The Future of HIPPS Market Size and Forecast to 2027

The global High-Integrity Pressure Protection System (HIPPS) Market Size was estimated to be worth USD 484 million in 2022 and is expected to reach USD 670 million by 2027, according to the research report "High-Integrity Pressure Protection System (HIPPS) Market by Component (Field Initiator, Logic Solver, Valves, Actuators), Service (Maintenance, TIC), Industry (Oil & Gas, Chemical), and Region - Global Forecast to 2027". During the projection period, a compound annual growth rate of 6.7% is anticipated. The oil and gas industry's growing need for safety systems to avoid overpressurization, the chemical industry's growing use of HIPPS to guarantee operational safety, and the regulatory bodies' strict demands for industrial safety are the main drivers of this expansion.

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The chemical and oil and gas sectors are the main drivers of the rising demand for High-Integrity Pressure Protection Systems (HIPPS). These process industries install HIPPS to guarantee strict safety rules are followed, minimise gas flaring, and lower the dangers associated with the equipment utilised in their plants. The expansion of shale and offshore exploration activities is likely to drive up demand for HIPPS in the oil and gas industry. These systems are essential in preventing overpressurization events, which protects workers and equipment. In addition, HIPPS is crucial to the chemical industry's ability to maintain operational safety and regulatory compliance due to its widespread usage of hazardous ingredients and intricate processes.

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

Actuators and valves are the last control components of High-Integrity Pressure Protection Systems (HIPPS), and they carry out the critical process shutdown function in the event of overpressure. Since the valve is in charge of cutting off the pipeline to stop overpressure in the system's downstream section, it is evident that it is the most important part of a HIPPS. Valves are the most expensive component in the assembly of a HIPPS because of their essential function and the level of precision needed in their operation. To ensure that they function well in high-stress situations and protect the entire system while preserving the integrity of industrial activities, these parts have to adhere to strict reliability and safety standards.

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

Greenfield developments are increasingly adopting High-Integrity Pressure Protection Systems (HIPPS), which is increasing demand for related services. These services are crucial to enhancing and prolonging HIPPS's useful life. In this industry, testing, inspection, and certification (TIC) services are very important. HIPPS undergoes routine inspections to find any flaws, errors, or discontinuities that can jeopardise system reliability and cause it to fail. The durability and efficacy of the system depend heavily on maintenance, which also helps to maintain the Safety Integrity Level (SIL) rating that was intended. By keeping HIPPS operating in a dependable manner, this strict maintenance schedule protects industrial processes and complies with safety regulations.

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

Driven by the growing energy demand, the expanding transportation sector, and an increase in drilling activities, especially in the Gulf Cooperation Council (GCC) nations, the oil and gas industry led the High-Integrity Pressure Protection Systems (HIPPS) market in 2021. Despite the COVID-19 pandemic's detrimental effects on the sector in 2020—which included lower oil prices and a suspension of production—recovery started at the end of the year. The sector was revitalised when major oil producers started up drilling and exploration again. Because oil extraction and working on offshore rigs are dangerous jobs, demand for HIPPS is expected to rise dramatically over the course of the predicted period.

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

During the projected period, North America is expected to hold the top spot in the worldwide High-Integrity Pressure Protection System (HIPPS) market. The strict industrial safety regulations in the area, which drive market expansion, are responsible for this supremacy. In order to prevent fines and disciplinary measures, the US and Canada, which are major producers of oil and gas, strictly adhere to industrial safety laws like IEC 61508 and IEC 61511. HIPPS usage has also been greatly increased by the establishment of industrial safety requirements by North American organisations like OSHA and ANSI. The need for HIPPS in North America is also driven by the growing need for improved safety measures and better resource utilisation in oil and gas operations.

High-Integrity Pressure Protection System (HIPPS) Companies:

  • 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),
  • Baker Hughes (US). 

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 

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