Press release
Emergency Shutdown System Market Report 2020 - Market Size, Share, Price, Trend and Forecast 2027
Latest market study on “Emergency Shutdown System Market to 2027 by Component (Switches, Sensors, Programmable Safety Systems, Safety Valves, Actuators, and Others), Control Method (Pneumatic, Electrical, Fiber Optic, and Hydraulic), End-User Industry (Oil & Gas, Refining, Power Generation, Chemical, and Others); - Global Analysis and Forecast”, the emergency shutdown system market is estimated to reach US$ 2,434.56 Mn by 2027 from US$ 1,410.65 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Emergency shutdown system (ESD) is designed to minimize the impact of emergencies that are typically associated with unregulated flooding, hydrocarbon escape, or fire outbreaks in areas containing hydrocarbons or sectors that may otherwise be risky. Traditionally, risk analysis concluded that a high safety integrity rating, usually SIL 2 or 3, is required for the emergency shutdown program. The system primarily consists of device logic for incoming signal processing, field-mounted sensors, valves, and trip relays, warning, and HMI modules. The device processes input signals and triggers the outputs according to the cause and effect charts defined for the installation. Oil and gas are the primary fields for emergency shutdown systems worldwide is expected to create new opportunities for the global Emergency shutdown system market during the forecasted period.
In APAC, several growing economies in the region support the growth of with a wide variety of sectors such as manufacturing, automotive, and technology. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. The region’s oil & gas industry is also flourishing, due to rising demand for energy sector. There are ongoing Greenfield as well as brownfield oil & gas projects, particularly in Southeast Asia. Some of these projects include Pulau Muara Besar Refinery & Petrochemical Complex Phase 2, Long Son (No. 3) Refinery, Vietnam Gas Project, Indonesia Deepwater Development, Sriracha Refinery Expansion & Upgrade, and Petronas Floating LNG 2 (PFLNG Dua), among others. Furthermore, it is expected that ~130 new crude oil & gas projects will commence operations in the APAC region by 2025. Such above mentioned factors is expected to fuel the growth of emergency shutdown system market in APAC.
The European Emergency shutdown system Market is witnessing remarkable growth, as one of the world’s most mature oil & gas basins, have changed their development plans. They are now targeting simpler project executions so that targeted resources could be profitable in the current scenario of low oil & gas process. The number of projects and plans to tap more resources offshore are increasing in Norway and the UK, signifying that the offshore industry has begun to recover with upstream companies initiating more developments since 2018. Currently, there are numerous oil & gas projects under development in Europe. A few of them include Sverdrup field, Rosebank & Lochnagar Oil & Gas Fields, Johan Castberg Field, Wisting Central Oil Discovery, Mariner Heavy Oil Field, Martin Linge (Hild) Heavy Oil & HPHT Gas Field, and Culzean HPHT Gas & Condensate Field. Such upcoming projects are anticipated to bolster the emergency shutdown system market in Europe.
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Reason to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Emergency Shutdown System market
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Emergency Shutdown System market, thereby allowing players to develop effective long term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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