The global High Integrity Pressure Protection System (HIPPS) market size was valued at USD 484 Million in 2022 and is projected to reach USD 670 Million by 2027. It is expected to grow at a CAGR of 6.
New York, 09 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “High Integrity Pressure Protection Systems Market with COVID-19 Impact Analysis by Component, Service, Industry and Region – Global Forecast to 2027 “- https://www.reportlinker.com/p04243649/?utm_source=GNW
7% over the forecast period. The high demand for HIPPS is due to the oil and gas industry in the North American region, as the region has safety regulations in place and major oil companies have their operations in the United States and Canada. The HIPPS market in APAC is expected to grow at the highest CAGR owing to the growing number of oil and gas refineries and significant growth in the chemical industry in the region.
The services market is expected to grow at the highest CAGR from 2022 to 2027.
The 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 HIPPS market size based on service offerings, followed by testing, inspection and certification (TIC) services.
Maintenance is a critical factor in the overall HIPPS life cycle. After installing HIPPS, end users must maintain the SIF and SIL level throughout the HIPPS lifecycle.
Preventive and corrective maintenance services are offered directly by HIPPS solution manufacturers and system integrators. The ICT services market is likely to register the highest CAGR of the HIPPS market.
To improve the quality and reliability of components and configurations, HIPPS is inspected regularly for discontinuities, flaws, or any other defects that may reduce its operational reliability, leading to failure.
Chemical Industry Market is Expected to Grow at the Highest CAGR Over the Forecast Period
Safety and reliability are critical factors for the chemical industry. For a reliable and precise workflow in this industry, functional plant safety is necessary.
The chemical industry has inherent risks due to the presence of hazardous materials such as volatile gases and chemicals. Every year, many workers are injured, affected or killed due to exposure to harmful chemicals.
These incidents cause human suffering, production losses and high medical costs. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring. For this reason, the HIPPS market in the chemical industry is expected to grow at the highest CAGR during the forecast period.
APAC Market Expected to Grow at the Fastest CAGR Over the Forecast Period
The HIPPS market in APAC is expected to grow at the highest CAGR owing to the growing number of oil and gas refineries and significant growth in the chemical industry. APAC has strong potential for HIPPS installation in the Oil & Gas, Chemicals and Power sectors. generation industries.
Growing demand for petrochemicals in countries like China and India is increasing the production of oil, gas and chemicals. The oil and gas industry is expected to see an increase in demand for HIPPS, with an increasing number of greenfield projects planned in countries like India and China.
In-depth interviews were conducted with CEOs, CMOs, other chief innovation and technology officers, and executives from various key organizations operating in the HIPPS market.
• By type of company: level 1 – 40%, level 2 – 35% and level 3 – 25%
• By designation: C-level executives – 48%, directors – 33% and others – 19%
• By region: North America – 35%, Middle East – 30%, Europe – 10%, APAC – 20% and Rest of the world – 5%
The HIPPS market includes major players such as 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 (USA) and Baker Hughes (USA). These leading players have strong product and service portfolios and a presence in mature and emerging markets.
The study includes an in-depth competitive analysis of these key HIPPS market players, along with their company profiles, recent developments, and key market strategies.
The report defines, describes and forecasts the HIPPS market based on type, offerings, industry and geography. It provides in-depth information on factors such as drivers, restraints, opportunities, and challenges influencing the growth of the HIPPS market.
It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments made by major players to expand in the market.
Key Benefits of Purchasing the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of revenue figures for the overall HIPPS market and sub-segments. This report will help stakeholders understand the competitive landscape and acquire more information to better position their businesses and plan appropriate go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with insights into key market drivers, restraints, challenges, and opportunities.
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