(PharmaNewsWire.Com, September 19, 2019 ) The report "High-Integrity Pressure Protection System Market (HIPPS) by Component (Field Initiator, Logic Solver, Valve, Actuator), Service (Maintenance, Testing, Inspection, & Certification, Training & Consulting), Industry, and Region - Global Forecast to 2024", is estimated to reach USD 724 million by 2024 from USD 486 million in 2019, at a CAGR of 8.3%.
Imposing government regulatory norms to ensure safety and security at manufacturing plants, increasing focus of countries across the world on participating in gas flaring and venting reduction programs, and rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments are the key factors driving the growth of the HIPPS industry. Lack of awareness and high installation cost of high-integrity pressure protection system are the key restraining factors for the HIPPS market growth. However, increasing exploration and production activities in the oil & gas industry offer growth opportunities for the providers of HIPPS in the next five years.
“Valves to hold the largest size of HIPPS market during the forecast period.”
Currently, valves account for the largest HIPPS market share among all components, and a similar trend is likely to continue during the forecast period. Final control elements of HIPPS include valves and actuators that perform the process shut down operation in the case of overpressure conditions. Valves are used to control the plant pressure and discharge a certain amount of steam or gas without electric power. Valves actuate or stop the flow of any dangerous fluid or external hydrocarbons (gases) on detection of a hazardous event. Extensive application of valves in oil & gas and chemical plants is supporting the growth of the HIPPS market.
Browse and in-depth TOC on "High-Integrity Pressure Protection System (HIPPS) Market"
“Market for testing, inspection, and certification services to grow at fastest CAGR from 2019 to 2024”
Currently, the services market pertaining to HIPPS is gaining pace with an increasing adoption of safety instrumented systems (SIS) by manufacturing companies and growing demand for these systems, especially in oil & gas and chemicals industries. Maintenance is a critical factor in the overall life cycle of HIPPS. After the installation of HIPPS, end-users have to maintain the SIF and SIL level throughout the life cycle of HIPPS. Testing, inspection, and certification (TIC) services play a crucial role in the HIPPS market. HIPPS is inspected regularly for discontinuities, defects, or any other faults that might reduce its operational reliability, leading to failure.
“Oil & gas industry to hold the largest size of HIPPS market from 2019 to 2024”
Safety is the most critical concern in the oil & gas industry. Lack of proper safety systems in this industry may lead to production loss, stress on affected components and systems, and hazards during system restoration. With there is a rise in the level of emissions in the oil & gas industry from both onshore and offshore sites, there is an increase in pressure from regulatory bodies to cut down on the level of pollution. These factors have guided oil & gas companies to install HIPPS. HIPPS plays a vital role in reducing emissions by blocking the release of harmful gases in the environment. The demand for HIPPS in the oil & gas industry is expected to increase with the rise in offshore and shale-related exploration activities.
“North America to be the largest market for HIPPS during the forecast period”
North America is expected to dominate the global HIPPS market during the forecast period. North America is one of the most important markets for HIPPS. The region has stringent industrial safety standards, which drives the growth of the HIPPS market. Companies in this region adhere to various industrial safety standards, such as IEC 61508 and IEC 61511, to avoid fines and punitive disciplinary actions. North American agencies, including OSHA and ANSI, have also published industrial safety guidelines, which has resulted in the high adoption of HIPPS.
North America comprises the US and Canada, which are a major oil and gas producing countries. Further, many suppliers and manufacturers of safety systems have their facilities in this region. Additionally, increasing need for optimum utilization of resources, and growing requirement for improved safety across oil and gas plants are driving the market for HIPPS in this region.
Emerson Electric (US), Yokogawa Electric (Japan), Hima (Germany), Schneider Electric (France), General Electric (US), ABB (Switzerland), Rockwell Automation (US), Honeywell (US), Schlumberger (US), Siemens (Germany), and Mokveld Valves (Netherlands) are among the major players in the HIPPS market.
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