New York, United States , May 30, 2023 (GLOBE NEWSWIRE) -- The Global High Integrity Pressure Protection System (HIPPS) Market Size is to grow from USD 484.2 million in 2022 to USD 970.5 million by 2032, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/1941
High-integrity pressure protection systems (HIPPS) are safety instrumented systems (SIS) designed to stop overpressure from developing during hazardous activities, particularly in oil and gas facilities, by switching off the source and storing the pressure in the system's upstream side. In the process industries, a safety system is utilized to stop the loss of containment when a pipeline or vessel ruptures due to overpressure. Relief systems can be used to relieve overpressure, however releasing process fluids that are flammable, explosive, toxic, or poisonous could have a severe impact on the environment. HIPPS provides a remedy when high-pressure flow rates must be handled while yet safeguarding the area around the system. It also decreases the facility's risk profile. Thus, it also lowers the potential economic effect brought on by the lack of containment, which results in a loss of productivity and increases the plant's maintenance expenses.
The government's implementation of stringent regulatory requirements to ensure safety and security at industrial sites and the growing demand to limit flaring to protect the environment are the key drivers of the market's development. Additionally, there is a growing need to limit gas venting and flaring to safeguard the environment, as gas flaring frequently occurs in conjunction with situations like plant shutdowns, planned maintenance, or repairs. It permits the controlled release of pressure and minimally disruptive gas collection from the processing systems. This is done to keep the facility's pressure constant and ensure that it is working safely and efficiently. Furthermore, the high cost of maintenance is the biggest constraint to the market's expansion for high-integrity pressure protection systems. The lack of knowledge and complexity of standards, both of which have a direct impact on the sales of high-integrity pressure protection systems, are further factors preventing the market for these systems from growing.
Browse key industry insights spread across 210 pages with 125 market data tables and figures & charts from the report on “Global High Integrity Pressure Protection System (HIPPS) Market Size, Share, and COVID-19 Impact Analysis By Component (Field Initiator, Logic Solver, Valves, & Actuators), By Service (Testing, Inspection and Certification, Maintenance, Training, and consultation), By End-user Industry (Oil and Gas, Chemicals, Power, Metal and Mining, Food, and Beverages, Other Process Industries), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032" Get Detailed Report Description Here:
Buy Now Full Report: https://www.sphericalinsights.com/checkout/1941
The valves segment is dominating the market with the largest market share over the forecast period.
The market for high-integrity pressure protection systems (HIPPS) is divided into several divisions based on the components they contain, including field initiators, logic solvers, valves, and actuators. The valves category is leading the market growth among these over the anticipated time. To regulate plant pressure and release a specific amount of steam or gas, valves are utilized without the need for any energy. When a potentially hazardous behavior is recognized, valves activate or stop the passage of any toxic fluid or exogenous hydrocarbons (gases).
The testing, inspection, and certification segment is influencing the largest market share over the forecast period.
The high integrity pressure protection system (HIPPS) market can be classified into many categories based on the services provided, including testing, inspection, certification, maintenance, training, and consultancy. In the HIPPS industry, testing, inspection, and certification services are crucial. HIPPS is regularly examined for omissions, defects, or any other mistakes that might reduce its operational reliability and lead to failure. Maintenance is an essential part of the entire life cycle of HIPPS. This helps to keep the system's target SIL rating easy.
The oil and gas segment are leading the largest market share during the forecast period.
The global market for high-integrity pressure protection systems (HIPPS) is divided into many categories depending on the end-user, including the oil and gas, chemical, power, metal and mining, food and beverage, and other process sectors. Among these, the oil and gas industry are expected to increase at the fastest rate. The high-integrity pressure protection system takes advantage of the system design and integration expertise of an oil and gas firm. The companies in the market focus on developing cutting-edge products and services to help the HIPPS market grow during the next years. The wellhead equipment and controls company Hydro Pneumatic has been bought by ATV HIPPS, a part of the ATV Group and ATV SpA.
Inquire Before Buying This Research Report: https://www.sphericalinsights.com/inquiry-before-buying/1941
Asia Pacific dominates the global market share during the forecast period.
Due to the focus on increasing its capacity for oil and gas refining and the apparent growth of its chemicals industry, the Asia-Pacific market is predicted to grow at the quickest rate over the projection period. This is because China, Japan, and India are some of the region's key nations. By 2020, the IEA predicts that Asia will continue to be the world's largest LNG market and will import 70% of all LNG.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global High Integrity Pressure Protection System (HIPPS) Market include ABB Ltd., Emerson Electric Company, General Electric, HIMA Paul Hildebrandt GmbH, Mogas Industries Inc, Paladin Systems Ltd, Rockwell Automation, Schlumberger Limited, Schneider Electric SE, Siemens AG, Velan ABV S.p.A., Yokogawa Electric Corporation, and Others key players.
Get Discount At @ https://www.sphericalinsights.com/request-discount/1941
Recent Development
In September 2021, to verify if actual operating performance is in line with safety design goals, Yokogawa's new Electric Exaquantum Safety Function Monitoring (SFM) software was made available. The revised program includes various further features to help SFM users discover potential safety risks, streamline maintenance duties, and improve the design of safety solutions as a whole. It complies with the International Electrotechnical Commission (IEC) 61511 standard.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global High Integrity Pressure Protection System Market based on the below-mentioned segments:
Global High Integrity Pressure Protection System Market, By Component
- Field Initiator
- Logic Solver
- Valves
- Actuators
Global High Integrity Pressure Protection System Market, By Service
- Testing
- Inspection and certification
- Maintenance
- Training
- Consultation
Global High Integrity Pressure Protection System Market, By End User Industry
- Oil and Gas
- Chemicals
- Power
- Metal and Mining
- Food and Beverages
- Other Process Industries
High Integrity Pressure Protection System Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
Browse Related Reports
Global Semiconductor Memory Market Size, Share, and COVID-19 Impact Analysis, By Type (SRAM, MRAM, DRAM, Flash ROM, Others), By Application (Consumer Electronics, IT & Telecommunication, Automotive, Industrial, Aerospace & Defense, Medical, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
https://www.sphericalinsights.com/reports/semiconductor-memory-market
Global Image Sensor Market Size, Share, and COVID-19 Impact Analysis, By Technology (CMOS Image Sensors, CCD Image Sensors, and Others), By Processing Technique (2D Image Sensors and 3D Image Sensors), By Spectrum (Visible spectrum and Non-visible spectrum), By Array Type (Area Image Sensors and Linear Image Sensors), By Resolution (VGA, 1.3 MP to 3 MP, 5 MP to 10 MP, 12 MP to 16 MP, and More than 16 MP), By End-User (Aerospace, Defense, & Homeland Security, Automotive, Consumer Electronics, Medical & Life Sciences, Industrial, and Commercial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.
https://www.sphericalinsights.com/reports/image-sensor-market
Global Graphic Processing Unit Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Service), By Deployment Type (On-premises and Cloud), By Application (Gaming, Design and manufacturing, Automotive, Real estate, Healthcare, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.
https://www.sphericalinsights.com/reports/graphic-processing-unit-market
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Follow Us: LinkedIn | Facebook | Twitter
