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Global High Integrity Pressure Protection Systems Market to 2027

DUBLIN, April 26, 2022 /PRNewswire/ — The “Global High Integrity Pressure Protection System (HIPPS) Market Size, Share, and Trend Analysis Report by Offering, by Component, by End Item Type, by Services, by Type, By Industry, By Regional Outlook and Forecast, 2021-2027” report has been added to from ResearchAndMarkets.com offer.

The Global High Integrity Pressure Protection System (HIPPS) Market Size is Expected to Reach $636.7 million by 2027, growing the market at 6.0% CAGR during the forecast period.

A High Integrity Pressure Protection System (HIPPS) is a Functional Safety System (SIS) that shuts down the source and captures pressure upstream of the system to minimize overpressure created during hazardous processes, primarily in petroleum facilities and gas. A safety system is used in process areas to prevent loss of containment in the event of a vessel or pipeline rupture due to overpressure. Relief systems can be used to relieve overpressure, although the release of combustible, hazardous, explosive, or toxic process fluids into the environment can harm people and the environment.

The growing need to reduce flaring to preserve the environment, along with the establishment of stringent regulatory criteria by governments to maintain safety and security in industrial facilities, is driving the expansion of the market. The high cost of installing HIPPS is expected to be a major impediment to market growth.

The probability that a HIPPS will correctly perform its required safety instrumented function in all stated situations and within a given time is called safety integrity. A HIPPS safety integrity requirement is expressed in terms of a discrete level called SIL. The risk of the HIPPS failing to perform its design function on demand, or simply the probability of failure on demand, is quantified by the SIL or HIPPS Availability Score (PFD). A better SIL indicates a lower PFD and a higher probability that HIPPS performs its role.

COVID-19 Impact Analysis

The emergence of COVID-19 has had a detrimental influence on the high integrity pressure protection systems market. Industrial operations at several locations have come to a halt due to shutdown constraints. The market for high integrity pressure protection systems has shrunk due to a decline in demand from end-user industries. The post-COVID economic recovery will increase the demand for high integrity pressure protection systems.

The outbreak and spread of the COVID-19 pandemic has had a negative impact on the growth of the oil and gas industry. In 2020, governments around the world have imposed different limits, which has led to a huge disparity between supply and demand. The slower expansion of the industry is having a cascading impact on the growth of the HIPPS market in 2020.

Market Growth Factors:

To protect the environment, there is an increasing need to reduce flaring and gas venting

Gas flaring is most commonly performed at oil and gas production facilities during routine maintenance, equipment repairs, or shutdown events. The technology allows pressure relief from gas collection and treatment systems in a controlled manner. As a result, it is used in industrial facilities to regulate pressures and ensure safe and efficient operations.

Gas flaring, on the other hand, has recently emerged as one of the most pressing challenges in the process industries, as it consumes significant natural resources and emits a considerable amount of carbon dioxide, sulfur dioxide and nitrous oxide, all of which are harmful to the environment. Also, at several stages of the treatment process, gas venting is performed to ensure safety. Unburned gases (impure gases) are released into the atmosphere during this technique, which can be harmful to human health.

Refineries and petrochemical plants are expanded

In both emerging and developed countries, the industrial sector, which notably includes the oil and gas and chemical sectors, is constantly growing. The petrochemical sector accounts for 12% of global raw materials consumption, which is expected to grow as demand for fertilizers, plastics and other goods increases. In addition, several proposed projects related to oil and gas production and transportation have been planned globally. Strict regional government rules on emission levels across all sectors to improve worker safety have driven demand for HIPPS solutions.

Marketing Restriction Factor:

High integrity pressure protection system comes with high cost installation (HIPPS)

The HIPPS is made up of a variety of safety components, including logic solvers, pressure transmitters, field initiators, and end components, such as valves and actuators. It is implemented as a preventive measure to protect personnel, machinery and production lines in the event of an emergency. Expenses related to HIPPS components, installation, maintenance and repair, on the other hand, put significant pressure on corporate budgets. While larger companies can manage these costs, small and medium-sized businesses may find it difficult. In addition, HIPPS must meet regulatory requirements that are continually revised in response to technological improvements and new demands, which necessitates updating of corporate security systems. This requires increased expenditure in the installation of security components and systems.

