Protection system

High Integrity Pressure Protection Systems Market Projection

New York, United States, July 22. 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “High Integrity Pressure Protection Systems Market Analysis by Type (Components, Services), End-User Industry (Oil & Gas, Chemicals, Power, Metals & Mining, Food & Beverage, Other Process Industries), and Region – Projected Assessment to 2030 is poised to record 7.5% CAGR throughout the forecast period (2022-2030).

High Integrity Pressure Protection Systems Market Overview

Installation of severe regulatory criteria via governments for maintaining safety and security in industrial facilities will provide strong opportunities for the market during the forecast period.

Scope of High Integrity Pressure Protection System Market Report:

Report metric Details
Market size Significant value
CAGR (2022 to 2030) 7.5%
base year 2021
Forecast period 2022-2030
Historical data 2020
Forecast units Value (USD million)
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Segments Covered Type, end-user industry and region
Geographical areas covered North America, Europe, Asia-Pacific and Rest of the World (RoW)
Main suppliers Rockwell Automation, Emerson Electric Co., Severn Glocon Group, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Schlumberger NV, Mogas Industries Inc. and Mokveld Valves BV
Key market opportunities Installation of regulatory criteria by governments to provide solid opportunities
Key Market Drivers Growing Need to Reduce Gas Flaring and Venting to Drive High Integrity Pressure Protection System (HIPPS) Market Growth

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Drivers
Growing need to reduce gas flaring and venting to drive market growth
Typically, gas flaring occurs during planned maintenance, shutdown events, or equipment repair. It provides controlled pressure relief from gas collection and treatment systems with minimal environmental impact. This is used to maintain pressure and ensure the safe and efficient operation of the installation. Due to process industry emissions regulations, this increases the costs associated with harmful gas emissions. When earthen material is used as part of the gas venting process through the MCD, no earthen material is discarded. The equipment is reused for another treatment method. This, once again, creates a healthier environment for people and the environment. Oil and gas companies are reducing their emissions by using FLNG vessels and increasing the way they compress natural gas.

High installation cost to meet market challenge
The high installation price of HIPPS and the complexity of HIPPS design may pose challenges for the market during the forecast period.

High Integrity Pressure Protection System Market Segments

The global HIPPS market is split on the basis of industry and end-user type.

By type, services will dominate the market over the forecast period.

By end-user industry, oil and gas will dominate the market over the forecast period.

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Regional Analysis For High Integrity Pressure Protection System Market

APAC to lead the HIPPS market
The Asia-Pacific region has enormous potential for high-tech industries that are driving the demand for pressure protection systems through increased adoption in industries such as automotive, aerospace and defense, chemical engineering , oil and gas. Additionally, due to its expanding industrial sector, Asia-Pacific has a high demand for pressure protection systems in residential buildings. Due to the increase in oil and gas refineries and the rapid growth in the chemical industry, the HIPPS market in APAC is likely to grow at the fastest CAGR. APAC has strong potential for HIPPS installation in the oil and gas, chemical, and power generation industries. Growing demand for petrochemicals in countries like China and India is driving the production of oil, gas and chemicals.

With the increase in new projects planned in countries like India and China, the oil and gas industry is expected to see an increase in demand for HIPPS. The Asia-Pacific HIPPS market is expected to grow at the fastest rate over the forecast period, owing to the region’s focus on developing oil and gas refining capacity and significant growth in the chemical industry, with China, Japan and India among the key countries. in this region. According to the IEA, Asia will continue to be the main destination for LNG, accounting for 70% of total LNG imports until 2020.

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The implementation of HIPPS has enormous potential in APAC. Growing demand for petrochemicals in countries like China and India is driving up production of oil, gas and chemicals. With the increase in Greenfield development programs in countries such as China and India, the demand for HIPPS is expected to increase in the oil and gas sector. The region’s expansion can be attributed to the growing adoption of functional safety systems in oil and gas refining capacity, as well as the expanding chemical industry. In addition, rising industrial investments are fueling the growth of the HIPPS market in the region.

North America will have a favorable growth in the HIPPS market
The HIPPS market is booming in North America. This is due to the growing demand for HIPPS and its ability to protect against the increasing risks of fires, explosions and power failures. North America contributes significantly to the global HIPPS systems market. The widespread use of HIPPS in the oil and gas industry, especially in North America, is expected to be a key driver for the growth of this market. Also, due to its extensive use in the oil and gas sector, shale gas exploration in Mexico is expected to be an imperative driver for the HIPPS market.

COVID-19 Analysis
The outbreak and spread of the COVID-19 epidemic has adversely affected the growth of the oil and gas industry. Governments around the world have imposed various restrictions in 2020, which has led to a large gap between supply and demand. Declining industry growth has had a ripple effect on the growth of the HIPPS market in 2020. Additionally, restrictions on foreign trade due to closed international borders, non-operational distribution channels, and various public health and safety precautions have impacted the manufacturing and supply of the HIPPS system. Components. As a result, the HIPPS market will experience a growth decline of 5% by 2020. However, this market recovered in 2021 as oil prices and production stabilized.

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High Integrity Pressure Protection Systems Market Competitive Analysis

The global HIPPS market is both fragmented and competitive due to the presence of multiple international and domestic industry players. These players have used a myriad of innovative strategies to stay ahead and also meet growing customer needs, including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions and more. Again. Moreover, they also fit into a myriad of research and development activities.

The Dominant Key Players in the High Integrity Pressure Protection Systems Market Covered are:

  • Rockwell Automation
  • Emerson Electric Co.
  • Severn Glocon Group
  • Schneider-Electric
  • Yokogawa Electric Corporation
  • ABB AG
  • Siemens AG
  • Schlumberger AG
  • Mogas Industries Inc.
  • Mokveld Valves B.V.

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