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 us...