High Integrity Pressure Protection System Hipps Market

According to Stratistics MRC, the Global High Integrity Pressure Protection System (HIPPS) Market is accounted for $526.1 million in 2023 and is expected to reach $943.3 million by 2030 growing at a CAGR of 8.7% during the forecast period. High Integrity Pressure Protection System (HIPPS) is a safety instrumented system designed to prevent over-pressurization in pipelines or vessels, mitigating potential hazards. HIPPS automatically shuts off the flow or isolates the section under threat when pressure exceeds safe limits, averting catastrophic incidents like explosions or leaks. It consists of sensors to monitor pressure, a logic solver to assess data, and final elements such as valves for swift intervention. HIPPS operates independently of the main control system, ensuring rapid response even in emergencies. 

According to IEA, gas demand in the coming five years is set to be driven by Asia Pacific, and it is anticipated to account for almost 60% of the total consumption increase by 2024. In 2019, the requirement for gas in China surged sharply due to the expansion of the petroleum industry, improvement in living standards, and the development of gas infrastructure. 

Market Dynamics: 

Driver: 

Increasing emphasis on safety in industrial processes

Industrial accidents and incidents can result in significant financial losses, damage to reputation, and potential legal liabilities. By investing in high integrity pressure protection system, companies can mitigate the risk of overpressure-related accidents, ensuring continuity of operations and protecting their bottom line. With safety becoming a paramount concern across industries, there is a heightened demand for robust safety systems like high integrity pressure protection system. Companies prioritize the protection of personnel, assets, and the environment, leading to increased investment in safety solutions, thereby driving growth in the high integrity pressure protection system market.

Restraint:

High initial investment

The substantial upfront costs for design, installation, and integration may deter potential buyers, particularly smaller companies or projects with limited budgets. This financial burden limits market penetration, especially in industries where capital expenditure is closely scrutinized. Additionally, the perception of high costs may lead some organizations to prioritize short-term budget considerations over long-term safety benefits, delaying or preventing the adoption of high integrity pressure protection system solutions.

Opportunity:

Growing need for efficient resource management

High integrity pressure protection system ensures operational safety, reducing the risk of costly equipment damage and environmental harm, thus optimizing resource utilization. By preventing overpressure incidents, it minimizes unplanned downtime, enhancing productivity and resource efficiency. Additionally, the integration of high integrity pressure protection system with advanced monitoring and control systems enables real-time data analysis, facilitating proactive maintenance and resource allocation encouraging the growth of the market.

Threat:

Availability of alternative safety measures 

Competing safety technologies, such as relief valves or rupture discs, offer alternative means of overpressure protection. This availability can lead some industries or organizations to opt for these alternatives instead of investing in high integrity pressure protection system. Perceived as potentially lower-cost options, these alternatives may divert demand away from high integrity pressure protection system solutions, thereby limiting market growth.

Covid-19 Impact

Industries reduced capital expenditure, impacting demand. However, as operations resumed, there was heightened awareness of safety, boosting high integrity pressure protection system adoption to ensure process equipment protection. Remote monitoring and digitalization trends accelerated, further driving market growth post-pandemic. Overall, while COVID-19 initially slowed the high integrity pressure protection system market, the emphasis on safety and operational efficiency in the recovery phase propelled demand, leading to resurgence in adoption and investment in high integrity pressure protection system solutions.

The field initiators segment is expected to be the largest during the forecast period

The field initiators segment is estimated to have a lucrative growth, as their integration minimizes response time to potential overpressure events, reducing the risk of catastrophic accidents. This increased reliability and rapid response capability bolster confidence in HIPPS solutions, consequently driving market demand. Moreover, advancements in field initiator technology, such as enhanced sensing capabilities and remote monitoring features, further elevate the appeal of high integrity pressure protection system, fostering growth in the market as industries prioritize proactive safety measures.

The process vessel protection segment is expected to have the highest CAGR during the forecast period

The process vessel protection segment is anticipated to witness the highest CAGR growth during the forecast period, owing to the evolution of process vessel protection technologies, such as advanced sensors, actuators, and control systems, influences the development of HIPPS solutions. Integration of smart technologies for real-time monitoring and predictive maintenance of process vessels can enhance the effectiveness of high integrity pressure protection system, driving market growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period as the population and economies in Asia Pacific continue to expand, there is a corresponding increase in energy demand. This has led to extensive investments in oil and gas exploration, refining, and distribution infrastructure, all of which require robust safety measures like high integrity pressure protection system to mitigate the risk of accidents and ensure uninterrupted supply. Moreover manufacturers are continually innovating to improve the performance, reliability, and efficiency of high integrity pressure protection system, thereby catering to the evolving needs of industries in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to regulatory bodies in North America, such as the Occupational Safety and Health Administration (OSHA) in the United States and the Canadian Centre for Occupational Health and Safety (CCOHS) in Canada have imposed strict regulations regarding workplace safety. This has compelled industries to invest in advanced safety systems like high integrity pressure protection system to prevent accidents and ensure compliance thereby contributing to the reliability and uptime of industrial processes.

Key players in the market

Some of the key players in the High Integrity Pressure Protection System (HIPPS) Market include ABB Ltd, ATV Hipps , BEL Valves (British Engines Limited), Ceasefire, Emerson Electric Co., Halma Plc, HIMA Paul Hildebrandt GmbH, L&T Valves Limited (Larsen & Toubro Limited), Mogas Industries Inc., Mokveld Valves BV, Napco Security Technologies Inc, PetrolValves SpA, Rockwell Automation, Schlumberger NV, Schneider Electric, SELLA CONTROLS Ltd, Severn Glocon Group, Siemens AG, Wagner Group Gmbh and Yokogawa Electric Corporation

Key Developments:

In March 2024, ABB plans to launch new share buyback of up to $1 billion following completion of 2023–2024 programs. Through this buyback program, ABB repurchased a total of 21,387,687 shares – equivalent to 1.09 percent of its issued share capital at launch of the buyback program – for a total amount of approximately $0.83 billion over the past 12 months.

In January 2024, ABB to acquire SEAM Group to expand electrification service offering, the acquisition will complement ABB’s Electrification Service offering, bringing significant additional expertise to customers in the areas of predictive, preventive, and corrective maintenance, electrical safety, renewable and asset management advisory services. 

In January 2024, Emerson Sees Boundless Automation™ as Industry Inflection Point to Address Data Barriers & Modernize Operations. As many companies wrestle to extract full value from their digital transformation efforts, the limitations of today’s automation architecture are being realized.

Types Covered:
• Electronic High Integrity Pressure Protection System (HIPPS)
• Mechanical High Integrity Pressure Protection System (HIPPS)
 
Components Covered:
• Sensors 
• Valves 
• Logic Solvers 
• Actuators 
• Field Initiators 
• Final Element 
• Other Components 

Functionalities Covered:
• Leak Detection
• Overpressure Protection
• Pressure Relief
• Emergency Shutdown

Applications Covered:
• Pipeline Protection 
• Wellhead Protection 
• Process Vessel Protection 
• Storage Tank Protection 

End Users Covered:
• Engineering Procurement Construction (EPC) Companies
• Maintenance, Repair, and Operations (MRO) Service Providers
• Oil & Gas Operators
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances