Global High-Integrity Pressure Protection System (HIPPS) Market Forecast to 2024 - Increasing Exploration & Production Activities in Oil & Gas Industry Presents Market Opportunities
The high-integrity pressure protection system (HIPPS) market size is estimated to grow from USD 486 million in 2019 to USD 724 million by 2024, at a CAGR of 8.3%.
Key factors driving the demand for HIPPS include imposing government regulatory norms to ensure safety and security at manufacturing plants, increasing the focus of countries across the world on participating in gas flaring and venting reduction programs, and rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments. Lack of awareness and high installation cost of high-integrity pressure protection system are the key restraining factors for the HIPPS industry growth.
The market for services to grow at the highest CAGR from 2019 to 2024
Demand for services is likely to grow at a higher CAGR in the HIPPS market owing to the increasing adoption of these systems in greenfield projects. Maintenance services are expected to continue to hold the largest size of the HIPPS market based on service offerings, followed by testing, inspection, and certification (TIC) services.
Maintenance is a critical factor in the overall life cycle of HIPPS. After the installation of HIPPS, end-users have to maintain the SIF and SIL level throughout the life cycle of HIPPS. Preventive and corrective maintenance services are offered directly by the manufacturers and system integrators of HIPPS solutions. The market for TIC services is likely to register the highest CAGR in the HIPPS market. To improve the quality and reliability of components and configurations, HIPPS is inspected regularly for discontinuities, defects, or any other faults that might reduce its operational reliability, leading to failure.
The market for chemicals industry to grow at highest CAGR during the forecast period
Safety and reliability are critical factors for the chemicals industry. For reliable and accurate workflow in this industry, the functional safety of plants is necessary. The chemicals industry involves inherent risks due to the presence of dangerous materials such as gases and chemicals. Every year, several workers are injured, affected, or killed because of the exposure to harmful chemical substances. These incidents cause human suffering, loss of production, and high medical costs. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring. Owing to this, the market for HIPPS in the chemicals industry is likely to grow at the highest CAGR during the forecast period.
The market in APAC to grow at fastest CAGR during the forecast period
The HIPPS market in APAC is expected to grow at the highest CAGR owing to the increasing number of oil and gas refineries and significant growth in the chemicals industry. APAC presents a high potential for installation of HIPPS in the oil & gas, chemicals, and power generation industries. The growing demand for petrochemicals in countries such as China and India are augmenting the production of oil, gas, and chemicals. The oil & gas industry is likely to witness an increased demand for HIPPS, with a growing number of greenfield projects planned in countries such as India and China.
The study includes an in-depth competitive analysis of these key players in the HIPPS market, with their company profiles, recent developments, and key market strategies. Emerson Electric (US), Yokogawa Electric (Japan), Hima (Germany), Schneider Electric (France), General Electric (US), ABB (Switzerland), Rockwell Automation (US), Honeywell (US), Schlumberger (US), Siemens (Germany), and Mokveld Valves (Netherlands) are among the major players in the HIPPS market.
Other key players in the HIPPS market include Mogas Industries (US), Velan, Inc. (Canada), Paladon Systems (UK), Severn Glocon Group (UK), IMI plc (UK), British Engines (UK), SAMSON GROUP (Germany), Larsen & Toubro (L&T, India), PetrolValves S.p.A. (Italy), ProControl (Italy), ValvTechnologies Inc. (US), Pietro Fiorentini S.p.A (Pietro Fiorentini, Italy), Frames Group (Netherlands), and DAFRAM S.p.A. (Italy).
Key Benefits of Buying the Report
Illustrative segmentation, analysis, and forecast for markets based on offering, industry, and region have been conducted to give an overall view of the HIPPS market.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall HIPPS market and the sub-segments.
