High-Integrity Pressure Protection System (HIPPS) Market Trends, Key Vendors and Forecast 2027

Posted December 28, 2022 by avinashgogawale14

The High Integrity Pressure Protection System (HIPPS) Market is anticipated to develop at a CAGR of 6.7% from USD 484 million in 2022 to USD 670 million in 2027.
The High Integrity Pressure Protection System (HIPPS) Market is anticipated to develop at a CAGR of 6.7% from USD 484 million in 2022 to USD 670 million in 2027. 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. However, in the following five years, it is anticipated that growth in the number of refineries and petrochemical facilities, increased company focus on providing better customer services, and increased use of the Industrial Internet of Things will generate lucrative opportunities for HIPPS providers.

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In terms of HIPPS component market share, valves dominate. Compared to other components, valves are the most expensive since HIPPS functionality depends on proper valve performance. The majority of applications for HIPPS use ball valves. The CAGR for Logic Solvers throughout the predicted period will be the highest. A programmable electronic system (PES) known as a logic solver is a device that accepts signals from initiators, performs the necessary logics (voting, diagnostics, and a partial stroke test routine), and then activates the last component. To achieve the SIL 3 and SIL 4 performance, the HIPPS logic solver must be created or chosen in line with the IEC 61508 standard. Before turning on the solenoids and shutting the pipeline, the HIPPS logic solver collects signals from pressure transmitters and uses a 2oo3 voting logic. The main tool in HIPPS is the logic solver, which starts the last step to make the procedure safe if necessary.

Due to the growing use of HIPPS, the demand for services is anticipated to increase with the highest CAGR. The HIPPS services with the biggest market share are maintenance. The HIPPS must be examined and maintained during its lifecycle to maintain the certified SIL level. The sector with the biggest market share is predicted to be testing, inspection, and certification.

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The HIPPS Market by type has the highest market share for electronic HIPPS. Electronic HIPPS have outperformed other options because to their ease of use, examination, and increased functionality.

In the chemical and oil industries, the HIPPS has assumed a crucial role. In many sectors where safety is of the utmost importance, HIPPSs are employed because system failure or malfunctions caused by over-pressurization can be dangerous. Due to the expansion of oil exploration activities and rising demand, the oil & gas industry held a greater proportion of the HIPPS market in 2021, and it is anticipated to experience the greatest CAGR growth over the upcoming years. The presence of hazardous substances such volatile gases and chemicals puts the chemicals sector at risk. These compounds will be flared if they become unstable during a procedure, which could have dangerous consequences on the environment. HIPPS is being used more frequently by chemical firms to adhere to strict safety rules and decrease gas flaring.

The HIPPS Market has been divided into five geographic segments: North America, Asia Pacific (APAC), Europe, the Middle East, and the Rest of the World (RoW). Due to the severe industrial safety laws in the US and Canada that are strictly enforced across a variety of process industries, North America holds the biggest market share. The region's thriving chemical and oil & gas sectors are predicted to be a major factor in the growth of the HIPPS market in North America.

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Last Updated December 28, 2022