Enhancing Process Safety: A Comprehensive Outlook on the $670 Million HIPPS Market 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.marketsandmarkets.com/speakt
oanalystNew.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 is a
blue ocean alternative in growth consulting and
program management, leveraging a man-machine
offering to drive supernormal growth for
progressive organizations in the B2B space. We
have the widest lens on emerging technologies,
making us proficient in co-creating supernormal
growth for clients. The B2B economy is
witnessing the emergence of 25 trillion of new
revenue streams that are substituting existing
revenue streams in this decade alone. We work
with clients on growth programs, helping them
monetize this 25 trillion opportunity through
our service lines - TAM Expansion, Go-to-Market
(GTM) Strategy to Execution, Market Share Gain,
Account Enablement, and Thought Leadership
Marketing.
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