High Integrity Pressure Protection System Market Expanding to $670 Million by 2027

The High Integrity Pressure Protection System Market Size was estimated at USD 484 million in 2022 and is projected to reach USD 670 billion by 2027. Estimates place this growth's compound annual growth rate at 6.7%.

Pune, 12/08/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The Global High-Integrity Pressure Protection Systems (HIPPS) Market, valued at USD 484 million in 2022, is anticipated to reach USD 670 million by 2027, growing at a CAGR of 6.7% during the forecast period.

This growth is driven by the increasing need for reliable safety systems in industries such as oil and gas, chemical processing, and power generation, where managing high-pressure scenarios is critical. HIPPS solutions are gaining traction as they offer an effective alternative to conventional safety systems, ensuring protection against over-pressurization and minimizing environmental impact, thereby meeting stringent regulatory standards and industry demands for safety and operational efficiency.

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The demand for High-Integrity Pressure Protection Systems (HIPPS) is rising significantly in the oil & gas and chemical industries due to their crucial role in enhancing safety and operational efficiency. HIPPS installations help mitigate risks associated with high-pressure equipment, reduce gas flaring, and ensure compliance with stringent safety regulations. In the oil & gas sector, the need for HIPPS is particularly increasing with the growth in offshore and shale exploration activities, where managing pressure and preventing catastrophic failures are paramount. As these industries continue to expand, the adoption of HIPPS is expected to surge, driven by the need to protect both personnel and the environment.

Valves to hold the largest size in components of HIPPS Market during the forecast period

Final control elements in High-Integrity Pressure Protection Systems (HIPPS) are crucial components that ensure safety in overpressure conditions, with valves and actuators playing a key role in this process. Among these, the valve is the most critical component, as it performs the essential function of shutting off the pipeline to prevent overpressure from affecting downstream systems. Due to their vital role and the stringent performance requirements, valves incur the major cost in the assembly of a HIPPS, reflecting their importance in maintaining system integrity and safety. These elements are indispensable in safeguarding industrial operations, particularly in high-risk environments such as oil and gas facilities.

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Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027

The adoption of High-Integrity Pressure Protection Systems (HIPPS) is on the rise in greenfield projects, which has significantly boosted the demand for related services. These services, including testing, inspection, and certification, are crucial in enhancing and extending the operational life of HIPPS. Regular inspections are essential to identify discontinuities, defects, or faults that could compromise the system's reliability, potentially leading to failure. Proper maintenance is a critical factor in ensuring the longevity and effectiveness of HIPPS, as it helps to preserve the designed Safety Integrity Level (SIL) rating of the system, ensuring it operates as intended in high-risk environments.

Oil & gas accounted for the largest share of the HIPPS Market in 2021

In 2021, the oil & gas industry dominated the HIPPS market, driven by the expanding transportation sector, growing energy demands, and increased drilling activities in Gulf Cooperation Council (GCC) countries. Although the COVID-19 pandemic had a detrimental impact on the industry in 2020, leading to reduced oil prices and halted production activities, a recovery began by the year's end as major oil producers resumed exploration and drilling. Given the hazardous nature of oil extraction and offshore rig operations, the demand for HIPPS is expected to rise significantly during the forecast period, fueled by new projects and the expansion of existing extraction activities across various countries.

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North America to be the largest market for HIPPS during the forecast period

North America is projected to lead the global HIPPS industry during the forecast period, driven by its stringent industrial safety standards. The region, particularly the US and Canada, plays a critical role in oil and gas production, where companies rigorously adhere to safety standards like IEC 61508 and IEC 61511 to avoid penalties. Regulatory agencies such as OSHA and ANSI have also set stringent safety guidelines, contributing to the widespread adoption of HIPPS in North America. The rising demand for optimal resource utilization and enhanced safety measures across oil and gas facilities is further accelerating the growth of the HIPPS market in this region.

High-Integrity Pressure Protection System (HIPPS) Companies:

• 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),
• Baker Hughes (US). 

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