High-Integrity Pressure Protection System (HIPPS) Market Noticeable Growth, Size, Share, Forecast 2027

The High-Integrity Pressure Protection System (HIPPS) Market Size is expected to reach USD 670 million by 2027 from USD 484 million in 2022, growing at a CAGR of 6.7%. The market growth is mainly attributed include growing need for reducing flaring to protect the environment and the imposition of stringent regulatory norms by governments to ensure safety and security at manufacturing plants. The high installation cost of HIPPS is expected to be the key restraining factor for the HIPPS Market Growth. However, expansion of refineries and petrochemical plants, increasing focus of companies on offering improved customer services, and growing usage of the Industrial Internet of Things are expected to create lucrative opportunities for the providers of HIPPS in the next 5 years.

Valves have the largest market share in components for HIPPS. Valves have the highest cost compared to other components as valves operation is critical for HIPPS functionality. Ball valves are majorly used for HIPPS application. Logic Solvers will have the highest CAGR in the forecast period. A logic solver is a programmable electronic system (PES) that receives signals from initiators, completes the required logics (voting, diagnostics, and partial stroke test routine), and engages the final element. The HIPPS logic solver must be designed or selected in accordance with the IEC 61508 standard and is required to achieve the SIL 3 and SIL 4 performance. The HIPPS logic solver captures signals from pressure transmitters and performs a 2oo3 voting logic before activating the solenoids and closing the pipeline. The logic solver is the key instrument in HIPPS, which initiates the final element to make the process safe if the need arises.

Demand for services is likely to grow with the highest CAGR, owing to the increasing adoption of HIPPS. Maintenance have the largest market share in services offered for HIPPS. For maintaining the certified SIL rating, the HIPPS must be inspected and maintained throughout the lifecycle. Testing, Inspection and certification is expected to growth with the largest market share in the forecasted period. 

Electronic HIPPS have the largest market share in HIPPS Market by type. The simplicity in operation and inspection with additional functionality offered by electronic HIPPS have outpaced it from other offerings.

The HIPPS has become a critical system in the oil & gas and chemical industries. HIPPSs are used across various industries wherein safety is of utmost importance, and system failure or malfunctions due to over-pressurization can be hazardous. The oil & gas industry accounted for a larger share of the HIPPS market in 2021 owing to the growth of oil exploration activities and increasing demand, and it is expected to grow with the highest CAGR for the forecasted period. The chemicals industry comprises inherent risks due to the presence of dangerous materials such as volatile gases and chemicals. These chemicals if becomes unstable in a process it will be flared which can cause hazardous effects to the environment. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring.

In terms of geographic coverage, the HIPPS Market has been segmented into North America, Asia Pacific (APAC), Europe, Middle East, and the Rest of the World (RoW). The largest market share of North America is attributed to the stringent industrial safety regulations in the US and Canada that are followed strictly across various process industries. The HIPPS market in North America is expected to be driven by the presence of robust oil & gas and chemicals industries in the region.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/high-integrity-pressure-protection-system-market-249295352.html