HIPPS Market Momentum: A Deep Dive into Oil & Gas Industry Demand
The High-Integrity Pressure Protection System (HIPPS) Market is expected to increase significantly over the next several years, with a predicted revenue of USD 484 million in 2022 and USD 670 million by 2027. According to a MarketsandMarkets research analysis, this increase has a strong Compound Annual Growth Rate (CAGR) of 6.7%. When the HIPPS market is broken down into its component parts—field initiators, logic solvers, valves, actuators—and its vast range of services—maintenance, Testing, Inspection, and Certification (TIC)—it becomes clear that the market is widely used in sectors like chemicals and oil and gas. The research highlights the system's important role in providing high-integrity pressure protection across critical sectors and lays out a roadmap of continual expansion.
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The needs of the oil and gas and chemical industries are the main drivers of the growing need for High-Integrity Pressure Protection Systems (HIPPS). In these process industries, the implementation of HIPPS is a calculated step to reduce plant equipment hazards, minimise gas flaring, and guarantee adherence to strict safety standards. Demand for HIPPS is expected to soar in the oil and gas industry in particular due to the growing prevalence of shale and offshore exploration activities. This emphasises how important HIPPS is to improving operational safety and following regulations in high-risk, dynamic industrial settings.
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Valves to hold the largest size in components of HIPPS market during the forecast period
Actuators and valves are the essential parts that make up the last control elements of High-Integrity Pressure Protection Systems (HIPPS). They are responsible for carrying out the shutdown procedure in the event of an overpressure. Of them, valves stand out as the most important part, playing a key role in the smooth operation of a HIPPS system. By successfully closing off the pipeline, these valves play a crucial role in the shutdown procedure by averting downstream overpressure events. Interestingly, valves account for a significant amount of the total cost of assembling a HIPPS, highlighting their importance to the system's effectiveness and financial structure.
Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027
High-Integrity Pressure Protection Systems (HIPPS) are becoming more and more prevalent in greenfield projects, which is driving up demand for related services. Services—which include testing, inspection, and certification—are essential to maximising and extending HIPPS's operating life. It is crucial to regularly inspect HIPPS in order to find and fix any discontinuities, flaws, or possible problems that can jeopardise its operational reliability and cause failures. Throughout the lifecycle of HIPPS, maintenance becomes increasingly important in order to maintain the system's optimal performance and adherence to its assigned Safety Integrity Level (SIL) rating. This focus on services highlights how crucial a role they play in maintaining the longevity and efficacy of HIPPS installations.
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Oil & gas accounted for the largest share of the HIPPS market in 2021
In 2021, the oil and gas industry dominated the HIPPS market, mainly due to reasons including the growing transportation sector, rising energy consumption, and more drilling activities in the countries that make up the Gulf Cooperation Council (GCC). Although the COVID-19 pandemic presented difficulties for the oil and gas business in 2020, resulting in a drop in oil prices and production activities, the industry showed resiliency by the end of the year, as major oil-producing corporations started up again with drilling and exploration. Because of the inherent risks involved in oil extraction and operations on offshore rigs, it is projected that demand for High-Integrity Pressure Protection Systems (HIPPS) would rise significantly over the course of the forecast period.
North America to be the largest market for HIPPS during the forecast period
Over the course of the forecast period, North America is expected to consolidate its lead in the worldwide High-Integrity Pressure Protection System (HIPPS) market. North America is seen as one of the most important markets for HIPPS because to its strict industrial safety regulations, which are a major factor in the market's expansion. The two countries that contribute most to the oil and gas production in the region are the United States and Canada. In order to avoid penalties and fines, businesses operating in North America are dedicated to adhering to a number of industrial safety standards, such as IEC 61508 and IEC 61511. Widespread adoption of HIPPS has been encouraged by the publication of thorough industrial safety guidelines by regulatory organisations like OSHA and ANSI in North America.
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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