DUBLIN, April 21, 2022–(BUSINESS WIRE)–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 USD 636.7 Million by 2027, growing at a market growth rate of 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 industries 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).
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.
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 become 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 oxide. nitrous, all of which are harmful to the environment. Also, at several stages of the treatment process, gas venting is performed to ensure safety.
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 material consumption, which is expected to increase 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 expenses for the installation of security components and systems.
Market Segments Covered in the Report:
Logic solver and
By final element
Training and consulting, and
Testing, inspection and certification
Main market players
HIMA Paul Hildebrandt GmbH
Emerson Electric Co.
Schneider Electric SE
Rockwell Automation, Inc.
Baker Hughes Company
Honeywell International, Inc.
Yokogawa Electric Corporation
For more information on this report, visit https://www.researchandmarkets.com/r/9ih5zq
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220421005677/en/
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