Dublin, Dec. 22, 2020 (GLOBE NEWSWIRE) -- The "High Integrity Pressure Protection System (HIPPS) Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The high integrity pressure protection system (HIPPS) market was valued at USD 507.70 million in 2019, and it is projected to be worth USD 714.92 million by 2025, registering a CAGR of 7.73% during the period of 2020-2025.
The connection of new gas production sources to a gas plant facility has often required mechanical relief devices to protect gas production facilities or pipelines. New production sources connected to existing pipelines require the pipeline to be protected against potential overpressure, resulting in the release of hydrocarbons to the atmosphere or undesirable burning of these hydrocarbons via a flare system. Rising government regulatory standards to defend safety and security at industrial plants due to increasing accidents at plants drives the growth of the market.
Players operating in the market studied have been focusing on cutting-edge technology developments pertaining to HIPPS applications. For instance, in December 2019, High-Pressure Equipment Company (a subsidiary of Graco Inc.) introduced a new soft seat relief valve designed to protect liquid and gas tubing systems from overpressure damage and failure. The new relief valves are available in pressure ranges from 1,500 to 25,000 psi for 9/16" O.D. tubing, with adapters available for other sizes. The company's newly developed valves are factory set to the designated pressure and tagged accordingly. They feature 316 stainless steel bodies and removable seat glands, with a 17-4PH stem and seal ring for standard applications.
Oil and gas are one of the significant target segments for the high integrity pressure protection system (HIPPS) market. With the recent outbreak, the industry has observed a downward trend, affecting market growth. From the demand perspective, oil and gas have been challenged by the effects of the COVID-19 outbreak. Owing to this, producers have rapidly slashed capital spending and drilling programs. The pandemic has impacted the progress of several projects, resulting in pipelines getting stalled or delayed.
Key Market Trends
Oil and Gas Segment Holds a Major Share Throughout the Forecast period
A high integrity pressure protection system is a safety instrumented system designed to protect oil and gas production, refining, and pipeline systems against over-pressurization. HIPPS leverages an oil and gas company's expertise in system design and integration.
Players operating in the market are focusing on developing innovative products and solutions, which may bolster the growth of the HIPPS market in the coming years. For instance, in July 2019, Severn Glocon Group extended its range of triple offset butterfly valves with a new solution that avoids galvanic corrosion in saline applications without compromising fire-safe capability.
The OCT SW development was driven by market feedback from offshore oil and gas operators concerning seawater service valves used for fire safety. The new solution ensures graphite parts, which can increase neighboring metals' susceptibility to corrosion when exposed to seawater.
Excessive wellhead pressure can cause serious consequences to downstream personnel, production and production assets, and the environment. It is, therefore, mandatory to have IEC 61511 compliant protection systems. Companies implement various strategies, but the most common are 1oo2 or 2oo3 architectures for compliance to SIL 2 or SIL 3.
In the recent past, ATV HIPPS delivered HIPPS to a major customer in the United Arab Emirates. ATV HIPPS is part of ATV Group and ATV SpA, a major player in Subsea and Topside critical service valves for the oil and gas industry. The company acquired Hydropneumatic, which is specialized in wellhead equipment and controls. This may leverage its enhanced technical portfolio of HIPPS solutions.
The high integrity pressure protection system (HIPPS) market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their customer base. These vendors focus on the research and development activities, strategic partnerships, and other organic & inorganic growth strategies to earn a competitive edge over the forecast period.
Emerson Electric Co.
Severn Glocon Group
Yokogawa Electric Corporation
Mogas Industries Inc.
Mokveld Valves BV
SELLA CONTROLS Ltd
HIMA Paul Hildebrandt GmbH
L&T Valves Limited (Larsen & Toubro Limited)
BEL Valves (British Engines Limited)
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