High Integrity Pressure Protection System (HIPPS) Market Forecasts to 2028 – Global Analysis By Type (Electronics, Hydraulic), Offering (Components, Services), End Use (Oil & Gas, Chemicals, Paper & Pulp) and By Geography
According to Stratistics MRC, the Global High Integrity Pressure Protection System (HIPPS) Market is accounted for $526.33 million in 2020 and is expected to reach $1,153.10 million by 2028 growing at a CAGR of 10.3% during the forecast period. Rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments, imposing government regulatory norms to ensure safety and security at manufacturing plants are the factors driving the market growth. However, lack of awareness and high installation cost are restraining the growth of the market.
A high-integrity pressure protection system (HIPPS) is designed to avoid the overpressure generated during hazardous processes mainly in oil & gas plants prevents a system to stop from exceeding the rated pressure level. HIPPS is a type of safety instrumented system (SIS), works by shutting off the source of high pressure of the system before the overall design pressure is exceeded and captures the pressure of the system on the upstream side. This helps in the prevention of loss resulting from rupture of a line or vessel and thus being used across different industry verticals.
Based on the end user, the oil & gas segment is going to have lucrative growth during the forecast period as the application of oil & gas in a high integrity pressure protection system helps to control the over-pressurisation in processes. Along with the growing demand for CNG vehicles, the increase in the consumption of natural gas across the globe has risen. Due to this factor, it has increased the production plant of natural gas which is a prominent factor attributed to the demand for HIPPS.
By geography, North America is going to have high growth during the forecast period as there is a high application of high-integrity pressure protection system in oil & gas industry that is being focused in North America will act as a major driver for the growth of this market. The shale gas exploration in Mexico will further act as another major driver for the high-integrity pressure protection system market because of its huge applications in the oil & gas sector. The region has stringent industrial safety standards which drive the growth of the HIPPS market.
Some of the key players profiled in the High Integrity Pressure Protection System (HIPPS) Market include Emerson Electric Company, Yokogawa Electric, Hima, Schlumberger, Siemens AG, Rockwell Automation, General Electric, ABB Ltd., Schneider Electric SE, Honeywell International Inc., Johnson Controls International Plc, Mogas Industries Inc., PetrolValves SpA and BEL Valves (British Engines Limited).
• Electronics High Integrity Pressure Protection System (HIPPS)
• Hydraulic/Mechanical High Integrity Pressure Protection System (HIPPS)
End Users Covered:
• Oil & Gas
• Power Generation
• Food & Beverages
• Water & Wastewater
• Metals & Mining
• Paper & Pulp
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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