The high-integrity pressure protection system (HIPPS) market size is estimated to grow at a CAGR 7.49% rate during the forecast period. A high-integrity pressure protection system (HIPPS) is a safety instrumented system (SIS) designed to avoid the overpressure generated during hazardous processes, mainly in oil & gas plants, by shutting off the source and capturing the pressure in the upstream side of the system. Factors such as 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 expected to drive the market.Components accounted for the largest HIPPS market share in 2021, and expected to continue its domination in the next few years owing to its increasing adoption in process industries. The complete HIPPS solutions consist of pressure sensors/transmitters, logic solvers, valves, actuators, and other components such as solenoids, control panels and software, alarms, valve positioners, manifolds, and accessories.
Chemicals to grow at a highest rate. Safety and reliability are critical factors for the chemicals industry. For reliable and accurate workflow in this industry, the functional safety of plants is necessary. The chemicals industry involves inherent risks due to the presence of dangerous materials such as gases and chemicals. Every year, several workers are injured, affected, or killed because of the exposure to harmful chemical substances. These incidents cause human suffering, loss of production, and high medical costs. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring. Owing to this, the market for HIPPS in the chemicals industry is likely to grow at the highest CAGR during the forecast period.
The APAC HIPPS market is expected to grow at highest CAGR during the forecast period owing to the focus of countries on expanding oil & gas refining capacity and significant growth in the chemicals industry. The rising adoption of functional safety systems in the oil & gas industry has fostered the demand for HIPPS to ensure the protection of the environment, equipment, and personnel. In recent years, the requirement for gas in China has surged sharply due to the expansion of the petroleum industry, improvement in living standards, and the development of gas infrastructure.
Key Market Players includes 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).
Key Questions Addressed by the Report
- Which component and service type of HIPPS is expected to have the highest demand in the future?
- Who are the top 5 players in the HIPPS market?
- What is the process-flow analysis for High-Integrity Pressure Protection System market?
- What are the growth opportunities for manufacturers in various industries?
How can safety solutions providers tap high growth opportunities in the HIPPS market?
- Introduction
- Market Definition
- Study Scope
- Study Period
- Market Stakeholders
- Research Methodology
- Secondary Research
- Primary Research
- Research Design
- Data Validation
- Limitations and Assumptions
- Market Dynamics
- Drivers
- 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
- Rising Demand for Reliable Safety Solutions for Personnel and Asset Protection in High-Pressure Environments
- Challenges
- Lack of Awareness and Perceived Complexity
- High Installation Cost of High-Integrity Pressure Protection System
- High Complexity of Safety Applications
- Lack of Certified Workforce to Ensure Functional Safety
- Opportunities
- Increasing Exploration and Production Activities in Oil & Gas Industry
- Executive Summary
- High-Integrity Pressure Protection System (HIPPS) Market, By Offering
- Components
- Field Initiators
- Logic Solvers
- Final Control Elements
- Others
- Services
- Testing, Inspection, and Certification
- Maintenance
- Training and Consulting
- High-Integrity Pressure Protection System (HIPPS) Market, By Industry
- Oil and Gas
- Upstream
- Downstream
- Chemicals
- Power Generation
- Food and Beverages
- Pharmaceuticals
- Water and Wastewater
- Metals and Mining
- Others
- High-Integrity Pressure Protection System (HIPPS) Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Russia
- Norway
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of APAC
- Rest of the World
- South America
- Middle East
- Africa
- Company Profiles
- Leading Companies in High-Integrity Pressure Protection System (HIPPS) Market
- Emerson Electric
- Yokogawa Electric Corporation
- Schneider Electric
- Rockwell Automation
- HIMA
- General Electric
- ABB
- Siemens AG
- Schlumberger
- Honeywell
- Other Companies in High-Integrity Pressure Protection System (HIPPS) Market
- *Company introduction, financial information, recent developments, SWOT analysis
- Conclusion and Recommendations
- Appendix
- About
- Related Reports
- Glossary
