The emergency shutdown systems market in North America is expected to grow from US$ 306.40 Mn in 2018 to US$ 462.57 Mn by the year 2027 at a CAGR of 4.8% during the forecast period.
According to the American Chemistry Council's (ACC) Mid-Year 2019 Chemical Industry Situation and Outlook, the US chemicals industry output is projected to continue its growth in 2019. The growth is attributed to growing vital domestic end-use markets as well as a sustained competitive advantage due to growing supplies of natural gas and natural gas liquids from shale activity prompting new capital investment. The growth in the chemical industry is further expected to provide opportunities to the emergency shutdown system market.
A significant investment in the energy & power sector of the region has also been noticed which is likely to drive the emergency shutdown system market. The US is the largest producer of nuclear power worldwide, accounting for over 30% of global nuclear generation of electricity. As of 2018, the country has ~98 operating nuclear power reactors in across 30 states. Moreover, Mexico is witnessing investment growth in its oil & gas sector. For instance, in May 2019, Mexico's state oil company, Petr?leos Mexicanos announced its plans to build a US$ 7.7 Bn oil refinery.
On the basis of component, the North America emergency shutdown systems market, by component, was led by the safety valves segment in 2018 with a decent share and is expected to continue its dominance during the forecast period, thereby accounting for decent share of the total market by 2027. Safety valves are a part of a safety shutdown valve (SSV) are used for executing emergency shutdown system market. The safety valve upholds a zero-leakage circuit to assure that valve movement does not happen accidentally till the fail-safe signal is received.
The overall North America 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 North America 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 North America 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 North America emergency shutdown systems market are Siemens AG, ABB Ltd, Honeywell International Inc, among others.