Innovations in HIPPS Market Advancements and Breakthroughs


The HIPPS (High Integrity Pressure Protection System) Market is expected to reach USD 670 million by 2027, with a projected value of USD 484 million in 2022. During the forecast period, the market is anticipated to expand at a compound annual growth rate (CAGR) of 6.7%. The market is expanding as a result of the rising need for efficient pressure protection systems across numerous industries, including oil and gas, chemical, and pharmaceutical.

Particularly in the oil and gas and chemical industries, there is a considerable rise in demand for HIPPS (High-Integrity Pressure Protection System). The advantage of reducing hazards related to their equipment, reducing gas flaring, and assuring compliance with safety requirements is offered to industry operators by these sectors' implementation of HIPPS. Moreover, as offshore and shale exploration activities increase, the oil and gas sector is anticipated to significantly fuel demand for HIPPS. This pattern emphasises how crucial it is for process companies to put strong pressure protection measures in place.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=249295352

Valves to hold the largest size in components of HIPPS Market during the forecast period

In the HIPPS (High-Integrity Pressure Protection System) market, valves are anticipated to account for the highest share over the forecast period. In the event of overpressure circumstances, valves and actuators are essential for executing the shutdown procedure. Valves are used to shut off pipelines, which is the most important part of a HIPPS system's operation since it prevents overpressure in the system's downstream. Furthermore, the cost of assembling a HIPPS system as a whole is greatly increased by the cost of valves, underscoring their significance in the market.

Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027

The HIPPS (High-Integrity Pressure Protection System) industry is anticipated to experience the fastest compound annual growth rate (CAGR) from 2022 to 2027 in the testing, inspection, and certification services market. The need for services that can improve and extend the operational lifespan of these systems has increased as a result of the increasing use of HIPPS in new construction projects. Services for testing, inspection, and certification are essential for guaranteeing the effectiveness and dependability of HIPPS. The operational reliability of the system is regularly examined to find any discontinuities, flaws, or errors that can jeopardise it and cause breakdowns. In order to maintain the intended safety integrity level (SIL) rating of the system, maintenance is a crucial component of the HIPPS lifecycle.

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

Oil & gas accounted for the largest share of the HIPPS Market in 2021

The biggest market share for HIPPS (High-Integrity Pressure Protection System) in 2021 belonged to the oil and gas sector. Numerous elements, including the expanding transportation industry, rising energy demand, and expanding drilling activity in the Gulf Cooperation Council (GCC) nations, might be blamed for this dominance. Oil prices and output fell in 2020 as a result of the COVID-19 pandemic, but by the end of the year, the major oil-producing firms had resumed exploration and drilling efforts. Given the risky nature of oil extraction and offshore rig operations, new projects and expansions in oil extraction activities across numerous nations are projected to drive significant increase in the market for HIPPS during the forecast period.

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

During the projected period, North America is anticipated to become the HIPPS (High-Integrity Pressure Protection System) market's largest region. Due to its strict industrial safety rules, particularly in the United States and Canada, the region is quite significant in the HIPPS market. These nations are big producers of oil and gas, and in order to stay out of trouble and avoid fines, their businesses abide by a number of safety regulations like IEC 61508 and IEC 61511. HIPPS has a high acceptance rate in North America as a result of safety rules being produced by organisations like OSHA and ANSI. The need for HIPPS in the area is further fueled by the increased focus on resource optimisation and safety improvement in oil and gas operations.

Key Players

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.

News Covered:

https://www.prnewswire.com/news-releases/high-integrity-pressure-protection-system-hipps-market-worth-670-million-by-2027--exclusive-report-by-marketsandmarkets-301473557.html

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. 

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com

Comments

Post a Comment

Popular posts from this blog

Trends Shaping the Environmental Test Chambers Market

The   Environmental Test Chambers Market Size  is expected to rise steadily; estimates show that it will reach USD 938 million by 2024 from USD 842 million in 2019, a compound annual growth rate (CAGR) of 2.18%. The most recent market research report outlines this growth trajectory and highlights the several variables that are driving this expansion. A variety of industrial verticals, including aerospace and defence, automotive, telecommunications, and electronics, are served by the market's segmentation based on type, which includes temperature and humidity chambers, customised chambers, and thermal shock chambers. Over the course of the forecast period, factors like strict regulatory requirements, rising need for dependable testing solutions, and technical developments in environmental testing equipment are anticipated to drive market expansion. Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107895228 The environmental test chambers market is pro
Read more

Microwave Revolution: Unraveling the Monolithic Microwave IC Market

Image
The   Monolithic Microwave IC Market  showed strong growth, reaching a worth of USD 9.7 billion in 2022 and expected to reach USD 17.0 billion by 2027. It is anticipated that the market would expand at a notable compound annual growth rate (CAGR) of 11.9% from 2022 to 2027. This growth trend shows how Monolithic Microwave Integrated Circuits (MMICs) are becoming more and more popular in a variety of industries. MMICs are essential parts of applications like consumer electronics, aircraft, defence, and telecommunications because of their small size and excellent performance at microwave frequencies. Technological developments, the growing need for high-frequency communication systems, and the extensive use of MMICs in developing technologies are the main factors propelling the market's growth. The MMIC market is expanding significantly due to a number of important factors. The smartphone industry is a major trigger for the spike in demand for Monolithic Microwave Integrated Circuits
Read more

Innovation Unleashed: RF Gallium Nitride Market Role in Emerging Technologies

Image
With a projected value of USD 2.8 billion by 2028, the global   RF Gallium Nitride (GaN) Market   is expected to experience substantial expansion from its estimated USD 1.3 billion in 2022. Over the course of the projected period, this forecast indicates a strong Compound Annual Growth Rate (CAGR) of 12.9%. The growing use of RF GaN devices in aerospace, defence, and military applications is driving up demand for them. GaN's commercial appeal is further enhanced by its appropriateness for Radio Frequency (RF) applications, which propels its wider adoption. With the growing need for sophisticated and high-performing RF semiconductor devices, the RF GaN Market is leading the way and is expected to grow significantly in the upcoming years.  Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=183000597   Sumitomo Electric Device Innovations, Inc. (Japan), Qorvo, Inc. (US), WOLFSPEED, INC. (US), NXP Semiconductors (Netherlands), MACOM (US), Infineon Technolo
Read more