High-Integrity Pressure Protection System Market:
Growth opportunities in the high-integrity pressure protection system market look promising over the next six years. This is mainly due to the growing emphasis of countries on contributing to gas flaring and venting reduction programs and the increasing government regulatory norms to confirm safety and security at manufacturing plants.
High-Integrity Pressure Protection System Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The government’s augmenting regulatory rules to ensure safety and security at manufacturing plants, the surging need for dependable safety solutions for workers, and the increasing importance to contribute to venting reduction and gas flaring programs are the drivers accelerating the growth of the global high-integrity pressure protection market. The declining weight and cost of the downstream vessels will boost the market growth. Also, the improved capacity of flowline applications will strengthen the high-integrity pressure protection market share. HIPPS usage helps lower the cost concerned with storage and transportation led by the reduction in weight and volume, which has stimulated the worldwide demand for high-integrity pressure protection systems. Additionally, the growing production and exploration activities in the oil & gas industry are projected to fuel the market growth. However, inadequate awareness and huge installation costs associated with the high-integrity pressure systems will hamper the market growth.
Offering Segment Drivers
Based on the Offering, the component is predicted to expand at a higher CAGR over the forecast period because of the increasing adoption of HIPPS in process industries. HIPPS solution contains valves, actuators, manifolds, solvers, pressure sensors or transmitters, logic, actuators, and alarms. Valves help to compress a plant’s pressure and discharge a specified amount of stream or gas without electric power, and stops the flow of harmful fluids or any external gases which include hydrocarbon on the identity of a dangerous event. Valves are largely used in the chemical and oil & gas industry, which drives the market growth.
Regional Drivers
Based on the regional coverage, Asia-pacific is predicted to lead the market over the forecast period due to the escalating focus of Asia-pacific countries to expand oil & gas refining capacity and the remarkable growth witnessed in the chemicals industry. The rising adoption of the functional safety system in the chemical and oil & gas industry is uplifting HIPPS demand to prevent the worker’s environment and equipment. The vigorous demand for gas in China is led by the enlargement of the petroleum industry, improved lifestyle, and gas infrastructure development. Also, in India, HIPPS is enormously used in oil & gas and petrochemical plants to restrain the harmful effect of over-pressurization conditions and avoid the loss of oil or gas caused by the explosion. Furthermore, the growing investment across these industries will further contribute to market growth.
High-Integrity Pressure Protection System Market’s Leading Manufacturers:
- Honeywell International Inc.
- Mokveld Valves B.V.
- Siemens AG
- General Electric
- HIMA GmbH
- Emerson Electric Co.
- Schneider Electric SE
- Schlumberger
- ABB
- Rockwell Automation
- Electric SE
- Yokogawa Electric Corporation
High-Integrity Pressure Protection System Market Segmentation:
Segmentation by Offering:
- Components
- Field Initiators
- Logic Solvers
- Final Control Elements
- Valves
- Actuators
- Others
- Services
- Testing, Inspection, and Certification
- Maintenance
- Training and Consulting
Segmentation by Industry:
- Oil & Gas
- Upstream
- Midstream
- Downstream
- Chemicals
- Power Generation
- Food & Beverages
- Pharmaceuticals
- Water & Wastewater
- Metals & Mining
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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