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.
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.
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 venture, mergers, and acquisitions to expand their reach.