Functional safety market for emergency shutdown systems was expected to grow at a significant CAGR from 2022 to 2027
The functional safety market for emergency shutdown systems was expected to grow at a significant CAGR from 2022 to 2027. Rising demand for functional safety certified ESD systems in process industries and increasing implementation of regulatory measures pertaining to functional safety by several governments are the key factors driving the growth of the market for ESD systems. Moreover, oil & gas plants are prone to potential incidents that can adversely affect people, assets, and the environment in and outside the plants. During an emergency, an ESD system shuts down the process in a safe and orderly manner. Various parameters are considered while implementing an ESD system, such as cost-effectiveness of the system, compliance with current government rules and regulations, and litigation costs that may occur in case of the absence of an ESD system. Internationally recognized standards, such as ANSI/ISA S84.01 and IEC 61508, serve as guidelines to ensure functional safety to mitigate or avoid hazardous situations. ESD systems are widely used in industries such as petrochemicals, pharmaceuticals, manufacturing, power, and healthcare.