The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Emergency Shutdown System Global Market Report 2024 offers crucial insights into the emergency shutdown system market help businesses analyse and build stronger strategies.

Market Size and Recent Growth

• The emergency shutdown system market has experienced strong growth recently.
• It expanded from $1.85 billion in 2023 to $2.07 billion in 2024, with a compound annual growth rate (CAGR) of 8.9%.
• Key factors driving this growth:
  • Stricter industry standards
  • Increasing industrial accidents
  • Globalization
  • Insurance requirements
  • Rising public awareness and pressure

Future Market Projections

• The market is projected to grow to $2.85 billion by 2028, with a CAGR of 9.1%.
• Expected growth drivers include:
  • Industry growth
  • Enhanced risk management
  • Environmental concerns
  • Detailed incident analysis
  • Energy transition
• Emerging trends:
  • Increased adoption of IoT and industrial automation
  • Enhanced focus on safety
  • Rising offshore oil & gas exploration
  • Emergence of smart sensors
  • Formation of strategic partnerships

Read The Full Emergency Shutdown System Market Report Here:
https://www.thebusinessresearchcompany.com/report/emergency-shutdown-system-global-market-report

Workplace Accidents Driving Market Growth

Increasing Workplace Accidents

• The rise in workplace accidents is a significant driver for the emergency shutdown system market.
• Workplace accidents include various incidents causing injury, illness, or damage.
• Causes of rising accidents:
  • Workplace stress and fatigue
  • Inadequate safety training and awareness
  • Poor safety culture
  • High employee turnover
• Role of emergency shutdown systems:
  • Protect personnel, property, and the environment
  • Automatically secure processes or assets during emergencies
• Example statistics:
  • In December 2023, the Bureau of Labor Statistics reported 5,486 fatal work injuries in the US in 2022, a 5.7% increase from 2021.

Key Market Players

• Major companies in the emergency shutdown system market include:
  • Siemens AG Inc.
  • General Electric Company
  • Honeywell International Inc.
  • Schneider Electric SE
  • ABB Ltd.
  • Johnson Controls, Inc.
  • Tyco International
  • Halliburton Company
  • Winn-Marion Companies
  • Emerson Electric Co.
  • Rockwell Automation Inc.
  • National Oilwell Varco Inc.
  • Yokogawa Electric Corporation
  • Norgren
  • Worldwide Oilfield Machine Inc.

Innovative Advancements in Emergency Shutdown Systems

Technological Innovations

• Companies are focusing on innovative advancements, such as gas detecting systems, to meet the demand for advanced safety solutions.
• Gas detecting systems are state-of-the-art safety solutions for detecting and protecting against fire and gas hazards.
• Example:
  • In August 2022, Mine Safety Appliances launched the HazardWatch FX-12 Fire and Gas System.
  • This system combines safety and automation expertise with a modular design integrating programmable logic controller (PLC) technology and advanced gas and flame field devices.

Strategic Acquisitions

• Knightscope Inc., a US-based robotics company, acquired CASE Emergency Systems in October 2022.
• Goals of the acquisition:
  • Enhance sales strategy
  • Leverage CASE’s relationships with key clients
  • Reduce expenses
  • Improve manufacturing processes
• CASE Emergency Systems specializes in public safety products, including emergency shutdown systems.

Market Segmentation and Regional Insights

Market Segmentation

• By Component:
  • Switches
  • Sensors
  • Programmable Safety Systems
  • Safety Valves
  • Actuators
  • Other Components
• By Control Method:
  • Pneumatic
  • Electrical
  • Fiber Optic
  • Hydraulic
  • Other Control Methods
• By Industry Vertical:
  • Oil and Gas
  • Refining
  • Power Generation
  • Metal and Mining
  • Paper and Pulp
  • Other Industry Verticals

Regional Insights

• Europe was the largest region in the emergency shutdown system market in 2023.
• Asia-Pacific is expected to be the fastest-growing region during the forecast period.

The emergency shutdown system market is set for robust growth, driven by increasing workplace accidents and advancements in safety technologies. Major companies are enhancing their offerings through technological innovations and strategic acquisitions, positioning themselves to address the evolving safety needs across various industries effectively.

Get A Free Sample On The Global Emergency Shutdown System Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=15171&type=smp

The Emergency Shutdown System Global Market Report 2024  provides a comprehensive outlook of the emergency shutdown system market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The emergency shutdown system market forecast offers a thorough analysis on emergency shutdown system market size, emergency shutdown system market share, prominent players and their strategies.

The Table Of Content For The Emergency Shutdown System Market Include:
1. Emergency Shutdown System Market Executive Summary
2. Emergency Shutdown System Market Segments
3. Emergency Shutdown System Market Size And Emergency Shutdown System Market Growth Rate
4. Key Emergency Shutdown System Market Trends
5. Major Emergency Shutdown System Market Drivers
……
25. Key Mergers And Acquisitions In The Emergency Shutdown System Market
26. Top Emergency Shutdown System Companies
27. Emergency Shutdown System Market Opportunities And Strategies
28. Emergency Shutdown System Market, Conclusions And Recommendations
29. Appendix

Explore Similar Reports From The Business Research Company:

Collision Avoidance System Global Market Report 2024

Bed Monitoring System & Baby Monitoring System Global Market Report 2024

Automated Storage And Retrieval System Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: