ID: MRFR/SEM/9395-HCR | 100 Pages | Author: Shubham Munde | May 2023
High Integrity Pressure Protection System (HIPPS) market size is projected to witness growth at a CAGR of 7.5% from 2022 to 2030
$Significant Value
7.5%
Asia-Pacific
2022-2030
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.
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.
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
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:
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:
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.
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.
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.
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.
Global High Integrity Pressure Protection System Market, by Type
Global High Integrity Pressure Protection System Market, by End-Use
Global High Integrity Pressure Protection System Market, by Region
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
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
To identify and infer, the drivers, restraints, opportunities and challenges for the global High Integrity Pressure Protection System (HIPPS) market
To find out the factors which are affecting the sales of High Integrity Pressure Protection System (HIPPS) among consumers
To identify and understand the various factors involved in the global High Integrity Pressure Protection System (HIPPS) market affected by the pandemic
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
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: USD Billion |
CAGR | 7.5% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019, 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, End-Use |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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 |
Key Market Opportunities | Investments in emerging economies |
Key Market Drivers | Increasing need for reducing gas flaring and venting to protect the environment |
The global High Integrity Pressure Protection System (HIPPS) market is growing at a CAGR of 7.5% over the study period
The study period of the global High Integrity Pressure Protection System (HIPPS) market is 2019 - 2030
Rockwell Automation, Emerson Electric Co., Severn Glocon Group, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Schlumberger NV, Mogas Industries Inc., and Mokveld Valves BV are the major companies operating in the global High Integrity Pressure Protection System (HIPPS) market.
The Asia Pacific holds the largest share in 2021
North America is expected to register the highest CAGR during 2022 to 2030
Key Questions Answered
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