The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The overall emergency shutdown (ESD) system market is expected to reach USD 1,816 million by 2022, at a CAGR of 9.1% between 2016 and 2022. Rising demand for safety systems in the oil & gas industry is an important factor driving the ESD system market. The demand for energy is growing because of economic and industrial development in different countries, and oil & gas are the major sources of energy due to which large investments in these sources have been rising across the globe. Moreover, these systems are used to minimize the consequences of emergency situations related to typically uncontrolled flooding, escape of hydrocarbons, or outbreak of fire in hydrocarbon carrying areas in the oil & gas application.“The ESD system market for the power generation application is expected to grow at the highest CAGR”
The market for the power generation application is estimated to grow at a high CAGR during the forecast period. New techniques reduce the environmental burden of coal-fired power plants and allow higher efficiencies with a better conversion of heat to electrical energy; accordingly, related ESD systems are also expected to change. The rising demand for green energy has resulted into outset of new projects for renewable power generation; therefore, the market for the power generation application is expected to grow rapidly during the forecast period.
“APAC is the fastest-growing market for ESD system”
The market in APAC is expected to grow at a high CAGR between 2016 and 2022. With developing industrialization in APAC, increasing industrial and machine safety emphasis by the organizations and influence of multinational companies in adoption of safety systems are driving the demand for ESD systems in the APAC region. A healthy growth of ESD systems is expected in the oil & gas application with a number of greenfield projects being planned in countries such as Indonesia and Malaysia. Some of the major players of ESD system in APAC are Yokogawa Electric Corporation (Japan) and OMRON Corporation (Japan).
Breakup of profile of primary participants for the report is given below:
- By Company Type – Tier 1 – 45%, Tier 2 – 25%, and Tier 3 – 30%
- By Designation – C-Level – 45% and Manager Level – 55%
- By Region – North America - 20%, Europe – 25%, APAC – 40%, and RoW – 15%
Reasons To Buy the Report:
- This report includes the market statistics pertaining to component, application, and geography.
- The Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the ESD system market.
- Major drivers, restraints, and opportunities for the ESD system market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for markets have been conducted to give an overall view of the ESD system market.
- A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.