DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "High-Integrity Pressure Protection System (HIPPS) Market by Component (Field Initiator, Logic Solver, Valve, Actuator), Service (Maintenance, Testing, Inspection, & Certification, Training & Consulting), Industry, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The high-integrity pressure protection system (HIPPS) market size is estimated to grow from USD 486 million in 2019 to USD 724 million by 2024, at a CAGR of 8.3%.
Key factors driving the demand for HIPPS include imposing government regulatory norms to ensure safety and security at manufacturing plants, increasing the focus of countries across the world on participating in gas flaring and venting reduction programs, and rising demand for reliable safety solutions for personnel and asset protection in high-pressure environments. Lack of awareness and high installation cost of high-integrity pressure protection system are the key restraining factors for the HIPPS industry growth.
The market for services to grow at the highest CAGR from 2019 to 2024
Demand for services is likely to grow at a higher CAGR in the HIPPS market owing to the increasing adoption of these systems in greenfield projects. Maintenance services are expected to continue to hold the largest size of the HIPPS market based on service offerings, followed by testing, inspection, and certification (TIC) services.
Maintenance is a critical factor in the overall life cycle of HIPPS. After the installation of HIPPS, end-users have to maintain the SIF and SIL level throughout the life cycle of HIPPS. Preventive and corrective maintenance services are offered directly by the manufacturers and system integrators of HIPPS solutions. The market for TIC services is likely to register the highest CAGR in the HIPPS market. To improve the quality and reliability of components and configurations, HIPPS is inspected regularly for discontinuities, defects, or any other faults that might reduce its operational reliability, leading to failure.
The market for chemicals industry to grow at highest CAGR during the forecast period
Safety and reliability are critical factors for the chemicals industry. For reliable and accurate workflow in this industry, the functional safety of plants is necessary. The chemicals industry involves inherent risks due to the presence of dangerous materials such as gases and chemicals.
Every year, several workers are injured, affected, or killed because of the exposure to harmful chemical substances. These incidents cause human suffering, loss of production, and high medical costs. Chemical companies are increasingly implementing HIPPS to comply with stringent safety regulations and reduce gas flaring. Owing to this, the market for HIPPS in the chemicals industry is likely to grow at the highest CAGR during the forecast period.
The market in APAC to grow at fastest CAGR during the forecast period
The HIPPS market in APAC is expected to grow at the highest CAGR owing to the increasing number of oil and gas refineries and significant growth in the chemicals industry. APAC presents a high potential for installation of HIPPS in the oil & gas, chemicals, and power generation industries.
The growing demand for petrochemicals in countries such as China and India are augmenting the production of oil, gas, and chemicals. The oil & gas industry is likely to witness an increased demand for HIPPS, with a growing number of greenfield projects planned in countries such as India and China.
Market Dynamics
Drivers
- Imposing Government Regulatory Norms to Ensure Safety and Security at Manufacturing Plants
- Increasing Focus of Countries Across the World on Participating in Gas Flaring and Venting Reduction Programs
- Rising Demand for Reliable Safety Solutions for Personnel and Asset Protection in High-Pressure Environments
Restraints
- Lack of Awareness and Perceived Complexity
- High Installation Cost of High-Integrity Pressure Protection System
Opportunities
- Increasing Exploration and Production Activities in Oil & Gas Industry
Challenges
- High Complexity of Safety Applications
- Lack of Certified Workforce to Ensure Functional Safety
Company Profiles
Key Players
- Emerson Electric
- Yokogawa Electric Corporation
- Schneider Electric
- Rockwell Automation
- HIMA
- General Electric
- ABB
- Siemens AG
- Schlumberger
- Honeywell
Other Key Players
- Mogas Industries
- Velan Inc
- Paladon Systems Ltd.
- Pietro Fiorentini (Arvan SRL)
- IMI PLC.
- British Engines Limited (BEL Valves Ltd)
- Dafram SPA
- Frames Group
- Larsen & Toubro
- Mokveld Valves
- Petrolvalves
- Procontrol
- Samson Group (Ringo Valvulas)
- Severn Glocon Group
- Valvetechnologies Inc.
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