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The Worldwide High-Integrity Pressure Protection System Industry is Expected to Reach $636.7 Million by 2027
Dublin, April 26, 2022 (GLOBE NEWSWIRE) -- The "Global High-Integrity Pressure Protection System (HIPPS) Market Size, Share & Industry Trends Analysis Report By Offering, By Component, By Final Element Type, By Services, By Type, By Industry, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global High-Integrity Pressure Protection System (HIPPS) Market size is expected to reach $636.7 million by 2027, rising at a market growth of 6.0% CAGR during the forecast period.
A high-integrity pressure protection system (HIPPS) is a functional safety system (SIS) that shuts off the source and captures the pressure on the upstream side of the system to minimise overpressure created during hazardous processes, primarily in oil and gas facilities. A safety system is used in process sectors to avoid loss of containment whenever a vessel or pipeline ruptures due to overpressure. Relief systems can be used to relieve overpressure, although the discharge of combustible, hazardous, explosive, or poisonous process fluids into the environment might harm individuals and the environment.
The rising need to reduce flaring to preserve the environment, as well as the installation of severe regulatory criteria by governments to maintain safety and security at industrial plants, are driving market expansion. The high cost of HIPPS installation is projected to be a major restraint on the market's growth.
The chance that a HIPPS will execute its necessary safety instrumented function properly under all indicated situations and within a given time frame is called safety integrity. A HIPPS's Safety Integrity requirement is expressed in terms of a discrete level known as SIL. The chance of the HIPPS failing to execute its design function on demand, or just probability of failure on demand, is quantified by the SIL or availability score of the HIPPS (PFD). Better SIL indicates a lower PFD and a higher likelihood of HIPPS executing its role.
COVID-19 Impact Analysis
The emergence of COVID-19 has had a detrimental influence on the market for high-integrity pressure protection systems. The industrial operations in several places came to a standstill due to the shutdown constraints. The market for high integrity pressure protection systems has shrunk due to a drop in demand from end-user industries. The recovery of the economy following COVID will increase demand for high-integrity pressure protection systems.
The onset and spread of the COVID-19 pandemic had a negative impact on the oil and gas industry's growth. In 2020, governments throughout the world imposed different limitations, resulting in a large disparity amongst supply and demand. The slowing expansion of the sector has a cascading impact on the HIPPS market's growth in 2020.
Market Growth Factors:
To safeguard the environment, there is a rising need to reduce gas flaring and venting
Gas flaring is most commonly done at oil and gas production facilities during routine maintenance, equipment repairs, or shutdown events. The technology allows for the release of pressure from the gas collecting and processing systems in a controlled manner. As a result, it is employed in industrial plants to regulate pressures and assure safe and effective operations.
Gas flaring, on the other hand, has recently emerged as one of the most pressing challenges in the process industries, since it consumes important natural resources and emits a considerable quantity of carbon dioxide, sulphur dioxide, and nitrous oxide gases, all of which are harmful to the environment. Similarly, at several phases of the treatment process, gas venting is carried out to ensure safety. Unburned gases (impure gases) are discharged into the atmosphere during this technique, which might be harmful to human health.
Refineries and petrochemical factories are being expanded
In both emerging and developed nations, the industrial sector, particularly includes the oil and gas and chemical sectors, is continually increasing. The petrochemical sector accounts for 12% of worldwide feedstock consumption, which is predicted to rise as demand for fertilisers, plastics, and other goods increases. Furthermore, several proposed projects connected to oil and gas production and transportation have been planned on a worldwide scale. Strict regional government rules on emission levels across sectors to improve worker safety have boosted demand for HIPPS solutions.
Marketing Restraining Factor:
A high-integrity pressure protection system comes with a high-cost installation (HIPPS)
The HIPPS is made up of a variety of safety components, including logic solvers, pressure transmitters, field initiators, and final components, such as valves and actuators. It is implemented as a precautionary step to protect personnel, machinery, and production lines in the event of an emergency. The expenses of HIPPS components, installation, maintenance, and repair, on the other hand, place a significant strain on companies' budgets. Although big companies can handle these costs, medium and small businesses may find it challenging. Furthermore, HIPPSs must adhere to regulatory requirements that are continuously revised in response to technology improvements and new demands, necessitating the updating of businesses' safety systems. This necessitates increased expenditures in the installation of safety components and systems.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
Chapter 4. Global High-Integrity Pressure Protection System (HIPPS) Market by Offering
4.1 Global Component Market by Region
4.2 Global Component Market by Type
4.2.1 Global Final Element Market by Region
4.2.2 Global Final Element Market by Type
4.2.2.1 Global Valves Market by Region
4.2.2.2 Global Actuators Market by Region
4.2.3 Global Field Initiators Market by Region
4.2.4 Global Logic Solver Market by Region
4.2.5 Global Other Component Type Market by Region
4.3 Global Services Market by Region
4.4 Global Services Market by Type
4.4.1 Global Maintenance Market by Region
4.4.2 Global Training & Consultation Market by Region
4.4.3 Global Testing, Inspection & Certification Market by Region
Chapter 5. Global High-Integrity Pressure Protection System (HIPPS) Market by Type
5.1 Global Electronic HIPPS Market by Region
5.2 Global Mechanical HIPPS Market by Region
Chapter 6. Global High-Integrity Pressure Protection System (HIPPS) Market by Industry
6.1 Global Oil & Gas Market by Region
6.2 Global Chemical Market by Region
Chapter 7. Global High-Integrity Pressure Protection System (HIPPS) Market by Region
Chapter 8. Company Profiles
8.1 HIMA Paul Hildebrandt GmbH
8.1.1 Company Overview
8.1.2 Recent strategies and developments:
8.1.2.1 Partnerships, Collaborations, and Agreements:
8.2 Emerson Electric Co.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Product Launches and Product Expansions:
8.3 Siemens AG
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.4 Schneider Electric SE
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental And Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Product Launches and Product Expansions:
8.5 Rockwell Automation, Inc.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expenses
8.5.5 Recent strategies and developments:
8.5.5.1 Acquisition and Mergers
8.6 Schlumberger N.V.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.7 Baker Hughes Company
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.5.2 Product Launches and Product Expansions:
8.8 ABB Group
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.9 Honeywell International, Inc.
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Regional & Segmental Analysis
8.9.4 Research & Development Expenses
8.9.5 Recent strategies and developments:
8.9.5.1 Acquisition and Mergers
8.10. Yokogawa Electric Corporation
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent strategies and developments:
8.10.5.1 Product Launches and Product Expansions:
8.10.5.2 Acquisition and Mergers
For more information about this report visit https://www.researchandmarkets.com/r/tnrrbs
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