Global High-Integrity Pressure Protection System Market size was valued at USD 484 million in 2022 and is projected to reach USD 670 million by 2027. It is expected to grow at a CAGR of 6.7% during the forecast period.
Increasing demand for HIPPS is from oil & gas, and chemical industries. The installation of HIPPS in process industries helps industry players to lower the risks associated with the equipment used in their plants, reduce gas flaring, and adhere to safety regulations. The demand for HIPPS in the oil & gas industry is expected to increase with the rise in offshore and shale exploration activities.
Ask for PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=249295352
Valves to hold the largest size in components of HIPPS market during the forecast period
Final control elements of HIPPS include valves and actuators that perform the process shut down operation in the case of overpressure conditions. Valve is the most critical component in operation of a HIPPS system, it is used to shut-off pipeline which prevents overpressure occurring in downstream of the system. Valves incur the major cost in the assembly of a HIPPS.
Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027
The adoption of HIPPS is increasing in the green field projects, this has improved the demand for services in HIPPS as they help to improve and extend the operational life of the HIPPS. Testing, inspection, and certification services play a crucial role in the HIPPS market. HIPPS is inspected regularly for discontinuities, defects, or any other faults that might reduce its operational reliability, leading to failure. Maintenance is a critical factor in the overall life cycle of HIPPS. This helps to maintain the designed SIL rating of the system.
Oil & gas accounted for the largest share of the HIPPS market in 2021
The oil & gas industry accounted for the largest share of HIPPS market in 2021 owing to the growing transportation sector, increasing energy demand, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. The outbreak of the COVID-19 pandemic adversely affected the growth of the oil & gas industry in 2020 due to the decline in oil prices and production activities. However, by the end of 2020, the major oil-producing companies resumed oil exploration and drilling activities. Oil extraction and offshore rig activities can be extremely hazardous. The demand for HIPPS is likely to increase significantly between the forecasted period, as new projects are initiated and expansion of existing oil extraction activities in several countries.
Inquiry Before Buying:
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=249295352
North America to be the largest market for HIPPS during the forecast period
North America is expected to dominate the global HIPPS market during the forecast period. North America is one of the most important markets for HIPPS. The region has stringent industrial safety standards, which drives the growth of the HIPPS market. The US and Canada are the major oil- and gas-producing countries in the region. Companies in this region adhere to various industrial safety standards, such as IEC 61508 and IEC 61511, to avoid fines and punitive disciplinary actions. North American agencies, including OSHA and ANSI, have also published industrial safety guidelines, which has resulted in the high adoption of HIPPS. The growing need for optimum utilization of resources and improving safety across oil and gas plants are fueling the demand for HIPPS
A few of the key players in the HIPPS market are Emerson Electric Co. (US), Yokogawa Electric Corp. (Japan), HIMA (Germany), Rockwell Automation Inc. (US), Schneider Electric (France), Honeywell International (US), ABB (Switzerland), Siemens (Germany), Schlumberger (US), and Baker Hughes (US) are among the major players in the HIPPS market
Related Reports:
Industrial Valves Market with COVID-19 Impact Analysis by Function (On-off/Isolation, Control), Material, Type, Component, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment) and Region – Global Forecast to 2026