Category

High Integrity Pressure Protection System (HIPPS) Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Field Initiator, Logic Solver, Valve, Actuator), By Service (Maintenance And Testing, Inspection & Certification, Training & Consulting), By End-User (Oil And Gas, Chemicals, Food And Beverages, Other), And By Geography - Forecasts From 2021 To 2026

Published: Jul 2021 | Report Code:  KSI061614143 | Pages:  120

The global high integrity pressure protection system (HIPPS) market is expected to grow at a compound annual growth rate of 8.49% over the forecast period to reach a market size of US$916.155 million in 2026 from US$517.894 million in 2019. The market for high integrity pressure protection systems (HIPPS) is estimated to grow in the forecast period. The HIPPS is a safety instrument system that has been designed to prevent the over-pressurization of a plant. It is not a good safety practice to install and rely on pressure relief devices in services where the sizing of the device is not properly understood or known to be inadequate due to chemical reactions, multi-phase fluids, or plugging. In these applications, substitutes, such as HIPPS, should be examined to ensure the reduction of overpressure events. 

Impact of COVID-19 on the market

The market for high integrity pressure protection systems has been negatively impacted by the outbreak of COVID-19. The lockdown restrictions across various countries caused the production processes to come to a halt. The fall in the demand from end-user industries led to a decline in the market of high integrity pressure protection systems. Revival of the economy in the post-COVID period will boost the demand for high integrity pressure protection system.

Market Drivers

  • Market players concentrate on creating new products and technologies that can fuel HIPPS market growth in the coming years. In July 2019, for example, the Severn Glocon Group enlarged its range of triple offset butterfly valves to provide a new approach for the prevention of galvanic corrosion in saline applications without compromising fire-safe capability.
  • The demand for power in developing nations will increase in the coming years with an increase in population and urbanization this will lead to an increase in the demand for high integrity pressure protection systems.
  • The cost and weight reduction of downstream vessels have had a significant influence on the development of the global HIPPS industry. The enhanced capability supporting flowline applications also resulted in HIPPS being implemented in numerous industries, in particular in the petroleum/gas industry. In addition, the use of HIPPS has led to decreased transport and storage expense as a result of the decrease in volume and weight, which further boosted market demand for a high-integrity pressure protection system.
  • The chemical industry is witnessing significant growth in the demand for high integrity pressure protection systems. Several workers are injured, harmed, or even killed every year as a result of exposure to toxic chemicals. Such accidents contribute to human distress, manufacturing loss, and high health costs. HIPPS is increasingly being implemented by chemicals companies to adhere to rigid safety regulations and to reduce gas flaring.

Market Restraints

  • High installation costs of high integrity pressure protection systems are one of the key factors restraining the growth of the market.
  • The potential of HIPPS to handle overpressure effectively is constrained by the ability and know-how to recognize and identify overpressure situations.
  • Another major restraint is the maintenance of strict standards for the implementation of high integrity pressure protection systems.

Asia Pacific region to witness lucrative growth in the market

The high integrity pressure protection system is estimated to witness significant growth in the Asia Pacific region. China, India, and Japan are some of the major countries driving growth in the market of HIPPS. A significant development in the oil and gas refining capacity and chemical industries will boost the market demand. The requirement for gas has increased in China particularly due to the expansion of the petroleum industry, development of gas infrastructure, and an improvement in the standard of living of the people. An increase in the investment in the end-user industries will boost the market of high integrity pressure protection systems.

North America is also one of the major regions driving the growth of the market. An increase in the application of high integrity pressure protection systems in the oil and gas industry has contributed to this growth.

Major Players

The major players in the market of high integrity pressure protection systems are Schneider Electric SE, Rockwell Automation, ABB Ltd., Emerson Electric Company, Schlumberger Limited, General Electric Company, Siemens AG, Honeywell, Yokogawa Electric, Hima, Mokveld Valves, and various others. The companies compete with each other by building a diversified portfolio of products. They also enter into a joint ventures, mergers, and acquisitions to expand their reach.

High Integrity Pressure Protection System (HIPPS) Market Scope:

Report Metric Details
 Market size value in 2019  US$517.894 million
 Market size value in 2026  US$916.155 million
 Growth Rate  CAGR of 8.49% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Million
 Segments covered  Component, Service, End-User, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Schneider Electric SE, Rockwell Automation, ABB Ltd., Emerson Electric Company, Schlumberger Limited, General Electric Company, Siemens AG, Honeywell, Yokogawa Electric, Hima, Mokveld Valves
 Customization scope  Free report customization with purchase

 

Segmentation

  • By Component
    • Field Initiator
    • Logic Solver
    • Valve
    • Actuator
  • By Service
    • Maintenance and Testing
    • Inspection & Certification
    • Training & Consulting
  • By End-User
    • Oil and Gas
    • Chemicals
    • Food and Beverages
    • Other
  • By Geography
    • North America
      • U.S.
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • U.K
      • Germany
      • Italy
      • France
      • Others
    • Middle East and Africa
      • Israel
      • Saudi Arabia
      • Others
    • Asia-Pacific
      • China
      • Japan
      • South Korea
      • India
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the high integrity pressure protection system market size by 2026?
A1. The global high integrity pressure protection system market is expected to reach a market size of US$916.155 million in 2026.


Q2. What is the size of global high integrity pressure protection system (HIPPS) market?
A2. High Integrity Pressure Protection System (HIPPS) Market was valued at US$517.894 million in 2019.


Q3. What are the growth prospects for the high integrity pressure protection system market?
A3. The high integrity pressure protection system market is expected to grow at a CAGR of 8.49% over the forecast period.


Q4. What factors are anticipated to drive the high integrity pressure protection system (HIPPS) market growth?
A4. Market players concentrate on creating new products and technologies that can fuel HIPPS market growth in the coming years.


Q5. Which region holds the maximum market share of the high integrity pressure protection system market?
A5. Asia Pacific region to witness lucrative growth in the high integrity pressure protection system (HIPPS) market.

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