Wilmington, Delaware, United States, July 25, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global high-integrity pressure protection system (HIPPS) market was estimated to be worth US$ 421.6 million in 2022. It is expected to grow at a 6.2% CAGR from 2023 to 2031, reaching US$ 702.8 million by the end of 2031.
Increased implementation of high-integrity pressure protection system (HIPPS) to safeguard wellhead flow lines, pipeline and compression stations, and gas storage facilities across the oil and gas, chemical, and petrochemicals sectors drive the worldwide high-integrity pressure protection system HIPPS business.
To prevent these problems, end-users are progressively implementing HIPPS or safety shutdown systems, which immediately switch down valves in the case of overpressure, essentially stopping the transmission of elevated pressure downstream. As a result, HIPPS is widely used in process sectors like offshore drilling locations, mainland oilfields, subsea pipelines, petroleum refining, gas analysis, and chemical processing facilities.
INTECH Process Automation Inc. was granted an agreement in March 2022 to offer a high-integrity pressure protection system (HIPPS) to secure the infield oil gathering facilities in a major Middle Eastern oil field. INTECH offers solar-powered HIPPS skids appropriate for Zone-2 conditions. These skids are outfitted with shut-down valves measuring 16" and 2", SIL-3 logic solver cabinets, and remote telemetry monitors.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 421.6 Mn | |
| Estimated Value | US$ 702.8 Mn | |
| Growth Rate - CAGR | 6.2% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 195 Pages | |
| Market Segmentation | By Type, Component, Service, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB, Emerson Electric Co., HIMA Paul Hildebrandt GmbH, IMI Critical Engineering, L&T Valves Limited, MICA Controls Ltd., Mokveld Valves BV, MV Nederland BV, Rockwell Automation, Inc., Schlumberger Limited, Schneider Electric SE, Yokogawa Electric Corp. | |
Key Takeaways from the Market Report
- North America held a 45% share in 2022.
- The market is anticipated to grow at a CAGR of 6.5% in Asia Pacific over the forecast period.
- During the projection period, it is expected to grow at a CAGR of 6.9%.
- The market in the United States is poised to grow at a CAGR of roughly 7% throughout the projected period.
- Europe held a 27% share of the global market in 2022.
High-Integrity Pressure Protection System (HIPPS) Market: Prominent Drivers and Trends
- Major businesses are constantly working to develop revolutionary industrial safety solutions that can be utilized in the oil and gas, petrochemical, chemical, and other process-related sectors. This, in turn, is expected to enhance market demand for high-integrity pressure protection systems (HIPPS) in the coming years.
- Furthermore, plant growth or debottlenecking operations frequently fail to appropriately predict the additional stress on flare systems caused by higher throughput. As a result, more expenditure on flare headers and shutdown devices is required, but this option is not cost-effective.
- The worldwide high-integrity pressure protection system (HIPPS) market is divided into two types: electronic HIPPS and mechanical HIPPS. In 2022, the electronic HIPPS segment held the greatest proportion of the high-integrity pressure protection system (HIPPS) market.
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High-Integrity Pressure Protection System (HIPPS) Market: Regional Analysis
- According to the most recent regional high-integrity pressure protection system (HIPPS) market trends, North America held a significant proportion of the global market in 2022. In recent years, the United States has effectively regained its position as the world leader in oil and gas production.
- Presently, the United States obtains 75% of its crude oil supply and 90% of its natural gas consumption domestically. As of 2021, this nation produced roughly 11 million barrels of crude oil per day and nearly 100 billion cubic feet of natural gas per day. Thus, the expansion of the oil and gas, chemical, and petrochemical fields in North America boosts the region's HIPPS industry forecast.
- Europe accounted for the second-largest percentage of the worldwide high-integrity pressure protection market. Europe's production meets 40% of the region's natural gas consumption. According to the European Chemical Industry Council (CEFIC), Europe was the second-biggest manufacturer of chemicals in 2021.
Competitive Landscape
Transparency Market Research has profiled the following players in its global High-Integrity Pressure Protection System (HIPPS) market report:
Emerson Electric Co., ABB, Schlumberger Limited, Mokveld Valves BV, Schneider Electric SE, Rockwell Automation, Inc., HIMA Paul Hildebrandt GmbH, IMI Critical Engineering, and Yokogawa Electric Corp.
The worldwide high-integrity pressure protection system (HIPPS) industry is extremely concentrated, with a small number of vendors dominating the majority of the market. The majority of companies are investing heavily in complete development of novel goods, research, and global market introductions.
- ABB released SafetyInsight, a package of digital software solutions designed to assist organizations in the process and energy fields in efficiently monitoring process security throughout its lifespan, in October 2020.
- Emerson Electric Co. introduced the ASCO Series 158 Gas Valve and Series 159 Motorized Actuator for usage in burner-boiler systems in February 2020. This safety shutdown valve enhances flow and control while also increasing safety and reliability.
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High-Integrity Pressure Protection System (HIPPS) Market: Key Segments
Type
- Electronic HIPPS
- Mechanical HIPPS
Component
- Field Initiator
- Logic Solver
- Valves
- Actuators
- Others (HIPPS Interfaces, Field-Monitoring Devices, etc.)
Service
- Training & Consulting
- Installation, Repair, and Maintenance
- Inspection and Certification
End Use Industry
- Oil & Gas
- Chemicals & Petrochemicals
- Energy & Power
- Food & Beverage
- Metals & Mining
- Others (Water and Desalination, Paper and Pulp, etc.)
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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