The global emergency shutdown systems market is expected to grow at 7.2% CAGR during the forecast period. It is highly reliable control systems for high-risk industries such as oil & gas, pharmaceutical, power generation, chemical, food & beverages, metal & mining, and others. The emergency shutdown system aim is to protect plant, personnel, and environment in case the process goes beyond the control. Implementing an emergency shutdown system offers a disciplined, systematic approach for safety requirement specifications; safety system design operations and maintenance and hazard identification. The emergency shutdown systems interfere in the normal operation when an emergency is detected that may result in a hazardous situation.
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Recovering the prices of oil & gas and rising upstream activities are anticipated to grow the demand for emergency shutdown systems and mainly from offshore businesses. The demand for emergency shutdown systems from upstream, midstream and downstream activities are taken into account under the oil & gas industries. The government regulations such as the Bureau of Safety and Environmental Enforcement (BSEE) that enforce environmental and safety protection regulations for oil and natural gas industry in the US also plays a vital role in the market. The emergency shutdown system reduces the risk of a major incident, temperature of the line and pressure. The rising demand for safety and shutdown systems in the oil & gas industry is the major factor boosting the growth of the emergency shutdown systems market.
The new techniques decrease the environmental burden of coal-fired power plants and offer larger efficiencies along with the better conversion of heat to electrical energy, accordingly emergency shutdown systems are anticipated to change. This growing demand for green energy has led to the beginning of new projects for renewable power generation, thus the power generation applications are anticipated to fuel the growth of the emergency shutdown market.
Global Emergency Shutdown Systems Market- Segmentation
By Component
- Safety Switches
- Safety Sensors
- Safety Valves
- Actuators
- Emergency Stop Devices
- Safety Controllers
- Programmable Safety Systems
By Application
- Oil & Gas
- Pharmaceutical
- Power Generation
- Chemical
- Food & Beverages
- Metal & Mining
- Others
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
