High Integrity Pressure Protection System (HIPPS) Market Research Report Information Information By Type (Components, Services), End-user Industry (Oil and Gas, Chemicals, Power, Metal and Mining, Food and Beverages, Other Process Industries), and Region — Forecast till 2030

High Integrity Pressure Protection System Market Overview

The global High Integrity Pressure Protection System (HIPPS) market size is projected to witness growth at a CAGR of 7.5% from 2022 to 2030. A High Integrity Pressure Protection System (HIPPS) is a type of safety system that monitors the pressure in liquid-filled piping. It is designed to protect the system from overpressurization and under-pressurization. It consists of a pressure transmitter, an alarm, and a control panel. If the pressure in one pipe drops below the set minimum value, an alarm sounds and the control panel shuts off power to that pipe.

COVID-19 Impact Analysis

Despite the pandemic, it is believed to have a significant impact on the oil & gas industry. The decline experienced in the industry in 2020 had a big effect on that. Many production demands have been reduced as a result of the lockdown of international borders, nonoperational distribution channels, and various preventive measures undertaken to ensure public health and safety. Furthermore, additional restrictions on foreign trade due to shortages in the supply chain caused delays or interruptions and contributed to lower production volumes. In 2020, the HIPPS market experienced a drop in growth. However, the high-integrity pressure protection system market showed signs of recovery in 2021 with stabilized oil prices and production.

Market Dynamics

The High Integrity Pressure Protection System market is expected to grow due to the increasing need for high-quality and reliable systems. People are investing more and more in technology that allows for safer, more efficient, and cost-effective operations. The demand for these systems is being driven by the continuous increase in production rates due to emerging technologies such as automation, robotics, and artificial intelligence.

Drivers

• Increasing need for reducing gas flaring and venting to protect the environment

Gas flaring is usually carried out during scheduled maintenance, equipment repair, or shutdown events. It provides controlled pressure release from the gas collection and processing systems with minimal environmental impact on the environment. This is used to maintain pressure and ensure safe and efficient plant operations. This increases the costs associated with emissions of these harmful gases due to process industry emissions regulation. No earthen material is thrown away when it's used as part of the gas venting process with MCD. The equipment is re-used for a new treatment process. Again, this provides a healthier environment both for people and the environment. Oil & gas manufacturers are reducing their steps to zero emissions by employing FLNG vessels and improving the way they compress natural gas.

Restraint:

• High installation costs

The installation and maintenance of HIPPS components can be a considerable burden on medium- and small-sized organizations. For these types of companies, it can be difficult to manage the costs associated with HIPPS systems for their healthcare facilities. In addition, it needs to comply with evolving regulatory standards that have been frequently updated according to technological advancements and new mandates. This is leading to the requirement for organizations that use the systems to upgrade safety systems. It's necessary to deploy safety components and systems.

Opportunity:

• Investments in emerging economies 

There are growing opportunities for companies in this market due to the increasing demand for safety systems. There are also high growth potentials with the increasing demand for these systems across different industries. The industrial sector, which includes the oil & gas, and chemical industries, continues to grow consistently in both emerging & developed countries. Since petrochemicals are a major part of industries that rely on feed sources, the demand for blooming feedstock is rising. With the rise in demand, the quantity of feedstock that is needed is also seen to increase. Many projects related to the production and transportation of oil and gas have been planned on a global level.

Segment Overview

By Type

Based on type, the global High Integrity Pressure Protection System (HIPPS) market has been segmented based on Components, Services. The services segment is the fastest growing in the global  High Integrity Pressure Protection System market.

By End-Use Industry

Based on the end-use industry, the global  High Integrity Pressure Protection System (HIPPS) market has been segmented based on Oil and Gas, Chemicals, Power, Metal and Mining, Food and Beverages, and Other Process Industries. The oil and gas segment is expected to be the fastest-growing in the global  High Integrity Pressure Protection System (HIPPS) market.

Regional Analysis

By region, the global  High Integrity Pressure Protection System (HIPPS) market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region holds the largest market for the  High Integrity Pressure Protection System (HIPPS) business.

Asia-Pacific Market

The Asia-Pacific region has a huge potential for high-tech industries, which is driving demand for pressure protection systems by increasing their adoption across different industries such as automotive, aerospace and defense, chemical engineering, and oil & gas. Additionally, with its growing industrial sector, Asia Pacific also has a huge demand for pressure protection systems from residential buildings.

North America Market

The North American region is growing in the High Integrity Pressure Protection System (HIPPS) market. This can be attributed to the increasing demand for HIPPS and its ability to protect against rising risks of explosions, fires, and power outages. This is because the demand for HIPPS has increased due to its ability to protect against the risks of explosions, fires, and power outages.

Competitive Landscape

The High Integrity Pressure Protection System Market comprises various national and international players. The market players are investing in R&D and also finding new ways to develop and improve product portfolios. Various players are entering into expansion, new product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.

Prominent players in the global High Integrity Pressure Protection System (HIPPS) market include Rockwell Automation, Emerson Electric Co., Severn Glocon Group, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Schlumberger NV, Mogas Industries Inc., Mokveld Valves BV.

Scope of the Report

Global High Integrity Pressure Protection System Market, by Type

• Components


• Services

Global High Integrity Pressure Protection System Market, by End-Use

• Oil and Gas


• Chemicals


• Power


• Metal and Mining


• Food and Beverages


• Other Process Industries

Global High Integrity Pressure Protection System Market, by Region

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • UK
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • Australia and New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • South America
  
  
  • Middle East
  
  
  • Africa
  
  
  
  

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

• Market Size and Forecast:

To identify and estimate the market size for the global High Integrity Pressure Protection System (HIPPS) market segmented by product type, material type, category, shape, and distribution channel by value (in US dollars). Also, to understand the consumption/ demand created by consumers of High Integrity Pressure Protection System (HIPPS) during the period of 2019-2030

• Market Landscape and Trends:

To identify and infer, the drivers, restraints, opportunities and challenges for the global High Integrity Pressure Protection System (HIPPS) market

• Market Influencing Factors:

To find out the factors which are affecting the sales of High Integrity Pressure Protection System (HIPPS) among consumers

• Impact of COVID-19:

To identify and understand the various factors involved in the global High Integrity Pressure Protection System (HIPPS) market affected by the pandemic

• Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies

Intended Audience

• High Integrity Pressure Protection System (HIPPS) Producers


• Raw Material Suppliers


• Retailers, Wholesalers, and Distributors


• Governments, Associations, and Industrial Bodies


• Investors and Trade Experts