In a new research study, MarketsandMarketsTM covered the "High-Integrity Pressure Protection System (HIPPS) Market". This analysis estimates that the global HIPPS market will be worth USD 484 million in 2022, with predictions pointing to a significant development trajectory. The market is predicted to grow at a Compound Annual Growth Rate (CAGR) of 6.7% over the course of the forecast period and reach a valuation of USD 670 million by 2027. The report examines a number of parts, including field initiators, logic solvers, valves, and actuators. It also looks at the services and sectors that have contributed to this growth, particularly the chemical and oil and gas industries, as well as maintenance and Testing, Inspection, and Certification (TIC).
The oil and gas and chemical industries are the two main drivers of the soaring demand for High-Integrity Pressure Protection Systems (HIPPS). In these industries, integrating HIPPS into process operations acts as a strategic means of reducing hazards associated with industrial facilities' equipment. In accordance with safety requirements and environmental concerns, this installation not only helps industry participants reduce risks, but it also reduces gas flaring. Notably, the oil and gas industry expects a noticeable increase in HIPPS demand, which is mostly due to the rising frequency of offshore and shale exploration projects. HIPPS solutions become essential resources as a result, enabling these sectors to sustain safety standards and improve operational effectiveness.
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Valves to hold the largest size in components of HIPPS market during the forecast period
Throughout the anticipated period, valves are expected to continue holding the greatest market share among the High-Integrity Pressure Protection System (HIPPS) market's components. The process shutdown function is carried out by valves and actuators, which are crucial components of HIPPS, when there is an overpressure situation. The crucial role of valves is to effectively stop pipeline operations and prevent excessive pressure from building up downstream. The valves play a critical role in the operation of a HIPPS system, making them the most important parts of the system. In addition to playing a crucial role in a HIPPS setup, valves account for a sizeable amount of the overall assembly cost, highlighting their importance for both functional and financial reasons.
Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027
From 2022 to 2027, the High-Integrity Pressure Protection System (HIPPS) market is expected to grow at the quickest compound annual growth rate (CAGR) in the testing, inspection, and certification services category. The need for these services, which considerably contribute to boosting the operational effectiveness and lifespan of HIPPS installations, has been spurred by the rising usage of HIPPS, particularly in greenfield projects. In this context, testing, inspection, and certification services are essential since they guarantee the dependability and functionality of HIPPS systems. Regular inspections are necessary to find any faults, discontinuities, or flaws that can jeopardise the system's operational integrity and cause failures. The full lifespan of HIPPS reveals maintenance as a crucial component, helping to maintain the system's intended Safety Integrity Level (SIL) rating. This focus on services highlights how crucial it is for HIPPS implementations to remain effective over time.
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Oil & gas accounted for the largest share of the HIPPS market in 2021
The High-Integrity Pressure Protection System (HIPPS) market share was dominated by the oil and gas industry in 2021. This dominant position can be due to a number of factors, including the booming transportation sector, the rising global energy consumption, and the increase in drilling activities inside Gulf Cooperation Council (GCC) nations. Despite the COVID-19 pandemic's devastating effects on the oil and gas industry in 2020, which included falling oil prices and fewer production activities, the major oil firms managed to recover by the year's end and resume exploration and drilling activities. It is important to note the importance of HIPPS in improving safety and operational reliability given the inherently dangerous nature of oil extraction and offshore rig operations. Within the predicted time frame, it is anticipated that demand for HIPPS solutions would significantly increase due to the launch of new projects and the growth of ongoing oil extraction operations in numerous nations. This estimate emphasises how crucial HIPPS is to reducing risks and raising safety standards in the oil and gas sector.
North America to be the largest market for HIPPS during the forecast period
North America will likely hold the top spot in the worldwide High-Integrity Pressure Protection System (HIPPS) market for the duration of the projected period. Notably, the area is highly regarded as a crucial market for HIPPS solutions. The strict industrial safety regulations implemented in North America, which act as major impetuses for the growth of the HIPPS business, are to blame for this supremacy. Its importance is increased by the fact that the region is home to significant oil and gas producers from both the United States and Canada. Companies in this industry follow a variety of industrial safety standards, such as IEC 61508 and IEC 61511, in order to adhere to legal requirements and avoid penalties. Additionally, the existence of North American organisations like OSHA and ANSI, which publish thorough safety requirements, has encouraged the widespread implementation of HIPPS. The need for HIPPS solutions in North America is further fueled by the increased focus on resource optimisation and improved safety inside oil and gas facilities, underscoring its dominating position in the market.
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
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