The High Integrity Pressure Protection System (HIPPS) Market has seen strong development, with sales expected to reach USD 670 million by 2027, after hitting USD 484 million in 2022. During the projection term, this trend implies an outstanding Compound Annual Growth Rate (CAGR) of 6.7%.

A number of reasons, including the growing understanding of the significance of high integrity pressure protection systems in upholding operational safety across industries, are driving the market's expansion. The positive forecast for the HIPPS market's rise in the upcoming years is also influenced by technological developments and an increasing focus on maintaining safe and effective operations.

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Strict government laws designed to ensure safety and security in manufacturing facilities have a substantial impact on the expansion of the High Integrity Pressure Protection System (HIPPS) business. The need for HIPPS is also increased by international efforts to prevent gas flaring and venting, which is in line with environmental measures. Another key driver driving the market is the requirement for dependable safety solutions to protect people and assets in high-pressure conditions. Despite these advantages, the HIPPS market's expansion is constrained by issues including low awareness and expensive installation. In spite of this, the oil and gas industry's rising exploration and production activities provide HIPPS providers great potential in the following five years, showing a promising growth environment for the sector.

Valves to hold the largest size of HIPPS market during the forecast period.

Throughout the forecast period, it is projected that valves will continue to hold the top spot as the market's largest segment for High Integrity Pressure Protection Systems (HIPPS). The HIPPS market already sees valves command the largest percentage of all components, and it is anticipated that this trend will continue in the years to come. When there is overpressure, valves, the last of the HIPPS control elements, are crucial in carrying out process shutdown activities. These valves release a precise amount of steam or gas without the use of electricity, managing plant pressure along with actuators. They play a crucial role in stopping or regulating the passage of potentially dangerous fluids or outside hydrocarbons, improving operational safety.

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Market for testing, inspection, and certification services to grow at fastest CAGR from 2019 to 2024

Within the High Integrity Pressure Protection System (HIPPS) industry, the market for testing, inspection, and certification (TIC) services is anticipated to experience the fastest compound annual growth rate (CAGR) from 2019 to 2024. Due to the growing adoption of safety instrumented systems (SIS) by manufacturing businesses and the growing demand for these systems, particularly in the oil and gas and chemicals industries, the demand for TIC services in the HIPPS market is currently on the rise. In the total lifecycle of HIPPS, maintenance plays a significant role. Maintaining the Safety Instrumented Function (SIF) and Safety Integrity Level (SIL) during the course of the system's lifespan is essential. By routinely checking the systems for discontinuities, flaws, or problems that could jeopardise operational reliability, TIC services play a crucial role in the HIPPS market by assuring optimal performance and preventing potential breakdowns. This focus on maintenance and quality assurance via TIC services highlights their importance in fostering the HIPPS market's quick expansion.

Oil & gas industry to hold the largest size of HIPPS market from 2019 to 2024

From 2019 to 2024, the oil and gas sector is predicted to hold the biggest market share for High Integrity Pressure Protection Systems (HIPPS). In the oil and gas industry, safety is of the utmost importance. The lack of sufficient safety measures creates serious risks, including production losses, stress on crucial components, and potential dangers during system restoration. Both onshore and offshore installations are under increased pressure from regulatory agencies to reduce pollution as a result of growing concern over emissions. As a result, oil and gas industries are choosing HIPPS installation more frequently. HIPPS demonstrates its value in reducing emissions by limiting the release of dangerous gases into the atmosphere. The need for HIPPS in the oil and gas sector is anticipated to grow as offshore and shale-related exploration operations increase, underlining its crucial role in boosting safety and environmental compliance in this industry.

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North America to be the largest market for HIPPS during the forecast period

Throughout the forecast period, North America is anticipated to dominate the worldwide High Integrity Pressure Protection System (HIPPS) market. It is one of the major markets for HIPPS and retains a prominent position thanks to its strict industrial safety regulations. The region places a high priority on safety procedures, which drives up demand for HIPPS across a range of businesses. To maintain compliance and prevent fines and other sanctions, businesses operating in North America comply to strict industrial safety standards including IEC 61508 and IEC 61511. Further encouraging wider usage of HIPPS to improve safety measures in diverse industrial activities are North American regulatory organisations like OSHA and ANSI, which have produced thorough industrial safety rules.

North America, which includes the US and Canada, is a major region for the production of oil and gas. Additionally, the area is home to a large number of safety system suppliers and producers, placing it as a major player in the High Integrity Pressure Protection System (HIPPS) industry. The implementation of HIPPS in this area is driven by the rising demand for effective resource management and a sharpened focus on increasing safety measures within oil and gas facilities. North America continues to be a crucial market for HIPPS as the demand for increased safety and better resource management increases, showing the industry's commitment to attaining operational excellence and reducing risks in the oil and gas sector.

Emerson Electric (US), Yokogawa Electric (Japan), Hima (Germany), Schneider Electric (France), General Electric (US), ABB (Switzerland), Rockwell Automation (US), Honeywell (US), Schlumberger (US), Siemens (Germany), and Mokveld Valves (Netherlands) are among the major players in the HIPPS market.

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