The 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 market. Thus, expected to create new opportunities for the global emergency shutdown system market during the forecasted period and offer future growth opportunities for market players operating in the global emergency shutdown system market.
The global emergency shutdown system market is anticipated to witness impressive growth during the forecast period, owing to the adoption of electrically controlled emergency shutdown system across the world. During the forecast period of 2019 to 2027, electrical control method is expected to drive the demand for emergency shutdown system worldwide. Through an electrical emergency shutdown system, the electrical signal is detected, and a necessary action is taken at the beginning of hazard and automatic hazard termination. The electrically controlled systems function in accordance with alarms, interlocks and trips, emergency shutdown, and process control systems. The integration of emergency shutdown systems with IoT is one of the biggest opportunities for the market as IoT connects the physical world to the internet using sensors, collects data via sensors, and analyses the collected data and provides a deeper insight and is projected to offer ample growth opportunities for the players operating in the emergency shutdown system market during the forecast period of 2019 to 2027.
Significant market initiatives have been taken by some of the leading companies in emergency shutdown system market by getting involved in partnering with the clients, winning significant contracts, and also expanding their production capabilities. For instance, in 2019, Honeywell UOP's advanced heavy oil processing technology was selected byPetro China Guangdong Petrochemical Company, to offer solution for the scale and complexity of PetroChina’s operations. In the same year, Yokogawa announced a new version of ProSafe-RS safety instrumented system. This new system comprises of advanced function which speeds up system software upgrades as well as a new function which prevent the system from operator errors. Furthermore, Emerson announced the acquisition of General Electric's Intelligent Platforms business, which includes programmable logic controller (PLC) technologies and enables Emerson to expand its foothold across machine control and discrete applications. These strategic initiatives are further expected to provide a significant opportunities for emergency shutdown system market growth in the coming years.
The major players operating in the market for emergency shutdown system 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 among others.
The report segments the global emergency shutdown system market as follows:
Global Emergency Shutdown System Market - By Component
Global Emergency Shutdown System Market - By Control Method
Global Emergency Shutdown System Market - By End-User Industry
Global Emergency Shutdown System Market - By Geography
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