With a projected value of USD 484 million in 2022, the global HIPPS (High-Integrity Pressure Protection Systems) Market has experienced significant growth. By 2027, the market is anticipated to have grown at a compound annual growth rate (CAGR) of 6.7%, reaching USD 670 million. The HIPPS market is expanding as a result of the rising need for efficient pressure protection systems across a number of industries, including oil and gas, chemical, and power generation. These systems are essential for protecting machinery, pipelines, and processes from overpressure incidents and ensuring operational effectiveness. The demand for HIPPS solutions is anticipated to increase in the next years as a result of the increased emphasis on industrial safety and strict regulations.

The oil and gas and chemical sectors are primarily responsible for the rising demand for High-Integrity Pressure Protection Systems (HIPPS). These sectors understand the value of incorporating HIPPS into their operations to reduce equipment-related risks, reduce gas flare-ups, and adhere to safety standards. The rising offshore and shale exploration operations are expected to increase demand for HIPPS, particularly in the oil and gas sector. Industry participants can improve safety procedures, streamline processes, and reduce possible hazards by deploying HIPPS, which is what is driving the use of HIPPS solutions in various sectors.

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Valves to hold the largest size in components of HIPPS Market during the forecast period

The market for HIPPS (High-Integrity Pressure Protection Systems) components is expected to be dominated by valves during the forecast period. The last control components of HIPPS, valves and actuators, are in charge of stopping the process in the event of overpressure circumstances. The use of valves to shut off the pipeline and stop overpressure from developing downstream is essential to the operation of a HIPPS system. Additionally, a large amount of the final cost of manufacturing a HIPPS system is spent on valves. As a result, the importance of valves as fundamental parts emphasises how crucial they are to guaranteeing the security and dependability of HIPPS installations.

Market for testing, inspection, and certification services to grow at fastest CAGR from 2022 to 2027

The HIPPS (High-Integrity Pressure Protection Systems) industry is anticipated to experience the fastest compound annual growth rate (CAGR) from 2022 to 2027 in the testing, inspection, and certification services market. The need for services that can improve and extend the operating life of HIPPS installations has increased as a result of the growing use of HIPPS in new construction projects. Services for testing, inspection, and certification are essential for guaranteeing the dependability and efficiency of HIPPS systems. The operational reliability of the system is regularly checked for any discontinuities, flaws, or errors that could jeopardise it and cause it to malfunction. The total life cycle of HIPPS must include maintenance in order to maintain the system's intended Safety Integrity Level (SIL) rating.

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Oil & gas accounted for the largest share of the HIPPS Market in 2021

In 2021, the HIPPS (High-Integrity Pressure Protection Systems) market was dominated by the oil and gas sector. Numerous factors, including as the expanding transportation industry, rising energy demand, and expanding drilling activity in the Gulf Cooperation Council (GCC) nations, can be credited for this supremacy. The COVID-19 pandemic presented hurdles for the oil and gas sector, including a drop in oil prices and a slowdown in output in 2020, but by the end of the year, the major oil-producing corporations had restarted exploration and drilling efforts. The demand for HIPPS is anticipated to increase significantly over the course of the projection period because to the high risks involved with offshore drilling and oil extraction.

North America to be the largest market for HIPPS during the forecast period

During the projected period, North America is anticipated to become the region with the largest market for HIPPS (High-Integrity Pressure Protection Systems). Due to its strict industrial safety regulations, the area is quite vital in the HIPPS sector. The demand for HIPPS solutions is driven by the fact that both the United States and Canada are significant oil and gas producing nations in North America. To avoid penalties and disciplinary measures, businesses in the area prioritise adherence to industrial safety standards, such as IEC 61508 and IEC 61511. The implementation of HIPPS is further encouraged by the rules for industrial safety that have been released by regulatory organisations like OSHA and ANSI. The rising demand for HIPPS solutions in North America is partly due to the increased emphasis on resource optimisation and enhancing safety in oil and gas operations.

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.

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