CHICAGO, February 2, 2022 /PRNewswire/ — According to the new research report, the “High Integrity Pressure Protection System (HIPPS) Market with Impact Analysis of COVID-19 by Component (Field Initiator, Logic Solver, Valves, Actuators), Service (Maintenance, ICT), Industry (Oil & gas, chemicals) and region – Global Forecast to 2027″, published by MarketsandMarkets™, the global HIPPS market size has been valued at $484 million in 2022 and should reach $670 million by 2027. It is expected to grow at a CAGR of 6.7% during the forecast period. The growing demand for HIPPS comes from the oil, gas and chemical industries. Installing HIPPS in process industries helps industry players reduce risks associated with the equipment used in their plants, reduce gas flaring and comply with safety regulations. The demand for HIPPS in the oil and gas industry is expected to grow with increasing offshore and shale exploration activities.
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“Valves hold the largest component size in the HIPPS market over the forecast period”
The final control elements of the HIPPS include valves and actuators that perform the process shutdown operation in the event of overpressure conditions. The valve is the most critical component to the operation of a HIPPS system, it is used to shut off the pipeline, which prevents overpressure from occurring downstream of the system. Valves incur the largest cost in assembling a HIPPS.
“Testing, Inspection and Certification Services Market to Grow at Fastest CAGR from 2022 to 2027”
The adoption of HIPPS is increasing in greenfield projects, which has improved the demand for services in HIPPS as they help improve and extend the operational life of HIPPS. Testing, inspection and certification services play a crucial role in the HIPPS market. HIPPS is inspected regularly for discontinuities, flaws, or any other defects that may reduce its operational reliability, resulting in failure. Maintenance is a critical factor in the overall HIPPS lifecycle. This helps maintain the designed SIL rating of the system.
“Oil and gas accounted for the largest share of the HIPPS market in 2021”
The oil and gas industry accounted for the largest share of the HIPPS market in 2021 owing to growth in the transportation sector, increase in energy demand and increase in drilling activities in the Council countries Gulf Cooperation (GCC). The outbreak of the COVID-19 pandemic has adversely affected the growth of the oil and gas industry in 2020 due to lower oil prices and production activities. However, at the end of 2020, major oil companies resumed their oil exploration and drilling activities. Oil extraction and offshore drilling activities can be extremely dangerous. The demand for HIPPS is likely to increase significantly between the forecast period as new projects are initiated and existing oil extraction activities expand in several countries.
Browse the in-depth table of contents at “High Integrity Pressure Protection System (HIPPS) Marlet“
134 – Tables
48 – Numbers
159 – Pages
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“North America to be the largest market for HIPPS during the forecast period”
North America is expected to dominate the global HIPPS market over the forecast period. North America is one of the most important markets for HIPPS. The region has strict industrial safety standards, which is driving the growth of the HIPPS market. The United States and Canada are the main oil and gas producing countries in the region. Companies in this region adhere to various industrial safety standards, such as IEC 61508 and IEC 61511, to avoid fines and punitive disciplinary action. North American agencies, including OSHA and ANSI, have also issued industrial safety guidelines, resulting in widespread adoption of HIPPS. The growing need for optimal use of resources and improved safety in oil and gas plants is fueling the demand for HIPPS
Some of the major players in the HIPPS market are Emerson Electric Co. (USA), Yokogawa Electric Corp. (Japan), HIMA (Germany), Rockwell Automation Inc. (USA), Schneider Electric (France), Honeywell International (USA), ABB (Switzerland), Siemens (Germany), Schlumberger (US) and Baker Hughes (US) are some of the major players in the HIPPS market
Industrial Valves Market with COVID-19 Impact Analysis by Function (On-Off/Isolation, Control), Material, Type, Component, Size, End User (Oil & Gas, Power & Electric, Water & Wastewater), and Region – Forecast world until 2026
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SOURCE Markets and Markets