The emergency shutdown systems market in Asia-Pacific is expected to grow from US$ 356.4 Mn in 2018 to US$ 723.0 Mn by the year 2027 at a CAGR of 8.3% during the forecast period.
Asia-Pacific region consists of many developing countries, which are witnessing a high growth in their manufacturing sector. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. However increase in growth of manufacturing sector is likely to drive the emergency shutdown systems market.
The governments of countries such as India, China, Japan, among others are taking decisions to improve investment ideas. The governments are offering tax-rebates, funds, subsidies and other such supports to attract the manufacturing companies to set-up plants in their respective countries. Further, several governments have taken initiatives such as Made in China 2025 and Make in India to propel the growth of manufacturing sector. However, China, which is the largest manufacturing hub, is experiencing a rise in the country's labor cost owing to ageing population of the country. However, such initiative is likely to drive the emergency shutdown systems market.
On the basis of end user, the oil & gas segment led the Asia-Pacific emergency shutdown systems market in 2018 with a good market share and is expected to continue its dominance during the forecast period. The Oil & Gas segment led the emergency shutdown system market, by end-user, with good market share in 2018; it is anticipated to continue its dominance during the forecast period, thereby accounting for good share of the emergency shutdown systems market by 2027. It is essential to implement emergency shutdown systems in the oil & gas industry as these systems proactively handle emergencies and help protect humans, industrial plants, and environment. The implementation of the emergency shutdown system in the oil & gas industry delivers a well-organized and efficient approach for safety requirement specifications, hazard identification, and safety system operations, designs, as well as maintenance.
The overall Asia-Pacific emergency shutdown systems market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific emergency shutdown systems market. It also provides an overview and forecast for the emergency shutdown systems based on all the segmentation provided with respect to the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the emergency shutdown system industry. Some of the players present in Asia-Pacific emergency shutdown systems market are Siemens AG, ABB Ltd, Honeywell International Inc, among others.