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Global High Integrity Pressure Protection System Market By Offering (Component, Services), By End-User Industry (Oil & Gas, Power Generation, Chemical, Water and Wastewater, Food and Beverages, Pharmaceutical, Metal & Mining, Paper & Pulp, and Others) and Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) and – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2023 – 2028)

Published: March, 2023
ID: 11466
Pages: 175
Formats: report pdf report excel report power bi report ppt

High Integrity Pressure Protection System Market Size (2023-2028):

The Global High Integrity Pressure Protection System Market size is expected to grow at a CAGR of 7.1% during the forecast period 2023-2028 to reach USD 695.7 million by 2028.

High Integrity Pressure Protection System Market

Market Overview:

High-Integrity Pressure Protection Systems (HIPPS) are used in pipelines and industrial facilities for protection against overpressure incidents. High-integrity pressure protection system makes sure that equipment is operating safely by immediately stopping the flow of dangerous substances when pressure levels go over specified limits. Sensor inputs are processed by logic solvers, pressure levels are continuously monitored by sensors, and the system is completed with valves that control flow. To prevent any potential injury or risks, the high-integrity pressure protection system initiates an instant shutdown when an overpressure incident is detected. They are frequently used in industries with high-pressure systems like oil and gas, chemical, and power generation.

Recent Developments in High Integrity Pressure Protection System Industry:

  • Emerson introduced the first complete valve assemblies that satisfy safety integrity level (SIL) 3 by IEC 61508 in October 2021.
  • In September 2021, Yokogawa's new Electric Exaquantum Safety Function Monitoring (SFM) software became available to test whether actual operational performance is in line with safety design objectives. The updated program has several additional capabilities that can be used by SFM users to identify possible safety concerns, automate maintenance tasks, and enhance the overall design of safety solutions.
  • MOGAS Industries, Inc. purchased the assets of Watson Valve, a US-based manufacturer of severe service valves, to provide repairs and coating services. More than 3,400 Watson Valve valves have been installed globally, primarily in the mining industry but also in the chemical and oil & gas industries.

HIGH INTEGRITY PRESSURE PROTECTION SYSTEM MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

xx%

Segments Covered

By Offering, Industry, and Region.

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Rockwell Automation (U.S.), Emerson Electric Company (U.S.), Schlumberger Limited (U.S.), Schneider Electric SE (France), ABB Ltd. (Switzerland), General Electric Company (U.S.) and Siemens AG (Germany) and Others.

 

Drivers:

The need for systems that can handle high-pressure operations is increasing in industries like oil and gas, refineries, and petrochemicals. As the demand for these high-pressure applications grows, there is an increasing demand for high-integrity pressure protection systems. The high-integrity pressure protection system ensures that these systems operate safely and reliably by preventing overpressure incidents. Hence there is an increasing the demand for High Integrity Pressure Protection System Market.

Worldwide regulatory organizations have established strict safety requirements and rules for businesses that engage in processes. Industries must set up safety systems like high-integrity pressure protection systems to comply with these rules. The need for industries to satisfy these legal requirements and establish a secure workplace is what drives the demand for the High Integrity Pressure Protection System Market.

The demand for High Integrity Pressure Protection System Market is increasing as more industries see the importance of making investments in advanced safety solutions such as HIPPS to protect their resources and employees.

Restraints:

Setting up a high-integrity pressure protection system can be expensive, as it requires purchasing specialized equipment, integrating it with existing systems, and installation expenses. Hence cost can be a problem for some industries, particularly those with limited budgets or operating in markets where cost is a significant concern that restricts the demand for the High Integrity Pressure Protection System Market.

High-integrity pressure protection system incorporation into present facilities and process systems can be challenging and time-consuming. It could involve making adjustments to the machinery, operating systems, and piping layouts now in existence. The implementation of a high-integrity pressure protection system may be restricted by delays in the project and increased expenses caused by this integration's complexity, which leads to a decrease in the demand for the High Integrity Pressure Protection System Market.

Opportunities:

Industries such as oil and gas, chemicals, and power generation are increasingly expanding their operations that involve high-pressure systems. This expansion creates an opportunity for the implementation of a high-integrity pressure protection system to ensure the safe and efficient functioning of these systems.

The features of high-integrity pressure protection systems are being improved by advancements in automation, data analytics, and sensor technologies. Increased performance, real-time monitoring, predictive maintenance, and better integration with other safety systems, open up opportunities for the High Integrity Pressure Protection System Market.

COVID-19 Impact on High Integrity Pressure Protection System Market:

COVID-19 impacted negatively the High Integrity Pressure Protection System Market. As high-integrity pressure protection system manufacture, shipping, and installation were all delayed as a result of the disruption in the supply chain. Due to financial limitations and a change in priorities brought on by the economic downturn, operations were postponed or canceled. Essential industries like oil and gas continued to operate but had gone through lots of difficulties. The shutdown of many industries as a result of the pandemic also affected the demand for the High Integrity Pressure Protection System Market.

High Integrity Pressure Protection System Market Segmentation Analysis:

By Offering:

  • Component
  • Services

The component segment is anticipated to dominate the market with the largest market shares. As it includes the various hardware and software components that make up the high-integrity pressure protection system. It comprises pressure sensors, logic solvers, actuated valves, controllers, and other necessary components to operate properly. The services segment is deemed to have significant growth in the High Integrity Pressure Protection System Market.

By End-User Industry:

  • Oil & Gas
  • Power Generation
  • Chemical
  • Water and Wastewater
  • Food and Beverages
  • Pharmaceutical
  • Metal & Mining
  • Paper & Pulp
  • Others

The oil and gas industry is leading with the largest market shares. For high-pressure systems like pipelines, wellheads, and process equipment to operate safely in these industries, high-integrity pressure protection systems are essential, leading to an increase in the demand for the High Integrity Pressure Protection System Market.

The power generation industry is expected to grow at the fastest CAGR during the forecast period. As to protect high-pressure steam, gas, or fluid systems in power production plants, high-integrity pressure protection systems are vital, due to which there is increasing demand for High Integrity Pressure Protection System Market.

Geographical Segmentation Analysis:

  • North America - the United States and Canada
  • Europe - United Kingdom, Spain, Germany, Italy, and France
  • The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
  • Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
  • The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Asia Pacific region is leading the High Integrity Pressure Protection System Market with the largest market shares. Due to rapid industrialization, rising energy demand, and infrastructure development projects, there is an increase in the demand for the High Integrity Pressure Protection System Market. However, North America is expected to grow at the fastest CAGR during the forecast period.

Key Players in the Market:

Major Key Players in the Global High Integrity Pressure Protection System Market are

  • Rockwell Automation
  • Emerson Electric Co.
  • Yokogawa Electric Corporation
  • Siemens AG
  • Schneider Electric
  • ABB Ltd
  • Siemens AG

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FAQ's

What is the estimated CAGR of the High Integrity Pressure Protection System Market during the forecast period 2023-2028?

The High Integrity Pressure Protection System Market is expected to grow at a CAGR of 7.1% during the forecast period 2023-2028.

Which region is anticipated to dominate the High Integrity Pressure Protection System Market?

The Asia Pacific region is anticipated to dominate the High Integrity Pressure Protection System Market.

What are the growth estimates for the High Integrity Pressure Protection System Market?

The High Integrity Pressure Protection System Market is anticipated to reach USD 695.7 million by 2028.

Mention the top key players in the High Integrity Pressure Protection System Market?

Rockwell Automation, Emerson Electric Co., Yokogawa Electric Corporation, Siemens AG, Schneider Electric, ABB Ltd, and Siemens AG.

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