High-Integrity Pressure Protection System (HIPPS) Market Forecast to grow at a CAGR of 6.7% by 2027

1
MarketsandMarkets Presents
The Global HIPPS Market Size was valued at USD
484 million in 2022 and is projected to reach USD
670 million by 2027. It is expected to grow at a
CAGR of 6.7 during the forecast period.
Increasing demand for HIPPS is from oil gas,
and chemical industries. The installation of
HIPPS in process industries helps industry
players to lower the risks associated with the
equipment used in their plants, reduce gas
flaring, and adhere to safety regulations. The
demand for HIPPS in the oil gas industry is
expected to increase with the rise in offshore
and shale exploration activities.
2
MarketsandMarkets Presents
Valves to hold the largest size in components of
HIPPS Market during the forecast period Final
control elements of HIPPS include valves and
actuators that perform the process shut down
operation in the case of overpressure conditions.
Valve is the most critical component in operation
of a HIPPS system, it is used to shut-off
pipeline which prevents overpressure occurring in
downstream of the system. Valves incur the major
cost in the assembly of a HIPPS. Download PDF
Brochure _at_ https//www.marketsandmarkets.com/pdfdo
wnloadNew.asp?id249295352
3
MarketsandMarkets Presents
Market for testing, inspection, and
certification services to grow at fastest CAGR
from 2022 to 2027 The adoption of HIPPS is
increasing in the green field projects, this has
improved the demand for services in HIPPS as they
help to improve and extend the operational life
of the HIPPS. Testing, inspection, and
certification services play a crucial role in the
HIPPS Market. HIPPS is inspected regularly for
discontinuities, defects, or any other faults
that might reduce its operational reliability,
leading to failure. Maintenance is a critical
factor in the overall life cycle of HIPPS. This
helps to maintain the designed SIL rating of the
system. Speak To Analyst _at_ https//www.marketsandm
arkets.com/speaktoanalystNew.asp?id249295352
4
MarketsandMarkets Presents
Oil gas accounted for the largest share of the
HIPPS Market in 2021 The oil gas industry
accounted for the largest share of HIPPS Market
in 2021 owing to the growing transportation
sector, increasing energy demand, and rising
drilling activities in the Gulf Cooperation
Council (GCC) countries. The outbreak of the
COVID-19 pandemic adversely affected the growth
of the oil gas industry in 2020 due to the
decline in oil prices and production activities.
However, by the end of 2020, the major
oil-producing companies resumed oil exploration
and drilling activities. Oil extraction and
offshore rig activities can be extremely
hazardous. The demand for HIPPS is likely to
increase significantly between the forecasted
period, as new projects are initiated and
expansion of existing oil extraction activities
in several countries.
5
MarketsandMarkets Presents
North America to be the largest market for HIPPS
during the forecast period North America is
expected to dominate the Global HIPPS Market
during the forecast period. North America is one
of the most important markets for HIPPS. The
region has stringent industrial safety standards,
which drives the growth of the HIPPS Market. The
US and Canada are the major oil- and
gas-producing countries in the region. Companies
in this region adhere to various industrial
safety standards, such as IEC 61508 and IEC
61511, to avoid fines and punitive disciplinary
actions. North American agencies, including OSHA
and ANSI, have also published industrial safety
guidelines, which has resulted in the high
adoption of HIPPS. The growing need for optimum
utilization of resources and improving safety
across oil and gas plants are fueling the demand
for HIPPS.
6
MarketsandMarkets Presents
Key Players A few of the Key Players in the
HIPPS Market are 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) are among the major
players in the HIPPS Market. Browse For More
Details - https//www.marketsandmarkets.com/Market
-Reports/high-integrity-pressure-protection-system
-market-249295352.html
7
MarketsandMarkets Presents
About MarketsandMarkets MarketsandMarkets
provides quantified B2B research on 30,000 high
growth niche opportunities/threats which will
impact 70 to 80 of worldwide companies
revenues. Currently servicing 7500 customers
worldwide including 80 of global Fortune 1000
companies as clients. Almost 75,000 top officers
across eight industries worldwide approach
MarketsandMarkets for their painpoints around
revenues decisions. MarketsandMarketss flagship
competitive intelligence and market research
platform, "Knowledgestore" connects over 200,000
markets and entire value chains for deeper
understanding of the unmet insights along with
market sizing and forecasts of niche markets.
8
MarketsandMarkets Presents
Contact Mr. Aashish Mehra MarketsandMarkets
INC. 630 Dundee Road Suite 430 Northbrook, IL
60062 USA 1-888-600-6441 Email
sales_at_marketsandmarkets.com Visit Our Website
https//www.marketsandmarkets.com Content
Source https//www.marketsandmarkets.com/PressRel
eases/high-integrity-pressure-protection-system.as
p