Main topics covered:

Chapter 1. Market Scope and Methodology

Chapter 2. Market Overview
2.1 Presentation
2.1.1 Presentation
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market constraints

Chapter 3. Competitive Analysis – Global
3.1 Cardinal Matrix KBV
3.2 Recent Industry-Wide Strategic Developments
3.2.1 Partnerships, collaborations and agreements
3.2.2 Product launches and product extensions
3.2.3 Acquisitions and mergers
3.3 Main winning strategies
3.3.1 Key Primary Strategies: Percentage Breakdown (2017-2021)

Chapter 4. Global High Integrity Pressure Protection System (HIPPS) Market by Supply
4.1 Global Components Market by Region
4.2 Global Components Market by Type
4.2.1 Global Final Elements Market by Region
4.2.2 Global Final Elements Market by Type
4.2.2.1 Global Valves Market by Region
4.2.2.2 Global Actuators Market by Region
4.2.3 Global Initiators Market by Region
4.2.4 Global Logic Solver Market by Region
4.2.5 Global Other Types of Components Market by Region
4.3 Global Services Market by Region
4.4 Global Services Market by Type
4.4.1 Global Maintenance Market by Region
4.4.2 Global Training and Consulting Market by Region
4.4.3 Global Testing, Inspection and Certification Market by Region

Chapter 5. Global High Integrity Pressure Protection System (HIPPS) Market by Type
5.1 Global Electronic HIPPS Market by Region
5.2 Global Mechanical HIPPS Market by Region

Chapter 6. Global High Integrity Pressure Protection System (HIPPS) Market by Industry
6.1 Global Oil and Gas Market by Region
6.2 Global Chemicals Market by Region

Chapter 7. Global High Integrity Pressure Protection System (HIPPS) Market by Region

Chapter 8. Business Profiles
8.1 HIMA Paul Hildebrandt GmbH
8.1.1 Company Overview
8.1.2 Strategies and recent developments:
8.1.2.1 Partnerships, collaborations and agreements:
8.2 Emerson Electric Co.
8.2.1 Company Overview
8.2.2 Financial analysis
8.2.3 Sectoral and regional analysis
8.2.4 Research and development costs
8.2.5 Strategies and recent developments:
8.2.5.1 Product launches and product extensions:
8.3 Siemens AG
8.3.1 Company Overview
8.3.2 Financial analysis
8.3.3 Sectoral and regional analysis
8.3.4 Research and development costs
8.3.5 Strategies and recent developments:
8.3.5.1 Partnerships, collaborations and agreements:
8.4 Schneider Electric SE
8.4.1 Company Overview
8.4.2 Financial analysis
8.4.3 Sectoral and regional analysis
8.4.4 Research and development costs
8.4.5 Strategies and recent developments:
8.4.5.1 Product launches and product extensions:
8.5 Rockwell Automation, Inc.
8.5.1 Company Overview
8.5.2 Financial analysis
8.5.3 Sectoral and regional analysis
8.5.4 Research and development costs
8.5.5 Strategies and recent developments:
8.5.5.1 Acquisitions and mergers
8.6 Schlumberger AG
8.6.1 Company Overview
8.6.2 Financial analysis
8.6.3 Sectoral and regional analysis
8.6.4 Research and development costs
8.7 Baker Hughes Company
8.7.1 Company Overview
8.7.2 Financial analysis
8.7.3 Sectoral and regional analysis
8.7.4 Research and development costs
8.7.5 Strategies and recent developments:
8.7.5.1 Partnerships, collaborations and agreements:
8.7.5.2 Product launches and product extensions:
8.8 ABB Group
8.8.1 Company Overview
8.8.2 Financial analysis
8.8.3 Sectoral and regional analysis
8.8.4 Research and development costs
8.9 Honeywell International, Inc.
8.9.1 Company Overview
8.9.2 Financial analysis
8.9.3 Regional and Segmental Analysis
8.9.4 Research and development costs
8.9.5 Strategies and recent developments:
8.9.5.1 Acquisitions and mergers
8.10. Yokogawa Electric Corporation
8.10.1 Company Overview
8.10.2 Financial analysis
8.10.3 Sectoral and regional analysis
8.10.4 Research and development costs
8.10.5 Strategies and recent developments:
8.10.5.1 Product launches and product extensions:
8.10.5.2 Acquisitions and mergers

For more information on this report, visit https://www.researchandmarkets.com/r/b3tjvx

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