High-Integrity Pressure Protection System Market
The High-Integrity Pressure Protection System Market was estimated around USD 486 million in 2019, expanding at a CAGR of 8.3% over the forecast period (2020-2027).
The factors driving the growth of High-Integrity Pressure Protection System Market includes increasing application of High-Integrity Pressure Protection Systems (HIPPS) in the Pharmaceutical, Food & Beverages and Oil and Gas Industries, emerging need to reduce flaring and expansion of petrochemical plants and refineries around the world. According to the report published by Indian Oil Corporation Ltd., while the energy demand worldwide is going to double in the next 30 years, India is planning to increase oil refining capacity to 438.65 million tonnes by the end of 2030, rising by 77%, which will boost the High-Integrity Pressure Protection System Market size in the approaching years. Moreover, the increasing use of HIPPS to reduce the transportation costs, strict regulations imposed by Governments regarding industrial safety and rise in the installation of power plants, are some of the additional factors supplementing the Global High-Integrity Pressure Protection System Market. In addition, the increasing use of HIPPS to prevent over pressurization of the pipelines, rising disposable incomes and rapid urbanization, are further contributing to the market growth.
However, the growth of High-Integrity Pressure Protection System Market is hindered due to high installation costs of HIPPS.
The prominent players operating in the High-Integrity Pressure Protection System Market are General Electric, ABB, Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, HIMA GmbH, Schlumberger Honeywell International Inc. Mokveld Valves B.V., Rockwell Automation, Inc., and Emerson Electric Co., among others.
Offering: Segment Analysis
Based on Offering, the Components segment is predicted to grow at a significant CAGR during the forecast period. The valves help to stop the flow of harmful chemicals such as hydrocarbons and can also control specific amount of gas without electric power, are some of the factors responsible for the segment’s growth.
Industry: Segment Analysis
Based on Industry, the Chemicals segment is projected to expand at a remarkable CAGR over the forecast period. The increasing use of High-Integrity Pressure Protection Systems in the chemical industry owing to the strict regulations imposed by Governments to reduce gas flaring, is the major factor propelling the segment’s growth.
Regional: Segment Analysis
According to the High-Integrity Pressure Protection System Market Analysis, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period. Rise in the consumption of natural gas, increasing number of petrochemical plants and refineries, growing disposable income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Market Segmentation
Global High-Integrity Pressure Protection System (HIPPS) Market by Offering
· Components
· Field Initiators
· Logic Solvers
· Final Control Elements
· Valves
· Actuators
· Others
· Services
· Testing, Inspection, and Certification
· Maintenance
· Training and Consulting
Global High-Integrity Pressure Protection System (HIPPS) Market by Industry
· Oil & Gas
· Upstream
· Midstream
· Downstream
· Chemicals
· Power Generation
· Food & Beverages
· Pharmaceuticals
· Water & Wastewater
· Metals & Mining
· Others
Global High-Integrity Pressure Protection System (HIPPS) Market by Region
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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