This report will help stakeholders understand the competitive landscape and gain more insights to improve their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key HIPPS industry trends, safety standards, market drivers, restraints, challenges, and opportunities.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Lucrative Opportunities in HIPPS Market 4.2 HIPPS Market, By Offering 4.3 High-Integrity Pressure Protection System Market, By Component 4.4 High-Integrity Pressure Protection System Market in North America, By Industry and Country 4.5 High-Integrity Pressure Protection System Market in Europe, By Service 4.6 High-Integrity Pressure Protection System Market, By Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Imposing Government Regulatory Norms to Ensure Safety and Security at Manufacturing Plants 5.2.1.2 Increasing Focus of Countries Across the World on Participating in Gas Flaring and Venting Reduction Programs 5.2.1.3 Rising Demand for Reliable Safety Solutions for Personnel and Asset Protection in High-Pressure Environments 5.2.2 Restraints 5.2.2.1 Lack of Awareness and Perceived Complexity 5.2.2.2 High Installation Cost of High-Integrity Pressure Protection System 5.2.3 Opportunities 5.2.3.1 Increasing Exploration and Production Activities in Oil & Gas Industry 5.2.4 Challenges 5.2.4.1 High Complexity of Safety Applications 5.2.4.2 Lack of Certified Workforce to Ensure Functional Safety
6 HIPPS Safety Standards and Recommended Practices 6.1 Introduction 6.2 HIPPS Safety Standards and SIL 6.2.1 Safety Integrity Level (SIL) 6.2.2 IEC 61508 6.2.3 IEC 61511 6.3 Process Flow Analysis of HIPPS 6.4 Comparison of Pressure Safety Valves and HIPPS
7 HIPPS Market, By Offering 7.1 Introduction 7.2 Components 7.2.1 Field Initiators 7.2.1.1 Pressure Transmitters/Sensors are Used as Field Initiators in HIPPS 7.2.2 Logic Solvers 7.2.2.1 Logic Solvers Act as the Backbone of an Entire HIPPS and Provide Both Fail-Safe and Fault-Tolerant Operations 7.2.3 Final Control Elements 7.2.3.1 Valves 7.2.3.1.1 Valves Accounted for the Largest Size of the HIPPS Market in 2018 7.2.3.2 Actuators 7.2.3.2.1 Pneumatic Actuators are the Most Commonly Used Actuators in the HIPPS Market 7.2.4 Others 7.3 Services 7.3.1 Testing, Inspection, and Certification 7.3.1.1 Demand for Testing, Inspection, and Certification Services is Likely to Grow at Highest CAGR Between 2019 and 2024 7.3.2 Maintenance 7.3.2.1 Maintenance Services to Hold Largest Size of HIPPS Market Between 2019 and 2024 7.3.3 Training and Consulting 7.3.3.1 Training and Consulting Services Market for HIPPS is Gaining Pace With the Rising Adoption of HIPPS in Process Plants
8 HIPPS Market, By Industry 8.1 Introduction 8.2 Oil & Gas 8.2.1 Upstream 8.2.1.1 Upstream Sector of Oil & Gas Industry Held Largest Size of HIPPS Market in 2018 8.2.2 Midstream 8.2.2.1 Growing Number of Oil & Gas Pipelines is Expected to Drive Demand for HIPPS in Midstream Sector of Oil & Gas Industry 8.2.3 Downstream 8.2.3.1 LNG Regasification Plants to Offer Lucrative Opportunities for HIPPS in Downstream Sector of Oil & Gas Industry 8.3 Chemicals 8.3.1 Market for HIPPS in Chemicals Industry to Grow at Highest CAGR During Forecast Period 8.4 Power Generation 8.4.1 Power Generation Industry Uses HIPPS for the Protection of the Plant From Overpressurization 8.5 Food & Beverages 8.5.1 Due to Environmental Concerns and Regulatory Issues, Food & Beverages Manufacturers are Adopting HIPPS Over Traditional Pressure Relief Systems 8.6 Pharmaceuticals 8.6.1 Pharmaceutical Companies are Adopting HIPPS to Improve Safety of Plant Against Overpressure Events 8.7 Water & Wastewater 8.7.1 HIPPS Helps in Improving Operational Efficiency and Saving Operational Costs of Water & Wastewater Plants 8.8 Metals & Mining 8.8.1 HIPPS Helps to Ensure Efficient and Safe Production and Trouble-Free Processing in Metals & Mining Industry 8.9 Others
9 Geographic Analysis 9.1 Introduction 9.2 North America 9.2.1 US 9.2.1.1 US to Hold Largest Size of the HIPPS Market in North America During Forecast Period 9.2.2 Canada 9.2.2.1 Oil & Gas Industry to Dominate HIPPS Market in Canada During the Forecast Period 9.2.3 Mexico 9.2.3.1 Abundance of Oil & Gas Reserves in Mexico to Offer Opportunities for HIPPS Manufacturers 9.3 Europe 9.3.1 Russia 9.3.1.1 in 2018, Russia Held Largest Size of HIPPS Market in Europe 9.3.2 UK 9.3.2.1 The UK is one of the Important Markets for HIPPS in Europe 9.3.3 Norway 9.3.3.1 Rising Oil & Gas Subsea Explorations Promotes the Use of HIPPS in Norway 9.3.4 Rest of Europe 9.4 APAC 9.4.1 China 9.4.1.1 Oil & Gas and Chemical are Major End-Use Industries for HIPPS in China 9.4.2 India 9.4.2.1 HIPPS Market in India to Grow at Fastest CAGR During Forecast Period 9.4.3 Australia 9.4.3.1 Growing LNG Production to Offer Lucrative Opportunities for HIPPS Manufacturers During Forecast Period 9.4.4 Rest of APAC 9.5 RoW 9.5.1 Middle East 9.5.1.1 Middle East Held Largest Size of HIPPS Market for Oil & Gas Industry in 2018 9.5.2 South America 9.5.2.1 Brazil, Colombia, Argentina, and Venezuela are Expected to Be Large Markets for HIPPS in South America 9.5.3 Africa 9.5.3.1 Nigeria, Algeria, Angola, Libya, and Egypt are among the Leading Producers of Oil and Gas in Africa and Hold Strong Growth Opportunities for the HIPPS Market
