The High Integrity Pressure Protection System (HIPPS) Market Size is anticipated to increase from USD 484 million in 2022 to USD 670 million in 2027, at a CAGR of 6.7%. The increasing necessity to reduce flaring in order to protect the environment and the installation of strict regulatory standards by governments in order to ensure safety and security at manufacturing facilities are the key causes of the market expansion. The main obstacle preventing the growth of the HIPPS market is anticipated to be the system's high installation cost.
The major players in the HIPPS market include Emerson Electric Co. (US), Yokogawa Electric Corp. (Japan), HIMA (Germany), Rockwell Automation Inc. (US), Schneider Electric (France), Honeywell International (US), ABB (Switzerland), Siemens (Germany), Schlumberger (US), and Baker Hughes (US). These leading companies are well-represented in both developed and developing markets, and they have robust product and service portfolios.
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Emerson Electric Co. is a top producer of electrical and industrial machinery as well as a supplier of process management tools and products such valves, transmitters, analyzers, regulators, and automation systems. Furthermore, the business offers sector-specific engineering, consulting, and maintenance services to businesses in the chemical and oil & gas industries. Through its monitoring and maintenance technologies, it offers clients total lifecycle management for valve assets. The company's primary organic growth strategy is product development. For instance, Emerson announced the availability of its first complete valve assemblies that satisfy SIL 3 criteria in October 2021.
Leading provider of industrial automation and process safety solutions to many process sectors is Yokogawa Electric Corp. Because of its years of experience, it has excelled at incorporating cutting-edge technologies into industrial solutions for process industries. Under the guise of its Industrial Automation and Control division, Yokogawa provides HIPPS solutions. Under the Prosafe brand, the company offers pressure transmitters and logic solvers as HIPPS components.
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With operations throughout all major continents, HIMA is a significant supplier of safety solutions. It creates safety solutions for the chemical, energy, oil & gas, and rail sectors. The expertise of HIMA is concentrated on offering solutions for enhancing the security, profitability, and safety of manufacturing facilities in the digital era. Worldwide, more than 35,000 HIMA safety systems with TÜV certification have been installed. Due to its dominant market position, it can attract media attention and boost investor confidence. The main techniques used by the corporation to compete in the market have been expansion and agreements. The business specialises in core safety and serves discrete and process industries. In order to expand its capabilities, it also emphasises inorganic growth tactics including alliances and contracts.
Other significant companies operating in the HIPPS market are Mogas Industries (US), Velan, Inc. (Canada), Paladon Systems, Severn Glocon Group, IMI plc, British Engines, SAMSON GROUP, Larsen & Toubro (L&T, India), PetrolValves S.p.A., ProControl, ValvTechnologies Inc. (US), Pietro Fiorentini S.p.A., Frames Group, and DAFRAM S (Italy).
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