The HIPPS (High Integrity Pressure Protection System) Market is expected to reach USD 670 million by 2027, with a projected value of USD 484 million in 2022. During the forecast period, the market is anticipated to expand at a compound annual growth rate (CAGR) of 6.7%. The market is expanding as a result of the rising need for efficient pressure protection systems across numerous industries, including oil and gas, chemical, and pharmaceutical.
Particularly in the oil and gas and chemical industries, there is a considerable rise in demand for HIPPS (High-Integrity Pressure Protection System). The advantage of reducing hazards related to their equipment, reducing gas flaring, and assuring compliance with safety requirements is offered to industry operators by these sectors' implementation of HIPPS. Moreover, as offshore and shale exploration activities increase, the oil and gas sector is anticipated to significantly fuel demand for HIPPS. This pattern emphasises how crucial it is for process companies to put strong pressure protection measures in place.
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Valves to hold the largest size in components of HIPPS Market during the forecast period
In the HIPPS (High-Integrity Pressure Protection System) market, valves are anticipated to account for the highest share over the forecast period. In the event of overpressure circumstances, valves and actuators are essential for executing the shutdown procedure. Valves are used to shut off pipelines, which is the most important part of a HIPPS system's operation since it prevents overpressure in the system's downstream. Furthermore, the cost of assembling a HIPPS system as a whole is greatly increased by the cost of valves, underscoring their significance in the market.
Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027
The HIPPS (High-Integrity Pressure Protection System) industry is anticipated to experience the fastest compound annual growth rate (CAGR) from 2022 to 2027 in the testing, inspection, and certification services market. The need for services that can improve and extend the operational lifespan of these systems has increased as a result of the increasing use of HIPPS in new construction projects. Services for testing, inspection, and certification are essential for guaranteeing the effectiveness and dependability of HIPPS. The operational reliability of the system is regularly examined to find any discontinuities, flaws, or errors that can jeopardise it and cause breakdowns. In order to maintain the intended safety integrity level (SIL) rating of the system, maintenance is a crucial component of the HIPPS lifecycle.
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Oil & gas accounted for the largest share of the HIPPS Market in 2021
The biggest market share for HIPPS (High-Integrity Pressure Protection System) in 2021 belonged to the oil and gas sector. Numerous elements, including the expanding transportation industry, rising energy demand, and expanding drilling activity in the Gulf Cooperation Council (GCC) nations, might be blamed for this dominance. Oil prices and output fell in 2020 as a result of the COVID-19 pandemic, but by the end of the year, the major oil-producing firms had resumed exploration and drilling efforts. Given the risky nature of oil extraction and offshore rig operations, new projects and expansions in oil extraction activities across numerous nations are projected to drive significant increase in the market for HIPPS during the forecast period.
North America to be the largest market for HIPPS during the forecast period
During the projected period, North America is anticipated to become the HIPPS (High-Integrity Pressure Protection System) market's largest region. Due to its strict industrial safety rules, particularly in the United States and Canada, the region is quite significant in the HIPPS market. These nations are big producers of oil and gas, and in order to stay out of trouble and avoid fines, their businesses abide by a number of safety regulations like IEC 61508 and IEC 61511. HIPPS has a high acceptance rate in North America as a result of safety rules being produced by organisations like OSHA and ANSI. The need for HIPPS in the area is further fueled by the increased focus on resource optimisation and safety improvement in oil and gas operations.
Key Players
A few of the Key Players in the HIPPS Market are Emerson Electric Co. (US), Yokogawa Electric Corp. (Japan), HIMA (Germany), Rockwell Automation Inc. (US), Schneider Electric (France), Honeywell International (US), ABB (Switzerland), Siemens (Germany), Schlumberger (US), and Baker Hughes (US) are among the major players in the HIPPS Market.
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