DUBLIN--(BUSINESS WIRE)--The "Global High-Integrity Pressure Protection System (HIPPS) Market Size, Share & Industry Trends Analysis Report By Offering, By Component, By Final Element Type, By Services, By Type, By Industry, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global High-Integrity Pressure Protection System (HIPPS) Market size is expected to reach $636.7 million by 2027, rising at a market growth of 6.0% CAGR during the forecast period.
A high-integrity pressure protection system (HIPPS) is a functional safety system (SIS) that shuts off the source and captures the pressure on the upstream side of the system to minimise overpressure created during hazardous processes, primarily in oil and gas facilities. A safety system is used in process sectors to avoid loss of containment whenever a vessel or pipeline ruptures due to overpressure. Relief systems can be used to relieve overpressure, although the discharge of combustible, hazardous, explosive, or poisonous process fluids into the environment might harm individuals and the environment.
The rising need to reduce flaring to preserve the environment, as well as the installation of severe regulatory criteria by governments to maintain safety and security at industrial plants, are driving market expansion. The high cost of HIPPS installation is projected to be a major restraint on the market's growth.
The chance that a HIPPS will execute its necessary safety instrumented function properly under all indicated situations and within a given time frame is called safety integrity. A HIPPS's Safety Integrity requirement is expressed in terms of a discrete level known as SIL. The chance of the HIPPS failing to execute its design function on demand, or just probability of failure on demand, is quantified by the SIL or availability score of the HIPPS (PFD).
COVID-19 Impact Analysis
The emergence of COVID-19 has had a detrimental influence on the market for high-integrity pressure protection systems. The industrial operations in several places came to a standstill due to the shutdown constraints. The market for high integrity pressure protection systems has shrunk due to a drop in demand from end-user industries. The recovery of the economy following COVID will increase demand for high-integrity pressure protection systems.
Market Growth Factors:
To safeguard the environment, there is a rising need to reduce gas flaring and venting
Gas flaring is most commonly done at oil and gas production facilities during routine maintenance, equipment repairs, or shutdown events. The technology allows for the release of pressure from the gas collecting and processing systems in a controlled manner. As a result, it is employed in industrial plants to regulate pressures and assure safe and effective operations.
Gas flaring, on the other hand, has recently emerged as one of the most pressing challenges in the process industries, since it consumes important natural resources and emits a considerable quantity of carbon dioxide, sulphur dioxide, and nitrous oxide gases, all of which are harmful to the environment. Similarly, at several phases of the treatment process, gas venting is carried out to ensure safety.
Refineries and petrochemical factories are being expanded
In both emerging and developed nations, the industrial sector, particularly includes the oil and gas and chemical sectors, is continually increasing. The petrochemical sector accounts for 12% of worldwide feedstock consumption, which is predicted to rise as demand for fertilisers, plastics, and other goods increases. Furthermore, several proposed projects connected to oil and gas production and transportation have been planned on a worldwide scale. Strict regional government rules on emission levels across sectors to improve worker safety have boosted demand for HIPPS solutions.
Marketing Restraining Factor:
A high-integrity pressure protection system comes with a high-cost installation (HIPPS)
The HIPPS is made up of a variety of safety components, including logic solvers, pressure transmitters, field initiators, and final components, such as valves and actuators. It is implemented as a precautionary step to protect personnel, machinery, and production lines in the event of an emergency. The expenses of HIPPS components, installation, maintenance, and repair, on the other hand, place a significant strain on companies' budgets. Although big companies can handle these costs, medium and small businesses may find it challenging. Furthermore, HIPPSs must adhere to regulatory requirements that are continuously revised in response to technology improvements and new demands, necessitating the updating of businesses' safety systems. This necessitates increased expenditures in the installation of safety components and systems.
Market Segments Covered in the Report:
- Component and
- Final Element
- Field Initiators
- Logic Solver and
By Final Element
- Valves and
- Training & Consultation, and
- Testing, Inspection & Certification
- Electronic HIPPS
- Mechanical HIPPS
- Oil & Gas
- North America
- Asia Pacific
Key Market Players
- HIMA Paul Hildebrandt GmbH
- Emerson Electric Co.
- Siemens AG
- Schneider Electric SE
- Rockwell Automation, Inc.
- Schlumberger N.V.
- Baker Hughes Company
- ABB Group
- Honeywell International, Inc.
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9ih5zq