses, Safety Manager interfaces with existing emergency shutdown systems on the basis of relay logic. Further, with the help of fiber-optic links, the signals are relayed to the Safety Manager in the central control house. Thus, the consolidation of industrial control systems with emergency shutdown systems is driving the growth of the emergency shutdown systems market.
In addition to this, the modernization of gaining industrial infrastructure and process systems across prominent market players across developed and developing economies is also projected to continue to provide steady market growth opportunities for the emergency shutdown systems market players during the coming years.Also, the growing trend of industrial control systems through technology enabled across multiple industry verticals is also expected to encourage the adoption among considerably large small and medium enterprise across different industry verticals.
Thus, the emergency shutdown systems market is anticipated to provide numerous lucrative business opportunities for the emergency shutdown systems market players during the coming years.
A significant investments in the energy & power sector of the region has also been noticed.The US is the largest producer of nuclear power worldwide, accounting for over 30% of global nuclear generation of electricity.
As of 2018, the country has ~98 operating nuclear power reactors in across 30 states.Further, there are two reactors under construction.
Further, as of March 2019, Canada had 19 commercial nuclear power reactors situated in New Brunswick and Ontario that generate ~15% of Canada’s electricity supply.Moreover, Mexico is experiencing a remarkable rise in its electricity consumption.
In 2016, the Mexican government deregulated the country’s power market, which has resulted in tremendous investment in new power plants. It is anticipated that the private sector will require to invest ~US$ 89 Bn in the country’s power generation resources by 2031. Such a high growth will result in increasing number of power plant projects and capacity expansion. For instance, in 2019, Iberdrola SA, a Spanish multinational electric utility company, announced its plans to invest US$ 5 Bn in Mexico’s new power generation projects during 2019-2024. The factors mentioned above are anticipated to bolster the demand for emergency shutdown systems during the forecast period.
Emergency shutdown systems are mostly deployed in manufacturing, power generation, oil & gas, and several other industries.Of all the end-user industries, the oil & gas industry is the largest source of demand for emergency shutdown systems and held the largest market share in 2018.
The emergency shutdown systems market is driven by the surge in demand to minimize hydrocarbon leakages, especially in off-shore oilfield-based projects, consolidation of industrial control systems for improving efficiencies/control room modernization, and continuous growth in the refining capacity.However, limited penetration across SMEs in emerging economies and narrow scope for cross vertical standardization might hamper the emergency shutdown systems market growth during the forecast period.
One of the latest trends impacting market growth is the automated industrial control system.
Major companies operating in the emergency shutdown systems market include ABB Ltd, Emerson Electric Co., General Electric Co., Hima Paul Hildebrandt, Honeywell International Inc., National Oilwell Varco, Omron Corporation, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation. The mentioned companies are adopting several business expansion strategies, such as strategic partnerships & collaborations, new product developments, and mergers & acquisitions. For instance, in July 2016, Honeywell International Inc. launched a new product, Touchpoint Plus, an integrated gas and logic safety control system. It has an intuitive touch screen interface feature that provides easy setup and visibility.
Read the full report: https://www.reportlinker.com/p05875857/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001